QUEENS, NY – District Attorney Melinda Katz has charged Glenn Jakers with grand larceny after he allegedly diverted over $1.4 million from Eric Javits, Inc., a Long Island City-based apparel company. Jakers, accused of funding personal luxuries and his Staten Island bar, was arraigned this Monday.
Jakers, 61, faces severe charges including grand larceny in the first degree and criminal possession of a forged instrument. If convicted, he could serve up to 25 years in prison. His next court appearance is scheduled for January 22, 2024.
While serving as the controller from November 2014 to May 2020, Jakers allegedly made over 150 unauthorized transactions, funneling company funds to personal and associated accounts.
Detailed in the charges, he misappropriated over a million dollars to his bank account, $263,861.37 to his business account, and $156,546.49 via company’s PayPal to personal accounts. Unauthorized payroll adjustments were also made, totaling $226,686.06.
Expenditures from the stolen funds include thousands spent on Amazon, liquor stores, StubHub, Apple, and luxury brands.