Submitted by Fox First at Ten on September 25th
WASHINGTON (AP) - The government has charged three former executives of failed TierOne Bank, saying they understated millions of dollars in losses suffered from risky loans during the financial crisis.
The Securities and Exchange Commission said Tuesday that two of the executives, former CEO and chairman Gilbert Lundstrom and ex-president and chief operating officer James Laphen, agreed to settle the charges by paying a total $725,921 in civil penalties. They also were barred from serving as an officer or director of any public company.
Lundstrom and Laphen neither admitted nor denied wrongdoing.
The SEC case continues against former chief credit officer Don Langford, who hasn't settled.
Regulators closed TierOne, which was based in Lincoln, Neb., in June 2010. Its failure cost the federal deposit insurance fund an estimated $298 million.
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