A former Nebraska financial institution govt has been sentenced to a few years in federal jail for his function in a $4.3 million financial institution fraud scheme tied to the development of a automobile wash.
The Division of Justice (DOJ) says Aaron Luneke, the previous chief monetary officer of Financial institution of the Valley, was sentenced on July thirteenth after being convicted of financial institution fraud and tried financial institution fraud.
A jury convicted Luneke in March.
Prosecutors say Luneke defrauded Financial institution of the Valley, the place he as soon as served as CFO, and tried to defraud Stearns Financial institution in St. Cloud, Minnesota.
The case centered on loans linked to the development and operation of Legacy Categorical Automotive Wash in Columbus, Nebraska.
Authorities say Luneke used fraudulent and inflated invoices to acquire building mortgage funds for the undertaking.
At sentencing, U.S. District Decide Brian C. Buescher discovered that Luneke abused his place as CFO to hold out the scheme and assist conceal it.
The decide mentioned Luneke’s function on the financial institution “considerably facilitated the fee and concealment of the fraud in opposition to the sufferer financial institution.”
Prosecutors say Luneke used pretend and inflated contract invoices between February 2021 and June 2021 to acquire or try and get hold of loans from the 2 banks.
Within the Financial institution of the Valley scheme, authorities say Luneke submitted fraudulent invoices to safe further building funding, finally receiving two loans totaling about $4.32 million.
The jury additionally discovered that Luneke tried to defraud Stearns Financial institution in a associated refinancing scheme.
Prosecutors say Luneke used fraudulent invoices to inflate the worth of the automobile wash property in an try and get hold of a $3.5 million refinancing mortgage.
Authorities additionally say Luneke used shell firms to assist disguise the fraud and didn’t disclose vital private money owed owed to members of the family in connection along with his Stearns Financial institution mortgage software.
The DOJ says there isn’t a parole within the federal system.
After serving his 36-month jail time period, Luneke might be positioned on supervised launch for 5 years. He was additionally ordered to pay a $10,000 advantageous.
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