Former Controller Pleads Guilty to Wire Fraud
For Immediate Release
U.S. Attorney's Office, Eastern District of Missouri
St. Louis, MO – Jennifer L. Saake pled guilty to wire fraud related to her scheme to defraud the St. Louis-based company she worked for as a controller.
According to court documents, between April 2010 and November 2017, Saake embezzled more than $1.4 million from her employer. As part of her scheme, Saake fraudulently initiated more than 200 automated transfers of corporate funds into her personal bank accounts. Saake concealed her scheme by marking the transactions as “confidential” in the banking software records, by creating false journal entries, and by making false payable and bank reconciliation adjustments in the accounting records. Saake used the fraud proceeds for personal gain, including to purchase equity interests in investments offered by her employer, to purchase a condo in Branson, Missouri, and to pay for living expenses.
Saake, 52, of St. Louis County, pled guilty to one felony count of wire fraud before U.S. District Judge Catherine D. Perry. Sentencing has been set for September 21, 2018.
She now faces a penalty range of up to 20 years in prison and/or fines up to $250,000. In determining the actual sentences, a Judge is required to consider the U.S. Sentencing Guidelines, which provide recommended sentencing ranges.
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.
Updated June 20, 2018