First Recipient of Federal Bailout Funds From the Troubled Asset Relief Program to be Indicted

Wilmington Trust Co. indicted

By Jeff Sorg, OnlineEd Blog

judge 1(January 8, 2016) – U.S. Attorney Charles Oberly, Delaware, announced Wednesday that Wilmington Trust Co. has been indicted as part of a criminal case against four former executives charged with concealing problematic loans after the financial crisis. The four were charged with fraud, conspiracy and making false statements to federal regulators. Wilmington was the first recipient of federal bailout funds from the Troubled Asset Relief Program to be indicted.

Wilmington Trust reportedly received $330 million in federal bailout money in 2008, in response to the nation’s subprime mortgage crisis.

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About Jeff Sorg

Jeff Sorg is a co-founder of OnlineEd®, an online real estate, mortgage broker, and vocational school founded in 1997, where he also serves as Chief Executive Officer, and School Director. Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses and has been awarded the International Distance Education Certification Center's CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus in the National Association, Life Member award in Portland Metro Association and Chairperson of the Oregon Real Estate Forms Committee. OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.