Fraud Friday — James Ladio Gets Two Years
November 28, 2014
By Bob Coleman
Editor, Coleman Report
As we profiled in Mug Shot Monday, a disgraced Deleware community bank CEO would soon find out how much time he would be residing at his new federal pen digs.
Special Inspector General Christy Romero announces, “Ladio, former president and chief executive officer of MidCoast Community Bank and a leader in the Delaware banking community, was sentenced to spend the next two years in federal prison for bank fraud against three banks, including TARP bank Wilmington Trust Corporation.”
“For more than a decade involving more than 20 transactions, Ladio lined his pockets by fraudulently securing Wilmington Trust loans through former Wilmington Trust officer Brian Bailey in exchange for Ladio making sweetheart loans to Bailey. Ladio used the loans to pay off personal debt.
“SIGTARP and our law enforcement partners will hold accountable perpetrators who engage in fraud related to TARP. We will not rest in our efforts to identify and investigate those individuals, unravel their crimes, and support their prosecution. We are proud to stand together with the United States Attorney’s Office for the District of Delaware in our combined fight against bailout related crime.”
US Attorney Charles Oberly adds, “The Court rightly punished Mr. Ladio for his serious fraud offenses, which negatively impacted his bank and other financial institutions. Today’s sentence sends a powerful message that bankers who abuse their positions of trust and engage in self-dealing will face significant consequences, including imprisonment and being banned from banking.”