NORMAN, Okla. – A former Alpha Sigma Phi fraternity brother at the University of Oklahoma chapter is charged with embezzling $32,000 of his brother’s dues.
Fraternity brothers said Jacob Stephens was a trusted member of the chapter, made treasurer soon after joining.
“He had been a national merit scholar and was really into his studies the first semester I ever met him when he was a freshman,” said Matthew Mullins.
But, in the spring of 2017, some of his brothers discovered something alarming about their bank account.
“Trying to understand what had happened to our bank account, why it didn’t have any money in it left,” Mullins said.
Members looked at photocopies of the checks issued over the past two years.
“We noticed that Jake Stephens had been writing checks to Jake Stephens for large sums of money,” Mullins said.
The affidavit also said he was making unauthorized transactions at the Republic Bank & Trust in Norman, where the fraternity’s account was located. In all, he was found to have allegedly stolen about $32,000.
“All the money that kids saved up over winter break, working or their parents had put aside for them,” Mullins said.
When they confronted Stephens about the money, they said he acted confused and denied it.
“He and his girlfriend said that someone else must have been forging all those checks,” Mullins said.
But, according to the affidavit, the checks issued by Stephens were deposited into his Capital One, N.A. account.
The night they confronted him, his brothers said he disappeared and hasn’t been seen since.
“I felt pretty betrayed,” said fraternity brother Collin Kennedy.
With no money, the fraternity chapter was forced to cancel the remaining events for the year.
Now, they’re hoping to, at the very least, get their money back.
“I still want to see the best for him as a person but, at some point, bad actions have bad consequences,” Kennedy said.
A warrant has been issued for Stephens’ arrest.
