SEC Charges Ex-TierOne Bank Execs With Hiding Losses

Law360, New York (September 25, 2012, 10:47 PM EDT) -- The U.S. Securities and Exchange Commission on Tuesday charged three former TierOne Bank executives with scheming to hide millions of dollars in real estate losses and misleading investors and regulators during the financial crisis.

The SEC claims former CEO and board chairman Gilbert G. Lundstrom, former president and chief operating officer James A. Laphen and former chief credit officer Don A. Langford conspired to understate TierOne’s loan-related losses and losses on real estate that was repossessed by the now-defunct bank.

Lincoln, Neb.-based TierOne had engaged in...
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