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SEC Obtains Final Judgment Against Former President of Wilmington Trust

On November 2, 2022, the United States District Court for the District of Delaware entered a final consent judgment against Robert V.A. Harra, Jr., the former President and Chief Operating Officer of Wilmington Trust. The SEC charged Harra and three other defendants in 2015 with fraud for their roles in Wilmington Trust’s making of false or misleading public statements and omissions regarding its loan portfolio, including its underreporting, by hundreds of millions of dollars, of its real estate loans which were 90 days or more past due. The SEC’s complaint, which was amended in March 2022, further alleged that Harra made false and misleading statements concerning the credit quality of certain of Wilmington Trust’s loans.

Without admitting or denying the SEC’s allegations, Harra consented to the entry of a judgment that enjoins him from future violations of Section 17(a) of the Securities Act of 1933 and Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 and Rules 10b-5 and 13b2-1 thereunder, and further enjoins him from aiding and abetting future violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1 and 13a-11 thereunder. The judgment further orders Harra to pay a civil penalty of $100,000 and prohibits him from serving as an officer or director of a public company.