Sheldon National Bank embezzlement scheme shocked Iowans back in 1961
SHELDON, Iowa (KCAU) — In 1961, Sheldon was featured on national TV and in newspapers across the country for a case of large-scale criminal activity.
William Iverson was president of the Sheldon National Bank for 40 years, but in Jan. 1961, his married daughter Burnice Geiger was arrested and charged with the embezzlement of more than $2.1 million from her father's bank. It was later determined that Geiger had her own private staircase to her office that only she had a key to. She confessed without incident when confronted by FDIC examiners.
Last Iowa Ben Franklin store found in Sheldon
'The embezzlement was of $2,126,859,' Sheldon historian and author Tom Whorley said. 'At the time, it was the largest embezzlement of a bank in the United States. In fact, Walter Cronkite had it as his lead story in his newscast in 1961… Her dad never went an checked on her at all. Like, someone said the sun would rise and set in her as far as he was concerned.'
Geiger was sentenced to 15 years in prison but paroled out after five years. It was never discovered where the money went.
The museum still has the night deposit box from the bank. Geiger came back to Sheldon and made her home with her aging parents. She landed a job in Sanborn, keeping a low profile in Sheldon, where she is buried today.
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