Former Employee of Financial Brokerage Sentenced to More Than Five Years in Federal Prison for Fraud and Identity Theft

A former employee of a financial brokerage firm in Mason City, Iowa, who stole $391,725.31 from multiple firm clients was sentenced today to more than five years in federal prison.

Teresa Dorenkamp, 42, from Mason City, Iowa, received the prison term after an August 26, 2013, guilty plea to one count of wire fraud and one count of aggravated identity theft.

In a plea agreement, Dorenkamp admitted that, while employed by the financial brokerage, she fraudulently obtained money from the firm’s clients by falsely depositing money belonging to the clients into Dorenkamp’s or her husband’s bank accounts. Dorenkamp admitted one such false deposit occurred on June 3, 2011, when Dorenkamp had $36,139.60 wire transferred from a client’s investment account into Dorenkamp’s own bank account. Dorenkamp further admitted she forged the signature of that client in order to complete the false deposit. Dorenkamp further admitted she caused $391,725.31 in fraudulent transfers and deposits from May 2007 through August 2011.

Dorenkamp was sentenced in Cedar Rapids by United States District Court Chief Judge Linda R. Reade. Dorenkamp was sentenced to 65 months’ imprisonment. A special assessment of $200 was imposed, and she was ordered to make $391,725.31 in restitution. She must also serve a three-year term of supervised release after the prison term. There is no parole in the federal system.

Dorenkamp was released on conditions previously set and is to surrender to the Bureau of Prisons on a date yet to be set.

The case was prosecuted by Assistant United States Attorney Anthony Morfitt and investigated by the Federal Bureau of Investigation and the Mason City Police Department.