Carl Ceder: Wife of ex-Collin Street Bakery exec pleads guilty to her role in swindling $16 million

Wife of ex-Collin Street Bakery exec pleads guilty to her role in swindling $16 million Robert Wilonsky

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More than a year after Kay Jenkins was indicted for her role in stealing $16 million from the Collin Street Bakery in Corsicana, the 64-year-old has agreed to plead guilty to a single count of money laundering. Where once she was looking at decades behind bars, it’s likely she’ll now spent no more than three years in a federal prison, according to the U.S. Attorney’s Office.

Thirteen months ago, Kay’s husband Sandy — the bakery’s longtime corporate controller — pleaded guilty to several counts of wrongdoing, including money laundering and mail fraud. He remains in federal custody awaiting sentencing on June 24.

According to the feds and court documents filed last week, Sandy worked for the bakery from 1998 until he was fired in 2013, after the owners figured out he’d been baking the books. And during that time he never made more than $50,000. Yet, somehow, the couple lives an extraordinary lavish lifestyle that included everything from a vacation home in Santa Fe to a car and jewelry collection worth millions. And, somehow, they managed to book more than 200 trips on private planes to Aspen and Santa Fe and Napa Valley. They also put $11 million worth of charges on a collection of American Express card, another $2 million on CitiBank cards, and another $1.2 million on a Neiman Marcus charge card.

Kay wasn’t stealing from the bakery, according to the U.S. Attorney. But she absolutely knew her husband was for a good decade.

“Kay Jenkins admitted that during this period she conspired with her husband to engage in monetary transactions with property derived from a criminal activity,” according to a statement form the feds issued Monday morning. “Kay Jenkins agreed that the government could readily prove at trial that the funds involved in these monetary transactions were derived from her husband’s embezzlement of funds from the Bakery. … While Sandy Jenkins never specifically discussed with Kay Jenkins that he was embezzling funds from the Bakery, Kay Jenkins admits she deliberately closed her eyes to what would otherwise have been obvious to her. Kay Jenkins knew that Sandy Jenkins provided different explanations to different people when attempting to explain the source of funds, and she knew that some of those explanations were false.”

She’s out on bond until her September sentencing. … [visit site to read more]

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Carl Ceder

Monday, June 1, 2015

Wife of ex-Collin Street Bakery exec pleads guilty to her role in swindling $16 million

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