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Former branch manager Henry Martin Hill, who stole more than $400,000 from the $624 million Greater Iowa Credit Union and concealed his crime for eight years, was banned by the NCUA Wednesday.
Although prosecutors recommended a two-year prison sentence for Hill, a federal judge in February sentenced him to time served, five years of supervised release and to pay restitution of $432,763.
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In 2011, Hill became a manager of the credit union's Southgate branch and began stealing cash from the vault in 2012. His theft continued through September 2019, using the funds to pay for personal expenses.
Hill admitted that he took $20, $50 and $100 bills from banded cash stacks in the vault and replaced the stolen bills with $1 and $5 bills to make the stacks appear untampered.
He also stole money from the branch's float drawer and withdrew funds from members' accounts to conceal the vault's cash shortages during annual audits, according to court documents.
The NCUA's prohibition order means Hill is banned from participating in the affairs of any insured financial institution.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
