Florida man accused of stealing, reselling $5.4M of postage stamps

Posted at 9:19 AM, Sep 12, 2018
and last updated 2018-09-12 11:24:05-04

JACKSONVILLE, Fla. (AP) — A Florida man is accused of using company checks from his employer to buy $5.4 million worth of postage stamps that were then resold through another company.

The Florida Times-Union reported Monday that 64-year-old Duane Allen Sikes is indicted on charges of mail fraud and fund embezzlement. The indictment says Sikes worked in the mailroom at a Jacksonville credit union and carried out the scheme for more than 20 years.

It says the company provided weekly checks addressed to the "U.S. Postmaster" for Sikes to buy company postage. It says every other week Sikes instead bought stamps that were shipped to a New York-based stamp company that sold them at below market value. Sikes received stamp sale proceeds totaling $3.6 million.

It's unclear if he has a lawyer.

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