Teresa Dorenkamp, 43, has been sentenced to more than five years in federal prison after she pleaded guilty to one count of wire fraud and one count of aggravated identity theft in August of 2013. United States District Court Chief Judge Linda R. Reade handed down the sentence and also ordered that Dorenkamp pay $391,725 in restitution and a special assessment of $200. At the conclusion of her prison sentence, Dorenkamp must also serve three years of supervised release.
In the plea agreement, Teresa Dorenkamp admitted to fraudulently obtaining money from clients while she was employed by Clear Lake Bank & Trust Co. in Mason City from April 2007 through August 2, 2011. These funds were then deposited into bank accounts that were controlled by her, or her husband.
One specific transaction took place on June 3, 2011 when Dorenkamp wire transferred $36,139.60 from a client’s investment account into her own personal bank account. Dorenckamp also admitted to forging the signature of her client in order to authorize the false deposit.
Teresa Dorenkamp was released following her sentencing hearing on conditions previously set, and has agreed to surrender to the Bureau of prisons at a later date.
This case was investigated by the Federal Bureau of Investigation and the Mason City Police Department. Assistant United States Attorney Anthony Morfitt prosecuted the case.