A tale of trust betrayed at landmark Corsicana bakery

[Harry]

CORSICANA — Everybody in town seems to know about the $16.6 million embezzlement uncovered last June at Corsicana’s landmark fruitcake producer, Collin Street Bakery.

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 10 counts of mail fraud, which he has denied. He faces a maximum sentence of 200 years in prison and a $2.5 million fine. His trial is scheduled to begin April 7.

Corsicanans are stumped over how the alleged siphoning went undetected for eight years while the accused led a glaringly opulent lifestyle — luxury cars, vacation homes, even a lavish wine collection — in this churchy, plain-cotton community 55 miles southeast of Fort Worth.

Although the headlines have faded, people still seethe over the targeting of the 117-year-old bakery, a mainstay of local civic generosity, not to mention a major source of hometown pride. When residents travel and mention that they hail from Corsicana, there’s instant recognition as the place where a million DeLuxe-brand fruitcakes are produced for Christmas.

“Everyone holds the bakery dear to their heart,” said Kim Rimonte, looking up from her salad plate at Corsicana’s Roy’s Cafe, a favorite with early-morning coffee sippers that was founded in 1928. “How dare they hurt the bakery?”

Read more here: http://www.star-telegram.com/2014/03/11/5640532/feds-iconic-east-texas-bakery.html#storylink=cpy

[foutsrouts]

CORSICANA — Everybody in town seems to know about the $16.6 million embezzlement uncovered last June at Corsicana’s landmark fruitcake producer, Collin Street Bakery.

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 10 counts of mail fraud, which he has denied. He faces a maximum sentence of 200 years in prison and a $2.5 million fine. His trial is scheduled to begin April 7.

Corsicanans are stumped over how the alleged siphoning went undetected for eight years while the accused led a glaringly opulent lifestyle — luxury cars, vacation homes, even a lavish wine collection — in this churchy, plain-cotton community 55 miles southeast of Fort Worth.

Although the headlines have faded, people still seethe over the targeting of the 117-year-old bakery, a mainstay of local civic generosity, not to mention a major source of hometown pride. When residents travel and mention that they hail from Corsicana, there’s instant recognition as the place where a million DeLuxe-brand fruitcakes are produced for Christmas.

“Everyone holds the bakery dear to their heart,” said Kim Rimonte, looking up from her salad plate at Corsicana’s Roy’s Cafe, a favorite with early-morning coffee sippers that was founded in 1928. “How dare they hurt the bakery?”

Read more here: http://www.star-telegram.com/2014/03/11/5640532/feds-iconic-east-texas-bakery.html#storylink=cpy

Amazing that they knew something was wrong for 5 years, and simply assumed it was operational without doing so much as at least taking a glance at payables and receivables. Any private company with those kind of revenues needs to be audited regularly regardless. Not that compensation was the likely cause of this, but maybe next time they won't be so stingy and will pay their veteran controller more than 50K per year. I'd hate to see what they pay the rest of their accountants.

[HoustonEagle]

Wow lot of thoughts here. First and foremost, Collins is one of the largest fruit cake bakers? I pulled in to the Bakery on 45 a few years back on my way to Dallas and now stop in on every trip. With that said I had no idea they were such a big operation. 16 million? Really? Would not have guessed they had that much in revenue over 8 years. Great sandwiches though. And, you can charge your Tesla there. So if you have one of those..... There ya go.

Edited May 23, 2014 by HoustonEagle