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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.

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Information from: Lincoln Journal Star,

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