A banking executive from Nebraska received a three-year prison sentence for participating in a $4.3 million fraud involving a car wash construction project.
Aaron Luneke, who used to be the top financial executive at Bank of the Valley, received his sentence on July 13th following a conviction for both committing and trying to commit bank fraud, according to the Department of Justice.
A jury convicted Luneke in March.
According to prosecutors, Luneke committed fraud against Bank of the Valley – where he previously worked as Chief Financial Officer – and also tried to fraudulently obtain money from Stearns Bank in St. Cloud, Minnesota.
The legal issue involved loans that were used to build and run Legacy Express Car Wash in Columbus, Nebraska.
Officials state that Luneke misused construction loan money by submitting fake and overpriced invoices for the project.
During the sentencing, Judge Brian C. Buescher determined that Luneke misused his role as Chief Financial Officer to commit and cover up the fraud.
The judge stated that Luneke’s position at the bank greatly helped commit and hide the fraud that targeted the bank.
According to prosecutors, Luneke tried to get loans from two banks by submitting false and exaggerated contract invoices between February and June of 2021.
According to investigators, in the Bank of the Valley fraud, Luneke used fake invoices to get more money for construction projects. This resulted in two loans worth approximately $4.32 million.
The jury also found that Luneke tried to defraud Stearns Bank in a related refinancing scheme.
According to prosecutors, Luneke tried to get a $3.5 million loan by falsely increasing the estimated worth of their car wash business using fake invoices.
Officials state that Luneke employed a network of fake companies to conceal the fraudulent activity, and he didn’t reveal substantial debts he had to relatives when applying for the loan from Stearns Bank.
The DOJ says there is no parole in the federal system.
Following his three-year prison sentence, Luneke will be released under supervision for five years. He is also required to pay a $10,000 fine.
Stay updated with us on X, Facebook, and Telegram!
Sign up for email alerts to receive the latest news straight to your inbox.
2026-07-23 10:22