WATERLOO, Iowa–A former credit union employee has been arrested for allegedly stealing money from the CU’s vault and removing funds from member accounts.
Waterloo police have arrested Barbara Jean Einfelt, 60, for first-degree theft and forgery for actions taken while she was employed by Chicago Central and Commerce Credit Union. She has since been released from the Black Hawk County Jail.
According to police, Einfelt allegedly took $40,101 over the course of a year.
Einfelt was working at Chicago Central and Commerce Credit Union on East Fourth Street when officials noticed discrepancies surrounding cash in the vault. That investigation discovered $27,300 was missing from the vault, and additional investigation found that $12,801 had been taken from two member accounts.
Police alleged the two victims were Einfelt’s relatives, and that she had forged their signatures to remove funds.
Investigators and the credit union further allege that Einfelt created a fake certificate of deposit in one of the account holder’s names in an effort to cover up the thefts. The investigation has been ongoing since February.