Former executive gets 5 years in prison for embezzlement
ST. LOUIS – A former St. Louis-area executive has been sentenced to more than five years in prison and ordered to pay back $6.4 million to his former employer.
Jason Arnold of Clayton was sentenced Friday in U.S. District Court. He pleaded guilty to bank fraud and money laundering charges in March.
Arnold was the controller of a holding company for nearly a decade. The company’s name was not disclosed.
The U.S. attorney’s office in St. Louis says Arnold set up a fictitious business with the same name as his employer in 2009 and deposited his employer’s checks into a bank account. He used the money for personal purchases, including art and wine.