Pottstown Lawyer Charged with Stealing $300,000 from Carousel
UPDATE: A Pottstown lawyer, Adam Jacob Sager, has been charged with allegedly embezzling $300,000 from the Carousel at Pottstown, a nonprofit that manages the historic carousel. The shocking allegations were unveiled during a preliminary hearing that Sager waived, and this case is unfolding rapidly in Montgomery County Court.
Sager, 56, who operates a law office on East High Street in Pottstown and has recently been living in Sarasota, Florida, faces multiple charges, including attempted theft by deception and dealing in proceeds of unlawful activity. These crimes reportedly took place between July and September 2019, while Sager was serving on the foundation’s board of directors. He is scheduled for a formal arraignment on November 12, 2023.
The Carousel at Pottstown, located at 30 W. King St., is an iconic site, recognized as the second-oldest operating wooden carousel from the Philadelphia Toboggan Company. After decades of disrepair, it reopened to the public in 2016 following a volunteer-led restoration effort. The community is now reeling from the revelation that funds intended for its improvement may have been misappropriated.
According to Assistant District Attorney Gwendolyn Marie Kull, the investigation began in February 2023 after current board members reported the alleged theft during a review of the foundation’s finances due to financial struggles. Detective Steve Fink indicated that the theft was discovered only in January 2023, raising serious questions about the organization’s financial oversight.
Court documents indicate Sager had a significant role in securing a $300,000 line of credit loan from Victory Bank, which he allegedly misrepresented to the board by submitting fraudulent documentation. This loan was reportedly intended to fund renovations but was instead used for personal expenses.
On July 29, 2019, funds were disbursed from this loan, but detectives found that the promised renovations never occurred. Sager later deposited a check from philanthropist Barry Sankey, intended for renovations, into the same account, effectively covering up his alleged theft. The loss has left the Carousel Foundation with severe financial implications.
As part of his bail conditions, Sager is barred from contacting any current or former board members and has surrendered his passport. He remains free on $100,000 unsecured bail as he awaits trial. The implications of this case may be far-reaching, with potential sentencing ranging from 28.5 to 57 years in prison if convicted of the charges.
The community and supporters of the Carousel at Pottstown are now left grappling with the fallout from these serious allegations, which have cast a shadow over the beloved institution.
As the case progresses, all eyes will be on the upcoming arraignment and subsequent pretrial hearings, with many asking what this means for the future of the Carousel and its operations. The urgency of this situation cannot be overstated, as the nonprofit seeks to recover from the substantial financial loss and restore public trust.
