ST. LOUIS (AP) -- A St. Louis woman has been convicted for embezzlement after admitting to stealing funds from a flood restoration company.
Ruth Jackson pled guilty to embezzling over $40,000 by diverting checks and funds payable to The Flood Team.
The Flood Team provides remediation and restoration services related to water damage, and in August 2011, hired Ruth Jackson as Director of Finance for the business. In that capacity, Jackson had responsibility for a variety of matters relating to the books, records, and finances of The Flood Team. Jackson’s responsibilities included paying bills, preparing deposits, and managing various bank accounts.
According to court documents, Jackson secretly kept an old corporate account open and hidden from the owner of the business. Between November 2011 and late April 2012, Jackson embezzled over $40,000 by diverting checks and funds payable to The Flood Team into the secret account, wrote checks to herself which she cashed at various locations in the area.
Jackson, 47, St. Louis, 63123, pled guilty to one felony count of bank fraud before United States District Judge John Ross. Sentencing has been set for May 2, 2013.
Bank fraud carries a maximum penalty of 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.
The case was investigated by the United States Postal Inspection Service. Assistant United States Attorney John Bodenhausen is handling the case for the U.S. Attorney’s Office.