Brenda Jensen, Credit Union Embezzlement, Iowa 2021

Denison Woman Sentenced to Federal Prison for Embezzling Nearly $1.5 Million

Brenda Jensen, a 53-year-old woman from Denison, Iowa, has been sentenced to three years in federal prison for her role in embezzling nearly $1.5 million from Consumer Credit Union (CCU) in Denison, Iowa.

Jensen, who worked as an employee at CCU, admitted to embezzling money from the credit union between May 2012 and March 2018. During this time, she and at least one other employee, including her sister Janine Keim, embezzled a total of nearly $1.5 million. Jensen’s scheme involved overstating the change fund in the credit union’s general ledger balance and creating fictitious deposits into her personal accounts at CCU.

The embezzlement scheme caused significant financial losses for CCU, resulting in a total cash loss of $1,461,480.29. The credit union became insolvent, leading to a forced merger with SAC Federal Credit Union. CCU’s assets decreased by over a million dollars, causing harm to the small community of Crawford County, Iowa.

Former board members from CCU submitted letters to Chief Judge Leonard T. Strand, setting forth the substantial harm Jensen’s crime caused the community. The judge recalled a story of a single mother with three children who was helped by CCU, but Jensen’s theft deprived the community of such financial services.

Jensen was sentenced in Sioux City by Chief Judge Leonard T. Strand. She was ordered to make $1,461,480.29 in restitution and serve a 2-year term of supervised release after the prison term. Jensen was released on bond and is to surrender to the United States Marshal; Bureau of Prisons on a date yet to be set.

The case was prosecuted by Assistant United States Attorney Ron Timmons and investigated by the Federal Bureau of Investigation. The case file number is 20-4083.

Brenda Jensen’s case serves as a reminder of the devastating effects of white-collar crime on individuals and communities. Her sentence reflects the severity of her actions and the harm caused to the credit union and its members.

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