Friday, December 17, 2010

Former Iowa Bank Officer Sentenced For Misappropriating $250K

Dana M. Schmieding, 40, of Cambridge, Iowa, was sentenced to 17 months in prison for misappropriating about $250,000 from U.S. Bank in Ankeny, Iowa, where she had been employed as a bank manager. According to prosecutors, Schmieding took unauthorized advances from existing consumer loans, originated loans in the names of the bank and bank customers without their knowledge or consent, and accessed established credit lines of various bank customers. Her scheme reportedly spanned a 7 year period, from 2001 to 2008. Schmieding plead guilty to one felony count of embezzlement by a bank employee. She was also sentenced to 5 years probation and ordered to pay full restitution.

Read the story here.

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