Former executive admits to $7.4 million theft from employer

ST. LOUIS (AP) — A former St. Louis-area executive could face up to seven years in federal prison after acknowledging that he stole $7.4 million from his employer.

Jason Arnold of Clayton pleaded guilty Thursday to bank fraud and two counts of money laundering. He faces sentencing in June.

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.

In addition to the prison sentence and a fine of up to $1 million, Arnold must make restitution.

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