Read my full bio…. Who was reconciling the checking account? Share on Twitter Twitter Code. Collin Street Bakery is home to the indomitable dessert and, improbably, the setting of a made-in-Hollywood baked good scandal featuring an unassuming accountant who embezzled millions. He took over $16 million, so, $11 million on a Black American Express card, 532 luxury items, including 41 bracelets, 15 pairs of cufflinks, 21 pairs of earrings, 16 furs, 61 handbags, 45 necklaces, 9 sets of pearls, 55 rings, and 98 watches (having an approximate value of $3.5 million), Wine collection (having an approximate value of $50,000), Steinway electronic piano (having a value of $58,500), 223 trips on private jets (primarily Santa Fe, New Mexico; Aspen, Colorado; and Napa, California, among other places), with a total cost that exceeded $3.3 million, 38 vehicles, including many Lexus automobiles, a Mercedes Benz, a Bentley, and a Porsche. Only the front, no back of the check for signature comparison or account numbers. Kay Jenkins, 64, of Corsicana, pleaded guilty in May 2015 to one count of conspiracy to commit money laundering. By Rachel Sugar field notes 9/3/2020 at 10:14 a.m. You might think that stealing $16 million would require an elaborate scheme. Be one of the first to write a review! 50 (£39.32/kg) FREE Delivery. Sandy Jenkins was sentenced by U.S. District Judge Ed Kinkeade to serve a total of 120 months in federal prison. 9 Collin Street Bakery coupons now on RetailMeNot. (File Photo / Staff) Max Winkler, the man set to direct, made his most recent mark … There's a movie in the works about a scandal at a beloved Texas fruitcake company, set to star Will Ferrell and Julianne Moore. Rachel Taylor is a staff writer at Southern Kitchen. Then, he would generate a second check for the same amount to a legitimate vendor, but the second check was never mailed. Sandy Jenkins was sentenced by U.S. District Judge Ed Kinkeade to serve a total of 120 months in federal prison. Despite fruitcake's bad rep, I couldn't actually say why or even if I hated it. "We were blindsided," a bakery partner, Hayden Crawford, told the Associated Press in … But did it? This was discovered when an employee decided to reconcile the bank account while Mr. Jenkins was out-of-town. I'd like to receive the free email course. David, good question. Someone other than those who create checks should reconcile the bank statements to the general ledger. The Collin Street Bakery Scandal. He took over $16 million, so says the FBI. The Theft Sandy Jenkins, the controller of Collin Street Bakery in Corsicana, Texas, made off with more than just fruitcakes. And what did Mr. Jenkins do with the money? Asset Misappropriation. The FBI conducted the investigation with assistance from the Corsicana Police Department and the Austin Police Department. 94. Website +1 903-939-0602. According to evidence proffered at sentencing, Sandy Jenkins and Kay Jenkins purchased a new automobile every time they needed an oil change. When bakery managers suspected fraud, they reported Sandy Jenkins to the authorities. Collin Street Bakery. The government further established at sentencing that the Jenkins spent over $11 million on a Black American Express card alone—roughly $98,000 per month over the course of the scheme—for a couple that had a legitimate income, through the Bakery, of approximately $50,000 per year. Improve this listing. Alternatively, the business could periodically sample the cleared checks, comparing the cleared checks to the vendor payments in the general ledger. This is a fruit cake that is just like Collin Street Bakery. (You can unsubscribe at any time.). I went straight to the experts - a group of friends who for one reason or another were fruitcake dropouts. Today I show you how large sums of money can be taken from a small business with one simple fraud scheme. Submit a Coupon. Mr. Jenkins was reconciling the bank accounts himself and had made up stories to tell his staff about missing checks (the “voided checks”). Shop Now. Sandy Jenkins, the controller of Collin Street Bakery in Corsicana, Texas, made off with more than just fruitcakes. The money was taken over a long period of time. It would have to show up as a big distortion in the overall numbers or ratios and just a few simple analytics by a CFO or the Auditor should have got the alarm bells ringing. Other options New and used from £13.96. The FBI article (https://www.fbi.gov/contact-us/field-offices/dallas/news/press-releases/former-collin-street-bakery-executive-and-wife-sentenced) says Mr. Jenkins become the controller in 1998. Back home, we had a stack of empty red tin boxes from the mail order mavens at Collin St. Bakery in Corsicana, Texas. Sandy had always admired the finer things in life but struggled to obtain them on his $50,000 salary. Lastly, when segregation of duties is not possible, have the bank statements mailed to someone outside the accounting department such as an owner. It does not have ginger or the other fruit that has a weird taste (I cannot remember the name). Email Email. Here’s an example of his method: Jenkins would print a check to his personal credit card company, but he would void the check in the accounting system. I think of Rita Crundell who stole $53 million from a small city; she did so over a 20 year period. We've Been Featured In. And what did Mr. Jenkins do with the money? 10%. The government also showed at sentencing that the Jenkins purchased 38 vehicles over the course of the scheme, including many Lexus automobiles, a Mercedes Benz, a Bentley, and a Porsche. He took over $16 million, so says the FBI. Someone other than those who create checks should reconcile the bank statements to the general ledger. Additionally, someone should be reviewing the profit margins of the company, comparing the ratios with prior periods. A movie about the scandal starring Will Ferrell and Laura Dern is in production. A movie about the crime, starring Will Ferrell, was in development, although its current status is unknown. Through the efforts of law enforcement in this case, the government recovered approximately $4,000,000 in property and cash that will be turned over to the Bakery as partial restitution for the losses suffered in this case. The government introduced evidence at sentencing identifying the 223 trips on private jets as well as the locations (primarily Santa Fe, New Mexico; Aspen, Colorado; and Napa, California, among other places), with a total cost that exceeded $3.3 million. Added by BRhapsody. We are so glad you enjoyed your visit. Discounts average $6 off with a Collin Street Bakery promo code or coupon. Judge Kinkeade sentenced Kay Jenkins to five years’ probation. What about check 21? Here’s a peek of what’s inside: Crunchy pecans Hand-picked pineapple Ripe cherries As a result of the turnover of property, the Court ordered restitution jointly and severally for Sandy and Kay Jenkins in the amount of $12,697,921.79 to be paid to the Bakery. Will Ferrell will star alongside actress Julian Moore in a film about the embezzlement scheme that occurred at the Collin Street Bakery In Corsicana, Texas. As they do, they should compare the cleared check payees to the vendor name in the accounting system. Called Fruitcake, it's based on the true story of Sandy and Kay Jenkins, who embezzled more than $17 million from world-famous fruitcake company Collin Street Bakery in Corsicana. Jenkins was promoted to the controller in 2004 when he earned approximately $50,000 per year. You read that right. See … The reviewer should examine the cleared checks and provide documentation of his or her examination to the accounting department. Agree that the CFO should have noticed. Baked In Texas Since 1896; Shop Our Online Products. … Sandy Jenkins was sentenced in federal court in Dallas Wednesday after pleading guilty in 2014 to charges connected with the embezzlement of nearly $17 … Santa came to Collin Street because of our world-famous fruitcake, but his cookie cravings got the best of him. I agree that “looking at vendors, and wondering why they are getting paid so much” is a good step. That person should review the cleared checks before providing them to the accounting department. Assistant U.S. Attorney J. Nicholas Bunch prosecuted the case and Deputy Criminal Chief Assistant U.S. Attorney Melissa Childs handled the forfeiture. Big-screen fame was headed Collin Street’s way as well, with the filming of a movie about the embezzlement scandal that rocked the bakery, but shooting has been postponed due to the pandemic. Family Owned & Operated . Ms. Jenkins was sentenced to five years of probation. The scandal was featured on season 11 of CNBC’s “American Greed.” In the end, ... Photo credit (Collin Bakery): Collin Street Bakery Facebook Photo credit (Collin fruitcake): Collin Street Bakery Facebook. The articles I read about this theft did not disclose who was reconciling the account, but I got the impression Jenkins was reconciling. About us Founded in 1896, our family-owned bakery offers a delicious array of quality baked goods. He pleaded guilty in May 2014 to one count of mail fraud, one count of conspiracy to commit money laundering, and one count of making a false statement to a financial institution. Fall River (Images of America (Arcadia Publishing)) by Rob Lewis | 1 Jul 2003. Still baked true to the original recipe, our Fruitcakes and Pecan Cakes have reached international acclaim. Since its a brief article, it does not say how large a bakery it was or how long the fraud went undetected, but one basic question seems to hit me as follows: Where was the CFO or the Owners and how come they did not sense anything amiss? For the last thirty years, he has primarily audited governments, nonprofits, and small businesses. Home; Locations. But many residents remain befuddled by the case of Sandy Jenkins, the bakery’s $50,000-a-year corporate controller, who sits in a Dallas detention center charged with … You may be familiar with the movie Catch Me If You Can which chronicled the exploits of Frank Abagnale, one of the most brilliant cons of all time. I am the author of The Little Book of Local Government Fraud Prevention, Preparation of Financial Statements & Compilation Engagements. My sweet spot is governmental and nonprofit fraud prevention. Based on the evidence at sentencing, the Court determined that the total loss as a result of Sandy Jenkins’s offense was $16,766,645.70. Before being caught in 2013, Jenkins embezzelled over $16 million. Mel Bakery Opens With Heirloom Grains and Fresh-Milled Flour The new bakery from bread master Nora Allen opens this weekend on the Lower East Side. When people know their actions (in this case, the creation of checks) will be examined, they act differently–they are much less likely to steal. CSB_Marketing, Other at Collin Street Bakery, responded to this review Responded 6 days ago. Please log in again. Jenkins was stealing from the Collin Street Bakery for eight years before he finally got caught, and all the while he was exhibiting another big warning sign. You'll also receive my periodic newsletter. Mr. Jenkins also had stories about inheriting money so that explained how he went from living modestly to a higher standard of living. Collin Street Bakery was known for making ”the Cadillac of fruitcakes” and was owned by one of the wealthiest families in Corsicana. I am a practicing CPA and Certified Fraud Examiner. Food and ambience. Get FBI email alerts In 1998, Collin Street Bakery hired a bookkeeper, Sandy Jenkins. Now, it appears there will be a new movie about another: Sandy Jenkins. and The Why and How of Auditing, and I frequently speak at continuing education events. Former employee Sandy Jenkins was found to have stolen nearly 17-million-dollars from the bakery in 2013. CORSICANA, Texas (KWTX) - Actors Will Ferrell and Laura Dern will star in “Fruitcake,” a new film reportedly based on true events that happened at the Collin Street Bakery in Corsicana, Texas. But it is really good. Save with 9 Collin Street Bakery Offers. In March 2019, Sandy Jenkins passed away in a federal prison. Charles Hall is a practicing CPA and Certified Fraud Examiner. Each DeLuxe® Fruitcake contains 27% pecans, shelled right here in Corsicana, Texas and is packed full of fruits like our hand-picked pineapple, grown in Collin Street Bakery’s very own Costa Rican farms. Show Coupon Code. You are subscribed to the 10 days of fraud. Temporarily out of stock. I am the quality control partner for our CPA firm where I provide daily audit and accounting assistance to over 65 CPAs. 83 reviews. This cake is more nuts than fruit it is expensive to make. Statistics. Otherwise, someone would have (should have) noticed the scheme earlier. https://www.fbi.gov/contact-us/field-offices/dallas/news/press-releases/former-collin-street-bakery-executive-and-wife-sentenced, Preparation of Financial Statements & Compilation Engagements. The film is titled Fruitcake. He is the author of The Little Book of Local Government Fraud Prevention and Preparation of Financial Statements & Compilation Engagements. By Charles Hall In addition, he consults with other CPA firms, assisting them with auditing and accounting issues. Add a photo. Betty, I so examined cleared checks, but, yes, I can’t see the back of the checks, though, on occasion, I have requested the backs of checks. Usually dispatched within 6 to 10 days. You can’t rely solely on the bank reconciliation process to catch this kind of thing. Will Ferrell And Julianne Moore To Star In Movie About Corsicana’s Collin Street Bakery . Will Ferrell and Laura Dern are set to star in a new Hollywood movie based on noted Corsicana sweets shop Collin Street Bakery and the scandal that consumed it … Sandy Jenkins, 66, served as the Corporate Controller for the Bakery from February 1998 to June 21, 2013. As they do, and how to prevent them in your organization. His wife, Kay Jenkins also pleaded guilty to one count of conspiracy to commit money laundering. Call ahead for to-go or curbside pick-up. Here at the Bakery, we are nuts about pecans. After logging in you can close it and return to this page. How can someone steal that much money without notice? The result: Jenkins’ credit card was paid, but the general ledger reflected a payment to an appropriate vendor. No one was comparing the cleared check payees to the general ledger. ×. He and his wife were contributing members of the community and had raised a daughter. Reviews (8) Filter reviews . For the last thirty years, I have primarily audited governments, nonprofits, and small businesses. A movie about the scandal starring Will Ferrell and Laura Dern is in production. Next, Jenkins would send the first check to his credit card company. (You can unsubscribe at any time.). Movie Planned About Collin Street Bakery Scandal (Corsicana, TX) — A new Hollywood movie is in the planning stages that will be based on the embezzlement scandal at Corsicana’s Collin Street Bakery. SooSooSees. The persons creating checks should know that this test work will be performed. After the Bakery discovered the fraud, he was terminated on June 21, 2013. Jenkins, the 65-year-old corporate controller for Collin Street Bakery in Corsicana, was arrested in August last year, and charged with ten counts of mail fraud… According to documents filed in the case and evidence proffered at the sentencing hearing, beginning at least as early as December 2004, and continuing until his termination from the Bakery, Sandy Jenkins engaged in a massive scheme to defraud the Bakery. Without seeing the payee on the cleared check, this type of fraud is always a possibility. Just Desserts Sandy Jenkins was a shy, daydreaming accountant at the Collin Street Bakery, the world’s most famous fruitcake company. Will Ferrell and Julianne Moore, the stars of the film, were set to film on-site in Corsicana this past spring but will have to wait to begin filming until the producers deem it safe. View this post on Instagram Dear Santa, this year I've been extra good so I'd like a $24 Regular-Sized DeLuxe®️ Fruitcake, please! Share on Facebook Facebook The film is titled Fruitcake. (He still had the printed check.) Doing so creates the camera effect. In search of answers, I did not fool around. There aren't enough food, service, value or atmosphere ratings for Collin St. Bakery, Texas yet. | Categories Log in Join for free. 4.2 out of 5 stars 8. Reviewed 10 August 2020 via mobile . McNutt Jr. died in 2006, but during his leadership of Collin Street Bakery through the late 1990s, he was considered a visionary businessman. You'll also receive my periodic newsletter. Making the world a better place, one fruitcake at a time… Our family-owned-and-operated bakery, located just 50 miles south of Dallas, Texas, has been baking the World Famous Deluxe® Fruitcake since 1896! Write a Review. He frequently speaks at continuing education events. DALLAS—Sandy Jenkins, a former executive at the Collin Street Bakery (“the Bakery”) in Corsicana, Texas, and his wife, Kay Jenkins, were sentenced today on felony convictions stemming from Sandy Jenkins’s embezzlement of approximately $16 million from the Bakery, announced U.S. Attorney John Parker of the Northern District of Texas. Collin Street Bakery Fraud and Movie. By 2000 he had been promoted to controller. Driving through and stopped to pick up a couple of fruitcakes on … Paperback £16.94 £ 16. This was my mom's recipe she made it every Christmas and people who did not like the typical fruit cake liked this one. FBI.gov is an official site of the U.S. government, U.S. Department of Justice, emailStay Connected Location and contact. $16 million was stolen from a bakery. Some businesses have hundreds (or even thousands of checks) clearing monthly. Please try again. Charles is the quality control partner for McNair, McLemore, Middlebrooks & Co. where he provides daily audit and accounting assistance to over 65 CPAs. There was an error submitting your subscription. I fully agree. The movie's plot centers around accountant Sandy Jenkins, portrayed by Ferrell, and his wife, Kay (Dern), who embezzled more than $17 million from the Collin Street Bakery. If you desire a preventive control, require a second-person review of canceled checks. Before being caught in 2013, Jenkins embezzelled over $16 million. Thanks for joining me. Success! Sandy Jenkins, the controller of Collin Street Bakery in Corsicana, Texas, made off with more than just fruitcakes. Downtown Corsicana; Corsicana South I-45 ; Lindale I-20; Waco I-35; Menu; About; Gallery; Blog; Contact; We’re open, come visit us! Thanks for the comment. Jenkins was promoted to the controller in 2004 when he earned approximately $50,000 per year. £53.50 £ 53. As an auditor, we are lucky if there is even a blurry, tiny copy of a check to look at. Or was Jenkins also reconciling the bank accounts.
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