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Sandy Jenkins - Collin Street Bakery
Posted on 3/6/17 at 10:06 pm
Posted on 3/6/17 at 10:06 pm
I never heard about this guy. He stole 17 million from the company. He was sentenced 3 years ago.
How did he get away with this for 8 years?
quote:
Over the course of eight years, Jenkins had forged 888 checks on the bakery’s accounts before his scheme was discovered in the summer of 2013. Sandy Jenkins crafted the embezzlement scheme by manipulating bakery checking accounts and transactions, paying his own bills with checks from the bakery — to the tune of $16.7 million over the eight year period.
How did he get away with this for 8 years?
quote:
According to evidence proffered at sentencing, Sandy Jenkins and Kay Jenkins purchased a new automobile every time they needed an oil change. The evidence at sentencing also established that a significant portion of stolen funds (approximately $1.2 million) were spent at Neiman Marcus at Northpark in Dallas where Sandy Jenkins and Kay Jenkins had nicknames, “Fruitcake” and “Cupcake,” respectively
8
Posted on 3/6/17 at 10:09 pm to knight_ryder
Just a little play money off the top. No body knows better, right?
Posted on 3/6/17 at 10:10 pm to knight_ryder
quote:is this a real bakery, or a fakery?
Collin Street Bakery
Posted on 3/6/17 at 10:11 pm to Kafka
A real bakery. I've been giving their fruitcake at Christmas for years.
Posted on 3/6/17 at 10:12 pm to Kafka
quote:
The Collin Street Bakery is world-renowned for its fruitcakes, and is located in Corsicana, Texas, USA. its products are shipped to all US states, overseas possessions and 195 countries. The Bakery is the recipient of the "E-Award" from the US president.
Very popular in Texas
Posted on 3/6/17 at 10:13 pm to knight_ryder
This was on the money board and we discussed.
Very naive owner and CFO and poor internal control.
They were even looking at expense line items to figure out why they weren't making money and still couldn't catch it.
I'd suspect the owner and possibly CFO didn't know their way around the computerized accounting software, so never looked at the GL or Audit Trails
Very naive owner and CFO and poor internal control.
They were even looking at expense line items to figure out why they weren't making money and still couldn't catch it.
I'd suspect the owner and possibly CFO didn't know their way around the computerized accounting software, so never looked at the GL or Audit Trails
Posted on 3/6/17 at 10:15 pm to southernelite
And I mean, the dude is outbidding the owner at philanthropy auctions and this guy never stops to think why this dude is continuing to work for him for $50k a year when he's having Pateks delivered to the bakery.
Posted on 3/6/17 at 10:17 pm to knight_ryder
$17mm over 8 years from a bakery sounds like somebody had their head deeply embedded up their arse.
Posted on 3/6/17 at 10:20 pm to southernelite
quote:
Very naive owner and CFO and poor internal control.
Horrible internal control. I still can wrap my finger around the fact that this guy got away with it for 8 years. The CEO even questioned some of his expenses. Sandy explained that he inherited a large sum of money.
Posted on 3/6/17 at 10:23 pm to knight_ryder
quote:
Sandy Jenkins - Collin Street Bakery by knight_ryder
Remember Sandy Jenkins
Posted on 3/6/17 at 10:29 pm to Martini
quote:My parents gave these out around Xmas time from the 50's until the 90's. I very specifically remember them saying the best fruitcakes were made in Corsicana Texas.
A real bakery. I've been giving their fruitcake at Christmas for years
Posted on 3/6/17 at 11:39 pm to knight_ryder
The McNutt family owns the bakery and while they are great people, they were way too trusting. Jenkins had been there for years and was a pillar in the community that nobody would have suspected. Keep in mind this started as a small town bakery so nobody in the family would have ever assumed they were being taken advantage of from the inside... it's not an excuse but it happens
Posted on 3/6/17 at 11:54 pm to knight_ryder
Amazing that he got away with it so long?
Posted on 3/7/17 at 7:34 am to knight_ryder
Watched this last night on American Greed on CNBC. It was incredible this could go on for so long. Never a good explanation as to why he threw so many watches and jewelry into Lady Bird Lake in Austin.
This post was edited on 3/7/17 at 7:46 am
Posted on 3/7/17 at 7:37 am to blueridgeTiger
Had no idea there was this kind of dough in that business.
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