Wine Lover Developed a Taste for Embezzlement - Sentenced to 63 Months on Fraud and Money Laundering Convictions

St. Louis, MO – Jason Arnold was sentenced to 63 months imprisonment and five years supervised release for his bank fraud and money laundering convictions related to a scheme to defraud a financial institution and the company he worked for as a controller out of more than $7.6 million.  He was also ordered to pay restitution in excess of $6.4 million. 

According to court documents, Arnold created a company that had the same name as his employer.  He then opened a sham bank account for that company.  Between October 2009 and November 2017, Arnold fraudulently deposited into the sham bank account more than 50 checks totaling more than $7.6 million.  Arnold then used the proceeds from his scheme to defraud for his personal gain, including to purchase artwork and nearly one million dollars’ worth of rare wine.

Arnold appeared before U.S. District Judge Catherine D. Perry, who noted that “greed” appeared to be the sole motivator for Arnold’s malfeasance.

In addition to the criminal prosecution, extensive forfeiture activities have been undertaken to facilitate the payment of restitution.  More than $2.8 million dollars in property including financial accounts has been forfeited by the government.  The victim company recovered more than $1.2 million directly from Arnold in the form of wine, watches, coins and firearms. 

“This sentence combines incarceration, forfeiture and post-prison supervision.  It is a comprehensive response to this significant economic crime,” said U.S. Attorney Jeff Jensen.

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.