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Developer Pleads Guilty to Bank Conspiracy in Delaware
Salvatore J. Leone, a 50-year-old resident of Dover, Delaware, has pleaded guilty to conspiracy to commit bank fraud, a felony charge in violation of Title 18, United States Code, Section 1349.
According to the plea agreement, Leone was a project manager and partner with Michael A. Zimmerman in several limited liability companies formed for the purpose of developing real estate in or around Dover, Delaware.
Between September 24, 2007, and February 27, 2009, Leone and others, including Zimmerman and an employee of Zimmerman’s real estate development company, BBC Enterprises, submitted or caused to be submitted false draw requests to Wilmington Trust Company.
Leone admitted to creating a false bill for Zimmerman for $231,000.00, purportedly for work performed on the Compass Pointe project, with intent to submit the bill to WTC for payment. However, as defendant and Zimmerman knew, the payment was not for work actually performed on Compass Pointe, but was to be used by Leone to fund a capital call on at least one unrelated real estate project.
Leone faces a maximum penalty of 30 years imprisonment, a $1,000,000.00 fine, and mandatory restitution. The case was investigated by the Federal Bureau of Investigation, the Internal Revenue Service Criminal Investigation Division, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and the Office of Inspector General, Board of Governors of the Federal Reserve System.
United States Attorney Charles M. Oberly III said, ‘The charge against Mr. Leone and today’s guilty plea represent another step forward in this Office’s investigation into the demise of the Wilmington Trust Corporation.’
Leone’s guilty plea marks another step in the investigation into the Wilmington Trust Corporation’s demise.
Key Facts
- State: Delaware
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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