Staten Island bar owner stole $1.4 million from clothing biz to run pub, fund luxury lifestyle: DA

Staten Island Bar Owner Accused of Stealing $1.4 Million from Clothing Business to Fund Luxury Lifestyle and Bar Glenn Jakers, one of the co-owners of "The G.O.A.T." bar in Staten Island, has been arrested for allegedly stealing $1.4 million from a Queens apparel company where he worked as the controller. The stolen funds were reportedly used to finance the failed tavern, as well as to support Jakers' extravagant lifestyle. The investigation into Jakers' alleged embezzlement began after his former employer discovered irregularities in their financial records. Jakers, who had been employed at the company for several years, had access to the company's accounts and was responsible for overseeing the financial operations. According to the Queens District Attorney’s Office, Jakers used his position to transfer large sums of money from the company's accounts to his personal accounts. The stolen funds were then used to pay for expenses related to "The G.O.A.T." bar, including renovations, furniture, and advertising. Jakers also reportedly used the money to fund his high-end lifestyle, purchasing luxury items such as jewelry, designer clothing, and expensive vacations. "The G.O.A.T." bar, which stands for "Greatest of All Time," opened in 2019 but quickly encountered financial difficulties. Despite efforts to attract customers and generate revenue, the business was unable to sustain itself and eventually closed its doors. It is unclear how much of the stolen money was used to fund the bar's operations, but investigators believe a significant portion of the embezzled funds went towards keeping the business afloat. Jakers' arrest sheds light on the detrimental consequences that embezzlement can have on businesses, particularly small businesses. The stolen funds not only caused financial harm to the Queens apparel company but also contributed to the downfall of "The G.O.A.T." bar. The closure of the bar likely resulted in job loss for its employees and potentially affected the local economy. Embezzlement, the act of misappropriating funds entrusted to one's care, is a serious crime that carries severe legal consequences. If convicted, Jakers could face significant jail time, restitution payments, and a tarnished reputation. His arrest serves as a reminder of the importance of trust and accountability in financial positions, as well as the need for businesses to implement strong internal control systems to prevent and detect such fraudulent activities. The Queens District Attorney’s Office commended the employer for promptly reporting the irregularities and cooperating with the investigation. Their vigilance and willingness to address the issue likely played a crucial role in bringing Jakers' alleged theft to light. Employers are encouraged to regularly review their financial records, implement checks and balances, and promptly report any suspicions of fraud or embezzlement to the appropriate authorities. In addition to criminal charges, Jakers may also face civil lawsuits from the company he allegedly stole from. Civil litigation allows victims of embezzlement to seek financial restitution for their losses, as well as punitive damages to deter future fraudulent behavior. The civil legal process will provide an opportunity for the Queens apparel company to seek justice and hold Jakers accountable for his actions. This case serves as a cautionary tale for both employees and employers. Employees entrusted with handling finances should always act with integrity and adhere to their ethical and legal responsibilities. Employers, on the other hand, must be proactive in implementing strong internal controls, regularly monitoring financial transactions, and promptly addressing any red flags or suspicious activities. It is crucial for businesses of all sizes to prioritize financial oversight and establish a culture of transparency and accountability. By doing so, businesses can mitigate the risk of financial fraud, protect their assets, and safeguard the trust of their employees and stakeholders. As for "The G.O.A.T." bar, its closure following Jakers' arrest serves as a reminder of the challenges faced by bars and restaurants, particularly in the wake of the COVID-19 pandemic. The hospitality industry has been severely impacted by lockdown measures, capacity restrictions, and changing consumer behaviors. It is a difficult time for small business owners, and the alleged embezzlement further exacerbates the challenges faced by the industry. In conclusion, Glenn Jakers, the co-owner of "The G.O.A.T." bar in Staten Island, has been arrested for allegedly stealing $1.4 million from a Queens apparel company to fund the bar and support his lavish lifestyle. The investigation into his embezzlement activities highlights the importance of trust and accountability in financial positions. Employers are advised to implement strong internal control systems and promptly report any suspicions of fraud. Jakers' arrest serves as a cautionary tale for both employees and employers, emphasizing the need for financial oversight and transparency.