Mason City man pleads guilty to financial exploitation of a dependent adult

By Mike Bunge

Michael Studer

MASON CITY, Iowa – A plea deal is struck over money stolen from a dependent adult.

Michael Edward Studer, 63 of Mason City, was initially charged with first-degree theft and financial exploitation of an older individual.

Studer was accused of using his Power of Attorney to transfer or withdraw more than $50,000 from the bank account of a dependent adult between June 2021 and December 2022.  Court documents state the victim’s home fell into foreclosure because of that theft.

Studer has now pleaded guilty to one count of third-degree theft.  His sentencing is scheduled for January 8, 2024.

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Mason City man pleads guilty to financial exploitation of a dependent adult