Dorenkamp Sentenced to 5 Years

A former employee of a financial brokerage firm in Mason City, Iowa, has been sentenced to over five years in federal prison for stealing $391,725.31 from multiple firm clients. 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. The scope of her crimes is staggering, with nearly $400,000 stolen from unsuspecting clients who trusted her with their financial well-being.

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.

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. Court file information is available at https://ecf.iand.uscourts.gov. The case file number is 13-CR-03032. The investigation and prosecution of this case demonstrate the commitment of law enforcement to holding financial criminals accountable for their actions.

Dorenkamp was released on conditions previously set and is to surrender to the Bureau of Prisons on a date yet to be set. As she begins her prison sentence, her former clients can take some measure of comfort in knowing that justice has been served. However, the impact of her crimes will likely be felt for years to come, serving as a reminder of the importance of vigilance in protecting one’s financial assets.