A woman from Hubbard, Iowa, has been sentenced to nearly four years in federal prison for her role in a bank fraud scheme. Stephanie Drake, 51, pleaded guilty to one count of bank fraud and one count of unlawful manufacture and possession of a United States Department of Justice seal.
According to the plea agreement, Drake admitted to fraudulently inducing a bank to loan her money by falsely claiming that her husband had been awarded a legal settlement in the amount of $2,200,000. She also admitted to presenting a fabricated document to the bank purporting to be a court order for the legal settlement, as well as falsified loan paperwork indicating her husband’s parents had agreed to guarantee a loan of up to $162,600.
Drake’s scheme resulted in the bank loaning her a total of at least $483,513.51 between May 2008 and September 2012. Her conduct resulted in a loss to the bank of more than $400,000. In addition to her prison sentence, Drake was ordered to make $708,217.95 in restitution to the defrauded bank and other victims.
Drake was sentenced in Cedar Rapids by United States District Court Chief Judge Linda R. Reade. She received 41 months’ imprisonment on the bank fraud count and an additional, consecutive term of six months imprisonment on the count of unlawful manufacture and possession of a United States Department of Justice seal. The total term of imprisonment imposed was 47 months.
In addition to her prison sentence, Drake was ordered to serve a five-year term of supervised release after the prison term. She was also fined a special assessment of $110. Drake was released on the bond previously set and is to surrender to the Bureau of Prisons on a date yet to be set.
The case was prosecuted by Assistant United States Attorney Peter Deegan and was investigated by the Federal Bureau of Investigation and the Hardin County, Iowa, Sheriff’s Office. Court file information is available at https://ecf.iand.uscourts.gov/cgi-bin/login.pl, with the case file number being 14-CR-2032. This sentence serves as a reminder of the serious consequences of committing bank fraud and other financial crimes.
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Key Facts
- State: Iowa
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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