Jennifer L. Saake, Wire Fraud, Missouri 2018

St. Louis Controller Embroiled in $1.4 Million Wire Fraud Scheme

In a shocking turn of events, Jennifer L. Saake, the former controller of a St. Louis-based company, has pleaded guilty to wire fraud. The 52-year-old St. Louis County resident is accused of embezzling a staggering $1.4 million from her employer between April 2010 and November 2017.

According to court documents, Saake used her position to initiate over 200 automated transfers of corporate funds into her personal bank accounts. She concealed her scheme by marking the transactions as 'confidential' in the banking software records and by creating false journal entries and payable and bank reconciliation adjustments in the accounting records.

The defendant used the fraud proceeds for personal gain, including purchasing equity interests in investments offered by her employer, buying a condo in Branson, Missouri, and paying for living expenses.

Saake's guilty plea comes after a thorough investigation by the United States Secret Service. Assistant United States Attorney Kyle T. Bateman is handling the case for the U.S. Attorney's Office.

Sentencing has been set for September 21, 2018. Saake faces a penalty range of up to 20 years in prison and/or fines up to $250,000. The U.S. Sentencing Guidelines will be taken into consideration when determining the actual sentences.

This high-profile case highlights the need for vigilance in corporate accounting practices and underscores the severity of the consequences for those who engage in financial fraud.

As the investigation continues, it remains to be seen how Saake's actions will impact her former employer and the community at large.

Source: https://www.justice.gov/usao-edmo/pr/former-controller-pleads-guilty-wire-fraud