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Justice News

Department of Justice
U.S. Attorney’s Office
Eastern District of Missouri

FOR IMMEDIATE RELEASE
Wednesday, October 24, 2018

Controller sentenced to Prison for Embezzlement

St. Louis, MO – Jennifer Saake was sentenced to 46 months imprisonment for her wire fraud conviction related to a scheme to defraud her ex-employer of approximately $1.4 million.  She was also ordered to pay restitution in the amount of $1,323,671.05. 

According to court documents, between April 2010 and November 2017, Saake fraudulently diverted $1.4 million of company funds to her own bank accounts.  As part of her scheme to defraud, Saake marked the transactions as “confidential” in the banking software so as to prevent others in the company from seeing them.  Saake also created false journal entries and made false payable and bank reconciliation adjustments in the accounting records.  Saake then used the proceeds from her scheme to defraud for her personal gain, including to improve her residence, to pay for her children’s education expenses, to make vehicle lease payments, and to pay for living expenses.  In addition, Saake used some of her criminal proceeds to purchase equity interests in Company investments that paid out more than $160,000 in dividends and distributions. 

“Today’s sentencing is a reminder that financial crimes are not victimless crimes,” said Trevor Fenwick, Special Agent in Charge of the U.S. Secret Service St. Louis Field Office. “The defendant victimized her employer for her own personal gain.  The Secret Service will continue to investigate and pursue prosecution of those who engage in financial fraud.”

This case was investigated by the United States Secret Service.  Assistant United States Attorney Kyle T. Bateman is handling the case for the U.S. Attorney’s Office.

Topic(s): 
Financial Fraud
Updated October 25, 2018