George Liakos, Bank Fraud, Nebraska 2023

In a devastating blow to the local business community, George Liakos, 64, of Gering, Nebraska, was sentenced to 36 months imprisonment for Bank Fraud in federal court in Lincoln, Nebraska.

According to Acting United States Attorney Susan Lehr, Liakos was sentenced on October 27, 2023, for his role in a scheme to defraud Great Western Bank, which was subsequently acquired by First Interstate Bank.

Liakos, a farming operation owner in Bayard, Nebraska, conducted a scheme to obtain approximately $11 million in loans from Great Western Bank by misrepresenting the amount of commodities he had in storage, cattle inventory, and acreage of crops, and concealing his debt from the bank.

As a result of Liakos's scheme, Great Western Bank sustained a financial loss of $3,940,007.80. The bank's deposits were insured by the Federal Deposit Insurance Corporation, making the loss a significant blow to the local community.

Liakos was ordered to pay $5,059,035.43 in restitution to First Interstate Bank as part of his sentence. After his release from prison, he will begin a 5-year term of supervised release.

The investigation into Liakos's scheme was conducted by the United States Department of Agriculture - Office of the Inspector General and the Federal Bureau of Investigation. The case highlights the importance of holding individuals accountable for their actions and bringing white-collar criminals to justice.

Source: https://www.justice.gov/usao-ne/pr/gering-man-sentenced-bank-fraud