(Cedar Rapids)– A federal grand jury has indicted a former employee of a Spencer credit union of one count each of financial institution fraud and money laundering.
The indictment against 53-year-old Linda Zech was returned Monday in U-S District Court in Cedar Rapids.
Zech is accused of stealing hundreds of thousands of dollars from the Eaton Employees Credit Union between January 2003 and January 2007. Court documents say Zech was the sole employee of the credit union during that time.
Court documents say Zech allegedly dispersed credit union checks and made loans to family members and third parties. She’s also accused of taking cash deposited by credit union members.
If convicted, Zech faces up to 50 years in prison.
An arraignment date hasn’t been set.
