Former Credit Union Employee to Plead Guilty to Embezzling Nearly $1.5 Million

Brenda Jensen plans to plead guilty to embezzling nearly $1.5 million from the $5.2 million Consumers Credit Union in Denison, Iowa, according to court documents.

Jensen began stealing the credit union’s funds in May 2012 and continued until March 2018. At the end of the first quarter of that year, Consumers posted a net income loss of $1,465,421, according to NCUA financial performance reports.

Because of the credit union’s poor financial condition, the independent federal agency approved the merger of Consumers with the $1 billion Cobalt Credit Union in Papillion, Neb., during the second quarter of 2018. Cobalt kept Consumers’ sole branch in Denison open.

Consumers was founded in 1962 and served 1,818 members.

Federal prosecutors alleged in court documents that Jensen stole $1,486,647.

In September, Jensen signed a document with her defense attorney stating that she intends to plead guilty to one felony count of credit union theft, embezzlement or misapplication of funds.

Court documents filed in U.S District Court in Sioux City did not reveal Jensen’s job title or how and why she stole the credit union’s money over nearly six years.

A court hearing has not been scheduled yet for Jensen’s guilty plea.