Two individuals are in custody after an ISU Police investigation into a theft case, a police spokesman said Thursday.

ISU Police arrested Shawn Edward Pickett, also known as Shawn Smith, 35, of 1331 8th St., Des Moines, on five felony charges Wednesday, said ISU Police Capt. Gene Deisinger.

Candace Walker, 26, surrendered herself Thursday night to ISU Police after warrants were issued for her arrest, Deisinger said. Her last known address was 2901 Rutland St., Des Moines.

Walker will be charged with one count of ongoing criminal conduct, a Class B felony, and two counts of theft in the second degree, a Class D felony.

According to a statement released Thursday, ISU Police received a complaint in January 2003 saying Pickett had stolen a student access number from another student and used the number to place loans into his bank account.

The number belonged to Walker. She told police the number had been taken from her purse, Deisinger said. Walker was enrolled at Iowa State at the time of the alleged theft but did not attend classes, he said.

Deisinger said ISU Police interviewed Walker and Pickett and concluded their stories were inconsistent.

“We opened a broader investigation to both parties to see if there was a fraudulent pattern,” Deisinger said.

Walker received financial aid in the fall of 2002 and spring of 2003 while registered as a student, Deisinger said.

As police furthered the investigation, they discovered Pickett had directed Walker’s loan money into his personal account.

Deisinger said he believes Pickett and Walker were in a relationship at the time.

“We believe the evidence shows both Mr. Pickett and Ms. Walker were acting collaboratively in a fraudulent scheme to steal money,” Deisinger said.

Police investigated Pickett’s background and found he had been enrolled at Iowa State in the fall of 2001 and spring of 2002, but withdrew both semesters because of military call-ups, according to the police report.

Deisinger said investigation proved Pickett had not served in the military since the 1980s.

As a result of his claim, Pickett was able to obtain financial aid from the university as a student and deposit roughly $1,600 to his bank account.

After Pickett claimed to have returned from active duty in the spring, he received more financial aid.

According to the report, Pickett was able to obtain over $7,500 in loan money.

Together, Pickett and Walker were allegedly able to obtain more than $17,500 in fraudulent loans from financial aid.

Walker was arrested and charged with a simple misdemeanor for assault in 2000, but the charges were dropped, according to court records.

In 2001, Walker obtained a no-contact order against Pickett, but later dropped the order.

If convicted of Class B felonies, Pickett and Walker could face up to 25 years in prison. If convicted of a Class D felony, they could face up to five years in prison and a fine of up to $7,500.