Woman may have sponged $2 million from Ingstad Brothers, Iowa City Broadcasting


Terry Schultz-Schech, an office manager and comptroller for Ingstad Brothers Broadcasting and Iowa City Broadcasting, may have pocketed up to $2 million that she used to pay unauthorized personal expenses, according to criminal charges. Tom Ingstad, CEO of both companies, owns 18 radio stations across Minnesota.

Schultz-Schech, 54, was charged with eight counts of theft by swindle. She’s accused of taking at least $290,317 from the companies over the past seven years, according to a Minneapolis Star Tribune story.

Each count carries a possible penalty of up to 20 years in prison and a $100,000 fine. Last summer the companies discovered that Schultz-Schech, an office manager and comptroller, was using a company American Express card and company checks to pay her personal expenses and her credit card bills, the complaint said.

The complaint outlines 55 transactions in amounts ranging from $1,200 to $20,000 in which the company says Schultz-Schech “made the actual payment to herself or other unknown, not authorized entities.”