LINCOLN, Neb. (AP) — A former Nebraska bank executive convicted of fraud has been sentenced to federal prison.
The Lincoln Journal Star reports a federal judge Wednesday sentenced former TierOne Bank CEO Gilbert Lundstrom to 11 years in prison.
Lundstrom was also fined $1.2 million and will be required to pay restitution. A jury found the 74-year-old Lundstrom guilty in November of 12 counts related to the 2010 failure of the bank.
Prosecutors have said Lundstrom and other bank officers hid 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.
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