SEC Charges Bank Executives in Nebraska with Understating Losses During Financial Crisis (with Lofchie Comment)

The SEC announced that three former bank executives in Nebraska are being charged for participating in a scheme to understate millions of dollars in losses and mislead investors and federal regulators during the financial crisis. The majority of the bad loans were related to real estate.

To top things off, there is also an insider trading charge.

Lofchie Comment: Perhaps we could rename Title VII of Dodd-Frank the Omaha Nebraska Accountability Act.

View press release in full here (links externally to SEC website).See also: SEC complaint against the Lundstroms and Laphen; SEC complaint against Langford; More SEC cases involving misconduct related to the financial crisis.