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LINCOLN, Neb. (AP) - The former chief executive officer of TierOne Bank has testified at his fraud and conspiracy trial that he was kept in the dark and lied to about the bank's precarious financial state.
The Lincoln Journal Star reports that Gilbert Lundstrom took the stand Tuesday in U.S. District Court in Lincoln and said he was shocked when a bank consulting firm estimated in February 2009 that TierOne's faced potential cumulative losses of $304 million.
Prosecutors say Lundstrom and other bank officers hid the losses from regulators and shareholders. Regulators took over Lincoln-based TierOne in 2010, saying the bank had too many bad loans on its books and lacked sufficient capital to cushion losses.
Lundstrom testified that he never knowingly provided false information to investors or federal regulators.
© Associated Press
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