Kay Jenkins, Conspiracy to Commit Money Laundering, Texas 2015

Defendant Name, Crime, State Year

Kay Jenkins, 64, a resident of Corsicana, Texas, pleaded guilty to one count of conspiracy to commit money laundering in the Northern District of Texas, announced John Parker, Acting U.S. Attorney for the Northern District of Texas.

Jenkins’ husband, Sandy Jenkins, 66, served as the Corporate Controller for the Collin Street Bakery from February 1998 to June 21, 2013, when he was terminated after the Bakery discovered the fraud. He pleaded guilty in May 2014 to one count of mail fraud, one count of conspiracy to commit money laundering, and one count of making a false statement to a financial institution.

According to plea documents filed in Kay Jenkins’ case, she agreed that the government could readily prove at trial that beginning at least as early as December 2004, and continuing until her husband’s termination from the Bakery in June 2013, Sandy Jenkins engaged in a massive scheme to defraud the Bakery in order to financially benefit him and his wife. Over the course of time, Sandy Jenkins embezzled more than $16 million from the Bakery that was used to fund an extravagant lifestyle for the couple.

Kay Jenkins did not participate in the embezzlement of funds from the Bakery, but she conspired with her husband to engage in monetary transactions with property derived from a criminal activity. The funds involved in these monetary transactions were derived from her husband’s embezzlement of funds from the Bakery.

Between 2005 and 2013, Jenkins and her husband incurred charges totaling approximately $11,120,449 with American Express. Kay Jenkins admits that Sandy Jenkins paid the American Express bill at the end of each billing period using embezzled funds from the Bakery. They also incurred charges totaling approximately $1,941,596 on Citibank credit cards.

Kay Jenkins pleaded guilty to one count of conspiracy to commit money laundering. The maximum statutory penalty for that offense is 10 years in federal prison and a fine not to exceed $250,000 or the pecuniary gain to the defendant or loss to the defendant. However, according to plea documents filed in her case, if the Court accepts the plea agreement, the parties agree that the appropriate maximum term of imprisonment is 36 months’ imprisonment.

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