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A federal judge in U.S. District Court in Des Moines, Iowa, accepted a guilty plea Monday for Henry Martin Hill, a former branch manager for the $592 million Greater Iowa Credit Union in Ames, Iowa.
In a plea deal with prosecutors, Hill admitted he stole more than $430,000 from the branch's vault and agreed to plead guilty to bank fraud. In exchange for his guilty plea, prosecutors dropped three other felony charges.
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In 2011, Hill became a manager of the credit union's Southgate branch and began stealing cash from the vault starting in 2012. His theft continued through Sept. 2019, according to court documents.
Hill admitted 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.
In violation of the credit union's policy, Hill audited the vault alone and falsely reported that the vault cash had been audited in compliance with the credit union's policy.
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.
Court documents do not say why Hill stole the funds or how he spent the money.
Hill's sentencing hearing has not been scheduled.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
