A 67-year-old Sioux Falls woman, Margaret Jean Spears-Pederson, has been indicted for Grand Theft after allegedly taking unauthorized control of funds from 16 different victims, totaling between $100,000 and $500,000.
The Codington County Grand Jury handed down the indictment on May 22, alleging the theft took place over a two-year period between January 1, 2023, and January 1, 2025, within Codington County.
Attorney General Marty Jackley commented on the case, saying, “The defendant is alleged to have violated the victims’ trust. This case is a reminder for consumers to practice due diligence and ensure agreements are in writing before making payments.”
Spears-Pederson made her initial court appearance on Wednesday, June 4, where bond was set at $50,000 cash surety.
If convicted, she faces a maximum sentence of 15 years in prison under South Dakota law.
Further details about the victims or how the alleged scheme operated have not been released. Authorities continue to investigate, and the Attorney General’s Office is prosecuting the case.
