Montgomery County District Attorney Kevin R. Steele announced today that an arrest warrant has been issued for Adam Sager, 56, who is accused of stealing $300,000 from the “Carousel at Pottstown,” a non-profit foundation which oversees the historic carousel.
Sager, now of Sarasota, Florida, is charged with numerous felony counts related to the theft. He served as a former board member and attorney for the non-profit.
According to the District Attorney’s Office, “Carousel at Pottstown” board members and administrators met with Montgomery County law enforcement in February to share information about a recently discovered $300,000 embezzlement. An investigation found that a $300,000 theft occurred in 2019 and was perpetrated by Sager.
From the District Attorney’s announcement:
Detectives learned that on June 28, 2019, a judgment in a civil action ordered Sager and a co-defendant to pay Total Rental $451,000. Around the same time, the “Carousel at Pottstown” board approved a large renovation of the Carousel and decided to seek private donations to finance the improvements. Sager volunteered to contact local philanthropist Barry Sankey for a donation to finance the renovations. At the same time, Sager arranged for a $300,000 line of credit loan for the Carousel non-profit foundation that had him as the only designated signer. To obtain the loan, Sager submitted fraudulent Carousel board minutes as evidence that the board had approved the loan.
The loan was disbursed on July 29, 2019, via a $295,000 cashier’s check payable to Total Rental and a $5,000 check to a builder hired to construct a small patio. On Aug. 16, 2019, the Court marked the judgment against Sager as satisfied. In September 2019, Sankey issued a $300,000 check to “Carousel at Pottstown,” which Sager used to pay off the line of credit loan he took out in July. This theft by Sager caused the “Carousel at Pottstown” foundation to suffer a loss of $300,000, which had been donated for improvements that were never made.
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