Sioux Falls Man Pleads Guilty To Wire Fraud
United States Attorney Brendan V. Johnson announced that Terry Stimpert, age 37, of Sioux Falls, South Dakota appeared before U.S. District Judge Karen E. Schreier on May 21, 2013 and pled guilty to an indictment that charged him with wire fraud. The maximum penalty upon conviction is 20 years' imprisonment, and a $250,000 fine.
In 2012, Terry Stimpert devised a scheme to steal money from investment accounts at Equity Trust Company. Posing as an actual account holder, Stimpert provided real account holder names, account numbers, and social security numbers, all of which he obtained during his employment with Equity Trust Company. Stimpert requested that money be wire transferred to an account he established at another financial institution.
The investigation was conducted by the Federal Bureau of Investigation. The case is being prosecuted by Assistant U.S. Attorney Jeffrey C. Clapper.
A presentence investigation was ordered and a sentencing date was set for August 12, 2013. The defendant was released on bond pending sentencing.