Mason City woman charged with Northwood bank embezzlement

A former employee of Northwood State Bank has been charged in federal court with embezzling $69,000 from the bank.

Margaret Marie Sheese, 56, Mason City, is charged with one count of embezzlement by a bank employee.

According to a court document from the United States District Court for the Northern District of Iowa, between Oct. 3, 2011 and Jan. 15, 2013, Sheese fraudulently withdrew money from the bank for her own purposes.

Sheese will appear in federal court in Cedar Rapids on Aug. 16.

 A 53-year-old Mason City woman faces up to 30 years in prison after pleading guilty to embezzling nearly $70,000 from the bank where she worked.

Officials say Margaret Marie "Peggy" Sheese pleaded guilty Friday in federal court in Cedar Rapids to one count of embezzlement.

In a plea agreement, Sheese admitted to stealing $69,200 from Northwood State Bank in Mason City between about October 2011 and January while she was a teller at the bank.

Authorities say Sheese made 29 secret withdrawals from accounts belonging to a particular bank customer. Officials say she altered the bank's records so that the customer's bank statements were sent to a post office box belonging to Sheese.

Sheese also stole $2,000 in cash from the bank in January.