Nebraska high court orders imprisoned ex-bank CEO disbarred
• Law Promo News updated 2018/10/31 22:16
• Law Promo News updated 2018/10/31 22:16
The Nebraska Supreme Court has accepted the voluntary surrender of an imprisoned ex-bank executive's law license and ordered him disbarred.
The state's high court said in its ruling Friday that 77-year-old Gilbert Lundstrom's license was already inactive and that he voluntarily surrendered his license in September, noting that he had been convicted in federal court of 12 fraud-related felony counts.
Lundstrom was sentenced in 2016 to 11 years in federal prison for his role in the 2010 failure of Lincoln-based TierOne Bank, where he had served as chief executive officer.
Prosecutors said Lundstrom conspired with other bank officers to hide the bank's troubled finances from regulators and shareholders.
The state's high court said in its ruling Friday that 77-year-old Gilbert Lundstrom's license was already inactive and that he voluntarily surrendered his license in September, noting that he had been convicted in federal court of 12 fraud-related felony counts.
Lundstrom was sentenced in 2016 to 11 years in federal prison for his role in the 2010 failure of Lincoln-based TierOne Bank, where he had served as chief executive officer.
Prosecutors said Lundstrom conspired with other bank officers to hide the bank's troubled finances from regulators and shareholders.