A former Nebraska bank executive has been sentenced to three years in prison for defrauding a $4.3 million bank that was built on a car wash.
Department of Justice (DOJ) he says Aaron Luneke, the former chief financial officer of Bank of the Valley, was sentenced on July 13 after being found guilty of bank fraud and attempted bank fraud.
A jury condemned Say in March.
Prosecutors say Luneke robbed Bank of the Valley, where he once worked as CFO, and attempted to rob Stearns Bank in St. Louis. Cloud, Minnesota.
The case involved debts associated with the construction and operation of the Legacy Express Car Wash in Columbus, Nebraska.
Officials say Luneke used fraudulent and expensive invoices to obtain loans for the project.
In sentencing, US District Judge Brian C. Buescher found that Luneke abused his position as CFO to carry out the scheme and help cover it up.
The judge said Luneke’s work at the bank “contributed significantly to the organization and cover-up of the victim bank fraud.”
Prosecutors say Luneke used false and expensive invoices between February 2021 and June 2021 to obtain or attempt to obtain loans from the two banks.
In the Bank of the Valley scheme, officials say Luneke submitted fraudulent invoices to obtain additional construction funds, eventually receiving two loans totaling $4.32 million.
The jury also found that Luneke had attempted to defraud Stearns Bank in a similar scheme to refinance.
Prosecutors say Luneke used fraudulent invoices to inflate the car wash’s price in an attempt to obtain a $3.5 million loan.
Authorities also said Luneke used shell companies to help cover up the fraud and failed to disclose large debts owed to family members in connection with his Stearns Bank loan application.
The DOJ says there is no parole in the federal system.
After serving 36 months in prison, Luneke will be released after five years. He was also ordered to pay a $10,000 fine.
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