COUNCIL BLUFFS, IA – Bradley R. Cornelsen, 40, of Council Bluffs, Iowa, is trading his corner office for a prison cell. He was sentenced to 48 months in federal prison on March 31, 2017, after a jury found him guilty of five counts of wire fraud. The verdict follows a damning investigation into his brazen scheme to fleece his former employer, MV Transportation, out of a staggering $1.4 million.
The evidence presented at trial painted a picture of calculated greed. As Chief Financial Officer, Cornelsen didn’t just manage the company’s money – he helped himself to it. He authorized a series of unauthorized bonuses totaling $297,985, effectively writing himself checks from the company coffers. But the self-enrichment didn’t stop there.
Cornelsen routinely used the MV Transportation company credit card and manual checks as his personal piggy bank. The shopping spree included luxury items like Rolex watches, rare collector baseball cards, and high-end Louis Vuitton luggage. He wasn’t just buying trinkets, either; the funds were also used to furnish his personal residences in both Council Bluffs and Okoboji, Iowa – a clear display of ill-gotten gains.
The jury didn’t buy his defense, returning a guilty verdict on November 1, 2016. U.S. District Court Judge Stephanie M. Rose didn’t show leniency, handing down the 48-month sentence and ordering three years of supervised release upon his eventual release. The court also mandated Cornelsen pay $1,400,320 in restitution to MV Transportation – a debt that will likely follow him long after he leaves prison.
“This wasn’t a simple accounting error,” stated United States Attorney Kevin E. VanderSchel. “This was a deliberate and calculated scheme to defraud a company and enrich himself at their expense.” The case was spearheaded by the Federal Bureau of Investigation, with the prosecution handled by the United States Attorney’s Office for the Southern District of Iowa.
Cornelsen’s fall from CFO to convicted felon serves as a stark reminder that even those in positions of trust are not above the law. The investigation underscores the FBI’s commitment to pursuing white-collar criminals and holding them accountable for their actions. For more information on this case, contact Rachel J. Scherle at 515-473-9300 or Rachel.Scherle@usdoj.gov.
Related Federal Cases
Key Facts
- State: Iowa
- Agency: DOJ USAO
- Category: White Collar Crime
- Source: Official Source ↗
🔒 Get the grimiest stories delivered weekly. Subscribe free →
Browse More
