Two former TierOne Bank executives were sentenced Thursday to federal prison for their roles in a conspiracy plot to cover up loan issues, HousingWire.com reported on Friday. It’s being called “the largest failure in Nebraska’s history,” according to the office of the Special Inspector General for the Troubled Asset Relief Program. U.S. District Judge John Gerrard of the District of Nebraska, sentenced James Laphen, TierOne’s former president and chief operating officer, to 34 months in prison, and the bank’s former chief credit officer, Don Langford, to 21 months in prison. "Senior bank officials who keep two sets of books will be held accountable for their crimes, and the court's sentencing of two bank officials to prison today is proof of that," said Special Inspector General for TARP Christy Goldsmith Romero.
