Sandy Jenkins signed two documents filed in federal court in Dallas Monday. One was an admission that he stole more than $16 million from his former employer, the Collin Street Bakery. It also implicates his wife, Kay, in knowing that the money was stolen, although he kept her in the dark about how he was doing it.
The second document was a plea bargain limiting his punishment to 60 years in prison or less, a $300 fine and forfeiture of the ill-gotten gains of his crimes, and restitution if he pleads guilty to three of the 26 charges. Jenkins could have faced 200 years in prison just for the 10 mail fraud charges alone. Instead, he’s seeking to plead guilty to the mail fraud, the conspiracy to commit money laundering, and lying on his mortgage papers.
The factual resume that he signed includes the following admissions:
• He stole at least $16,649,786 from the Collin Street Bakery.
• His wife assumed he was getting the money from kickbacks from a bakery vendor, but she certainly knew it wasn’t legitimate.
• When trying to get a mortgage for their new $658,000 Santa Fe vacation home, they told the bank he made $25,000 a month. Sandy’s actual income from the bakery never went higher than $50,000 a year.
The federal judge will still have to sign off on the plea agreement and set the sentence for Jenkins before he can officially be called “guilty.”
In March, Jenkins’ date for his criminal trial date was pushed back from May to August. He still faces other legal challenges, even if his trial never goes to court. His wife, Kay, has filed for divorce, and the Collin Street Bakery has sued him in civil court for everything he owns of any value. He’s already signed over almost everything he owns. An estate sale was held this month for their household goods with proceeds going to the bakery.
For more details of the agreement, see the Weekend Edition of the Corsicana Daily Sun.
Janet Jacobs may be reached via e-mail at firstname.lastname@example.org.