POTTSTOWN, Pa. (KYW Newsradio) — A lawyer formerly based in Montgomery County has been accused of stealing hundreds of thousands of dollars from the historic Carousel at Pottstown Foundation.
According to charging documents, in 2019, as the board was trying to secure financing for the expansion and renovation of the building that houses the carousel, Adam Sager — the foundation’s former attorney and board member — had a $451,000 judgment against him for misrepresentation in an unrelated investment venture.
Investigators say Sager submitted fake minutes from a non-existent board meeting to get a $300,000 loan and used the money to pay off that judgment — without the knowledge of the foundation — and repaid that loan with a $300,000 donation that was supposed to go to renovations and improvements.
The Montgomery County District Attorney’s Office says the fraud and theft were recently discovered when the foundation opened a review because of financial struggles.
Sager has relocated to Sarasota, Florida, and is charged in Montgomery County with multiple felonies including theft and forgery. An arrest warrant has been issued.
The Carousel at Pottstown reopened to riders in 2016 after nearly 20 years of volunteer efforts to restore it, making it the second oldest operating carousel in the United States and the oldest operating carousel from the Philadelphia Toboggan Company — an amusement industry manufacturer of more than 100 years.