Land O’Lakes Accounting Clerk Allegedly Embezzled $1.1M
Federal prosecutors have accused a former Land O’Lakes accounting supervisor of embezzling $1.1 million from the agricultural cooperative.
Cynthia Carol Jacobsen, 58, of Brooklyn Park was charged Tuesday with one count of mail fraud, according to the U.S. Attorney’s Office in Minnesota.
Jacobsen—who worked as an accounts-payable supervisor and authorized payments to vendors—allegedly created a phony vendor account in the name of her daughter and authorized payments to the daughter between 2008 and May 15 of this year.
The illicit payments were mailed to Jacobsen’s home, according to the U.S. Attorney’s Office.
In addition to concealing her actions from Land O’Lakes, Jacobsen also provided misleading information to the company regarding its financial condition, prosecutors allege.
Prosecutors charged Jacobsen by “information” rather than a grand jury indictment, which typically signifies that a plea agreement is in the works.
If convicted, Jacobsen faces up to 20 years in prison.
With $12.8 billion in 2011 net sales, St. Paul-based Land O’Lakes, Inc., is one of the country’s largest co-ops. It’s best known for the dairy-based food products that it markets to consumers, foodservice professionals, and food manufacturers.