1 min read

Former TierOne Chairman Scheduled For Fraud Trial This Week

Associated Press0

LINCOLN, Neb. (AP) — Jury selection is scheduled to begin Wednesday in the fraud and conspiracy trial of TierOne Bank’s former CEO and chairman.

The Lincoln Journal Star reports ( ) that 74-year-old Gilbert “Gil” Lundstrom and other bank officers hid million-dollar losses from regulators and shareholders. Regulators took over Lincoln-based TierOne in 2010, saying the bank had too many bad loans on its books and lacked sufficient capital to cushion losses. The bank’s assets were sold to South Dakota-based Great Western Bank.

Former TierOne President James Laphen has pleaded guilty to mail and wire fraud. TierOne’s former chief credit officer, Don Langford, has pleaded guilty to similar charges.

___

Information from: Lincoln Journal Star,

The AP is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers. AP is neither privately owned nor government-funded; instead, as a not-for-profit news cooperative owned by its American newspaper and broadcast members, it can maintain its single-minded focus on newsgathering and its commitment to the highest standards of objective, accurate journalism.
Website http://ap.org/

Related Posts