Texas bakery executive admits to $16M fraud

DALLAS (AP) — A former comptroller of Collin Street Bakery has admitted to embezzling $16 million from the renowned fruitcake chain.

Federal prosecutors in Dallas say Sandy Jenkins pleaded guilty Tuesday to mail fraud, conspiracy to commit money laundering and making a false statement to a financial institution.

The 65-year-old Jenkins was charged with stealing from the Corsicana-based bakery chain for nine years and using the money to finance a lavish lifestyle, with a vacation home, jewelry and more than 200 private airplane flights.

His wife, Kay, is also under federal indictment.

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Sandy Jenkins is scheduled for sentencing in September. He faces decades in federal prison.