LINCOLN, Neb. (AP) — A judge has granted federal officials' request to seize assets of former TierOne CEO Gilbert Lundstrom.
Lundstrom is serving 11 years, convicted of orchestrating a scheme to conceal loan losses from regulators and shareholders, which ultimately led the bank to fail in June 2010.
The Lincoln Journal Star reports that the judge approved a writ of garnishment Thursday that had been filed by the U.S. attorney's office against a Lincoln branch of UBS Financial Services, which is believed to be holding assets for Lundstrom.
A court filing says Lundstrom paid $555,000 of a $1 million restitution payment that was due May 4 and then ignored subsequent payment requests. In May Lundstrom and two other former TierOne executives were ordered to jointly pay more than $3.1 million in restitution.
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