Bank CFO Convicted for Inflated Invoices in $4.3 Million Construction Car Wash Loan Scheme

March 20, 2026

Bob Coleman
Founder & Publisher

Fraud Friday: Bank CFO Convicted for Inflated Invoices in $4.3 Million Construction Car Wash Loan Scheme

Aaron Luneke served as Chief Financial Officer of Bank of the Valley in Columbus, Nebraska, from July 2018 through May 2022.

On March 6, a jury convicted him of one count of bank fraud and one count of attempted bank fraud.

While still serving as CFO, Luneke decided to build a car wash, Legacy Express, in Columbus, Nebraska. He used a series of corporate shell entities to conceal that additional individuals were benefiting from his ownership interest in the project.

Between February 2021 and June 2021, Luneke submitted inflated, fraudulent contractor invoices tied to the car wash construction. These invoices overstated the actual cost of completed work. 

The inflated amounts served two purposes. 

They justified larger construction draws from Bank of the Valley and supported a higher valuation for a planned refinance.

The jury found that Luneke defrauded Bank of the Valley by using these fraudulent and inflated invoices to obtain additional construction loan proceeds.

Trial testimony from the bank’s president, former chief credit officer, and compliance personnel detailed the scheme. The government showed that Luneke orchestrated a pattern of inflated invoices and undisclosed financial obligations to induce lenders to advance funds and approve loans they otherwise would not have approved. The evidence also showed he used corporate shell entities to conceal that other individuals were benefiting from his ownership interest in the car wash.

“Mr. Luneke exploited his position of power to conceal a pattern of deception that defrauded his employer. Financial crimes erode public trust and confidence in our country’s economy, so we will remain steadfast in our efforts to investigate those who use illegal means to enrich themselves for personal gain. The FBI is thankful for the investigative work by our partners that led to the conviction of Mr. Luneke,” says Eugene Kowel, Special Agent in Charge of the FBI Omaha Field Office.

“This case highlights the risk that trusted bank insiders will abuse their position to perpetrate fraud, and in this instance obtain millions of dollars from financial institutions,” says Special Agent in Charge Justin R. Bundy of the Federal Deposit Insurance Corporation Office of Inspector General (FDIC OIG), Kansas City Region. “The FDIC OIG stands firm in its commitment to working with our law enforcement partners to investigate and bring to justice individuals who seek to threaten the safety and soundness of our Nation’s financial institutions, especially those who exploit their positions to do so.”

Sentencing is scheduled for June 10, 2026.