St. Louis, MO Jason Arnold pled guilty to bank fraud and money laundering charges related to a scheme to defraud a financial institution and the company he worked for as a controller.
According to court documents, Arnold created a fictitious company that had the same name as his employer. He then opened a fraudulent bank account for the fictitious company. Between October 2009 and November 2017, Arnold deposited into the fraudulent bank account 53 checks totaling more than $7.3 million, all of which was owing to his employer. Arnold then used the proceeds from the scheme to defraud for his personal gain, including to purchase artwork and wine.
Arnold, 38, of Clayton, pled guilty to one felony count of bank fraud and two felony counts of money laundering before U.S. District Judge Catherin D. Perry. Sentencing has been set for June 14, 2018.
He now faces a penalty range of up to 30 years in prison and/or fines up to $1 million. In determining the actual sentences, a Judge is required to consider the U.S. Sentencing Guidelines, which provide recommended sentencing ranges.
This case was investigated by the United States Secret Service. Assistant United States Attorney Kyle T. Bateman is handling the case for the U.S. Attorneys Office.
--DOJ Eastern District of Missouri
Source: U.S. Secret Service