CEDAR RAPIDS – Teresa Dorenkamp, 42, from Mason City, Iowa, has been charged with one count of wire fraud and one count of aggravated identity theft. The charges are contained in an Information filed today in United States District Court in Cedar Rapids.
The Information alleges that, on or about June 3, 2011, Dorenkamp, who was employed by a financial brokerage in Mason City, knowingly and fraudulently caused the wire transfer of $36,139.60 from another’s investment account into Dorenkamp’s personal bank account. The Information further alleges that, without authority, Dorenkamp used the name and forged the signature of another person in order to cause the wire transfer into her own bank account.
If convicted on all charges, Dorenkamp faces a mandatory minimum sentence of 2 years’ imprisonment and a possible maximum sentence of 22 years’ imprisonment, a $500,000 fine, $200 in special assessments, and 4 years of supervised release following any imprisonment.
Dorenkamp’s first appearance in federal court in Cedar Rapids for an arraignment and plea hearing is set for August 26, 2013.
As with any criminal case, a charge is merely an accusation and a defendant is presumed innocent until and unless proven guilty.
The case is being prosecuted by Assistant United States Attorney Anthony Morfitt and was investigated by the Federal Bureau of Investigation and the Mason City Police Department.
What ever happened to her?
I’m still curious about the original reports that she stole upwards of $500,000. What happened to all of that money? Is the employer just trying to give her a break and go after the pocket change she stole?
Web address immediately below, followed by the report on this website:
http://www.stockmarketlosslawyer.com/finra-sanctions-fines/october-2012.html#teresa-jo-dorenkam
Teresa Jo Dorenkamp (CRD #4822410, Registered Representative, Mason City, Iowa) submitted an Offer of Settlement in which she was barred from association with any FINRA member in any capacity. Without admitting or denying the allegations, Dorenkamp consented to the described sanction and to the entry of findings that she converted approximately $116,696.50 by forging customer signatures on wire transfer authorization letters directing her member firm’s clearing agent to wire transfer funds from customers’ accounts into her and her relative’s bank accounts. The findings stated that Dorenkamp took customer checks totaling approximately $8,048.80 written to her firm’s clearing agent that were intended to be deposited into the customer’s accounts and instead deposited the checks into her or her relative’s accounts. The findings also stated that Dorenkamp forged a customer’s signature and her supervisor’s signature, and used a signature guarantee medallion stamp without authorization to complete a fraudulent authorization form sent to a family of funds that was an investment option for firm customers (the “Fund”). This allowed her to link her bank account to the customer’s Fund account and transferred a total of approximately $176,731.52 out of the customer’s Fund account directly into her personal bank account. The findings also included that Dorenkamp sent fraudulent authorization letters to the Fund purportedly from her relative or supervisor directing that enclosed customer checks, written to the Fund with the intent to be deposited into customer accounts, instead be deposited into her relative’s Fund accounts. The funds from the corporate customer’s checks were to be disbursed as employer and employee contributions to individual retirement accounts (IRAs) of employees of the corporate customer, who were themselves also customers of Dorenkamp’s firm. Dorenkamp also converted funds from one check from the corporate customer that were not intended to be disbursed to employee IRAs. FINRA found that these funds were transferred or deposited into Dorenkamp’s relative’s bank account or Fund accounts and were eventually transferred into Dorenkamp’s bank account, thereby using customer funds for a purpose other than as directed by the customer and intended to permanently deprive customers of the use of their funds. Of the total amount, $293,428.02 was converted from customers over the age of 65. FINRA also found that Dorenkamp failed to respond to FINRA requests to appear for on-the-record testimony.
FINRA Case #2011029002401
I’m curious into how the brokerage and bank allowed this to happen in the first place. Details first instead of accusations.
The employee obviously had planned this out in advance, and covered her bases in order to get the money into her account.
I laugh at the people on here trying to blame the employer. The employee made a decision to carry this and proceeded to do so. Many criminals are able to find loopholes to use to their advantage.
My guess is, is that trying to keep up with the Jones’s required a some extra bucks.
People aren’t trying to blame the employer. Just wondering why stop-gate measures weren’t used to prevent this type of pilferage. The institutions I have worked at all had yearly audits for all agents. Also, there was a mandatory 5 day vacation per year the employee had to use. During that time his/her accounts were scrutinized for correctness. It protected the clients, protected us from a fellow employee hacking our client list and accounts, and made us feel like we were working for a professional organization that took their business seriously. If the loopholes were there, it’s the employers fault for not closing them.
What a bunch of retards. I never said the employer was responsible. I merely made a statement. I have read numerous accounts on here about employees embezzling from financial institutions, businesses, or clients. Guess what? People steal. There aren’t locks on doors to keep people inside. If you feel people should be left to their own honesty, let me leave you with two names just to prove your ignorance. Snowden and Manning. Now explain to me again how it’s not in an employers best interest to monitor their employees.
The employee was a thief. Oversight or not, she still would have done it, in my opinion. No morals on her part, but yet you blame the employer. Heck, I thought I originally read the amount she swindled was close to $500,000. Maybe the employer actually tried to go easy on her.
Just saying, so you think her defense for stealing the money should be the employer did not over see what she was doing? Just not her fault? Could not help herself? in your words” it was lack of employee oversight” The end has to be near!!
“Just” I did read it, and you flat out blamed the employer! How did you not? I have employees and they handle money, I trust them, I have to.
Maybe you should think before you post such foolishness
Globe says money was put into her and her husband’s bank account. You would think that amount would be questioned???
Really??? Its the employers fault? Really?
@Sad – Please reread my post, and stop putting words in my mouth. When I pick up a rifle, I expect it to be empty-but I still check the chamber. Pres. Reagan said, “Trust, but verify”. If you are foolish enough to believe in peoples honesty and integrity, you deserve exactly what you get. And next time, use some common sense before you answer a post.
The proper employer oversight might have prevented this from occurring.
I’m guessing the “proper employer oversight” is what ultimately caught her. I doubt any institution has the manpower to watch over every employee at every given moment. however, any credible financial institution has measures in place to catch this type of fraudulent activity. which is exactly what happened here.