I am the author of The Little Book of Local Government Fraud Prevention, Preparation of Financial Statements & Compilation Engagements. He took over $16 million, so says the FBI. Collin Street Bakery Coupon Codes. According to evidence proffered at sentencing, Sandy Jenkins and Kay Jenkins purchased a new automobile every time they needed an oil change. I am a practicing CPA and Certified Fraud Examiner. In search of answers, I did not fool around. Please try again. It does not have ginger or the other fruit that has a weird taste (I cannot remember the name). 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. Reviews (8) Filter reviews . Fall River (Images of America (Arcadia Publishing)) by Rob Lewis | 1 Jul 2003. David, good question. No one was comparing the cleared check payees to the general ledger. Sandy Jenkins, 66, served as the Corporate Controller for the Bakery from February 1998 to June 21, 2013. and The Why and How of Auditing, and I frequently speak at continuing education events. 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. 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? 50 (£39.32/kg) FREE Delivery. 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. The money was taken over a long period of time. Share on Twitter Twitter This cake is more nuts than fruit it is expensive to make. About us Founded in 1896, our family-owned bakery offers a delicious array of quality baked goods. Thanks for joining me. Charles Hall is a practicing CPA and Certified Fraud Examiner. Jenkins was promoted to the controller in 2004 when he earned approximately $50,000 per year. 10%. 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. $16 million was stolen from a bakery. Some businesses have hundreds (or even thousands of checks) clearing monthly. Home; Locations. 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. You read that right. 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. Without seeing the payee on the cleared check, this type of fraud is always a possibility. No Thanks 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. McNutt Jr. died in 2006, but during his leadership of Collin Street Bakery through the late 1990s, he was considered a visionary businessman. Collin Street Bakery Fraud and Movie. The FBI conducted the investigation with assistance from the Corsicana Police Department and the Austin Police Department. 55 uses today. Someone other than those who create checks should reconcile the bank statements to the general ledger. The Theft Sandy Jenkins, the controller of Collin Street Bakery in Corsicana, Texas, made off with more than just fruitcakes. Usually dispatched within 6 to 10 days. This is a fruit cake that is just like Collin Street Bakery. Submit a Coupon. Thanks for the comment. OFF. Sandy had always admired the finer things in life but struggled to obtain them on his $50,000 salary. Back home, we had a stack of empty red tin boxes from the mail order mavens at Collin St. Bakery in Corsicana, Texas. SooSooSees. That person should review the cleared checks before providing them to the accounting department. Our family owned and operated bakery has been making world-famous baked goods since 1896. "We were blindsided," a bakery partner, Hayden Crawford, told the Associated Press in … The film is titled Fruitcake. Usually, in these types of cases, the fraudster is taking money over a period of time, so the effect is less pronounced. 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. Temporarily out of stock. The result: Jenkins’ credit card was paid, but the general ledger reflected a payment to an appropriate vendor. Collin Street Bakery. Enhance this page - Upload photos! Subscribe Judge Kinkeade sentenced Kay Jenkins to five years’ probation. Statistics. The login page will open in a new tab. We dont need process level controls of cleared check payees, since hiding such a huge amount in the books is next to impossible. | If you haven’t visited one of our bakeries yet, see what we offer at one of our 4 Texas Bakery & Cafe locations. Reviewed 10 August 2020 via mobile . He frequently speaks at continuing education events. You are subscribed to the 10 days of fraud. You can’t rely solely on the bank reconciliation process to catch this kind of thing. Improve this listing. Despite fruitcake's bad rep, I couldn't actually say why or even if I hated it. Discounts average $6 off with a Collin Street Bakery promo code or coupon. Sandy Jenkins, the controller of Collin Street Bakery in Corsicana, Texas, made off with more than just fruitcakes. 10% Off Your First Purchase For New Customers. I went straight to the experts - a group of friends who for one reason or another were fruitcake dropouts. 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. Today I show you how large sums of money can be taken from a small business with one simple fraud scheme. The Collin Street Bakery Scandal. Save with 9 Collin Street Bakery Offers. Additionally, someone should be reviewing the profit margins of the company, comparing the ratios with prior periods. As they do, and how to prevent them in your organization. In addition, he consults with other CPA firms, assisting them with auditing and accounting issues. Someone other than those who create checks should reconcile the bank statements to the general ledger. Sandy Jenkins was sentenced by U.S. District Judge Ed Kinkeade to serve a total of 120 months in federal prison. Good thought Peter. (He still had the printed check.) 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. Baked In Texas Since 1896; Shop Our Online Products. 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 … Share on Facebook Facebook Santa came to Collin Street because of our world-famous fruitcake, but his cookie cravings got the best of him. Code. 9 Collin Street Bakery coupons now on RetailMeNot. , comparing the cleared check payees to the accounting Department Arcadia Publishing ) by! Another: Sandy Jenkins, the controller in 1998, Collin Street Bakery hired a,. Checks and provide documentation of his or her examination to the accounting Department a second-person review of canceled checks to. 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