Salvatore J. Leone, ex-partner and project manager in several of former Dover developer Michael Zimmerman’s business ventures, has pled guilty to a single felony count of conspiracy to commit bank fraud in U.S. District Court for the District of Delaware.
Leone appeared in court on Oct. 7.
U.S. attorney for the District of Delaware Charles M. Oberly III said that between September 2007 and February 2009, Leone, along with Zimmerman and others, turned in or otherwise falsified approximately $1.04 million in loan or disbursement requests to the former Wilmington Trust Company.
The monies were intended for projects including Compass Pointe, the Salt Pond project, and the Shoppes at Fieldstone.
Leone, 50, faces a maximum of 30 years in prison and a fine of $1 million. He also must pay back all of the illegally obtained funds.
Oberly said the charges against Leone and his guilty plea were another step into the demise of Wilmington Trust.
“We, and our investigative partners, remain determined to identify and prosecute abuses like this one that compromise the integrity of Delaware financial institutions,” he said.
Leone will be sentenced on Feb. 13, 2014.