Inside Job: Former Nebraska Bank CFO Convicted in Multi-Million Dollar Fraud Scheme

In a federal courtroom in Omaha, the verdict landed hard: guilty on both counts.

Aaron T. Luneke, 44, once the Chief Financial Officer of Bank of the Valley in Columbus, Nebraska, was convicted of bank fraud and attempted bank fraud after a two-week trial before U.S. District Judge Brian C. Buescher. Prosecutors said Luneke used the authority of his executive role not to protect the bank, but to manipulate it from within.

At the center of the case was Legacy Express Wash, a car wash construction project tied to inflated contractor invoices and hidden obligations. Jurors found Luneke attempted to secure a $3.5 million refinancing loan from Stearns Bank using overstated project valuations, while also failing to disclose major personal debts. They also found he defrauded his own institution, Bank of the Valley, helping obtain roughly $4.32 million in loans through fraudulent billing support.

Witnesses from the bank’s leadership and compliance teams described a pattern of deception — inflated invoices, undisclosed liabilities, and shell entities allegedly used to hide who benefited from the deal.

Now convicted, Luneke faces up to 30 years in prison on each count and fines of up to $1 million per count. Sentencing is set for June 10, 2026.

Federal investigators called the case a warning shot: when trusted insiders weaponize their position, the damage extends far beyond one balance sheet — it strikes at confidence in the financial system itself.