Former TierOne Bank CEO gets 11 years in federal prison

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Join CEO for hiding $100 million in losses. At the time of the closure, TierOne had more than 750 employees working at its headquarters in Lincoln and its 69 branch offices located in Nebraska, Iowa and Kansas. On Wednesday, Judge Gerrard ordered 74-year-old former TierOne CEO Gilbert Lundstrom to 11 years in prison.

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TierOne Bank executives – SEC charged three former bank executives in Nebraska for participating in a scheme to understate millions of dollars in losses and mislead investors and federal regulators at the height of the financial crisis. Two executives settled the charges by paying penalties and agreeing to officer-and-director bars.

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On Wednesday, the former TierOne chief executive, Gilbert Lundstrom, got 11 years in prison and a fine of $1.2 million.

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Former TierOne CEO Gil Lundstrom deserves leniency in sentencing, lawyer argues Former Lincoln bank executive Gil Lundstrom deserves a sentence below the federal guidelines, his lawyers argued in court filings Wednesday, reminding the judge that probation and home confinement are options.

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