Controller’s $1.4m Heist Goes to Pot

A former St. Louis controller is facing up to 20 years in prison after pleading guilty to wire fraud. Jennifer L. Saake, 52, of St. Louis County, made off with over $1.4 million from her former employer by initiating more than 200 automated transfers into her personal bank accounts.

According to court documents, Saake’s scheme spanned from April 2010 to November 2017. To conceal her crimes, she marked the transactions as ‘confidential’ in banking software records, created false journal entries, and made false payable and bank reconciliation adjustments in accounting records.

Saake’s motives were driven by personal gain, including purchasing equity interests in investments offered by her employer, a condo in Branson, Missouri, and paying for living expenses. Her scheme was uncovered by the United States Secret Service.

Assistant United States Attorney Kyle T. Bateman is handling the case for the U.S. Attorney’s Office. Saake’s sentencing has been set for September 21, 2018.

Under the U.S. Sentencing Guidelines, Saake faces a penalty range of up to 20 years in prison and/or fines up to $250,000. In determining the actual sentence, a Judge will consider the recommended sentencing ranges.

The United States Secret Service led the investigation into Saake’s crimes. Her actions serve as a stark reminder of the importance of corporate accountability and internal controls.

As the case moves forward, the U.S. Attorney’s Office will work to ensure that Saake is held accountable for her crimes. The people of St. Louis deserve justice, and we will fight tirelessly to ensure it is served.

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