Former CEO Sentenced to Five Years for Embezzlement

Posted by Chris Morales on Wed, Nov 02, 2011 @ 01:21 AM

1492 us dollars

The former CEO of Bricsnet, a San Francisco software company, was sentenced to more than 5 years in jail. He was also ordered to pay the company restitution which amounts to more than $1.5 million.

Details of the Case

According to FBI prosecutors, Ethan Farid Jinian was sentenced to 64 months of prison time after being convicted on 13 counts of wire fraud. Evidence showed that Jinian, aged 51, defrauded his employer, Bricsnet. Under false pretenses, he told a fellow employee that the company owed him money in addition to his salary. After this, he repeatedly instructed that employee to transfer money to his account as well as write him checks.

Jinian’s contract stated that he was entitled to $200,000 annually. However, from January 2007 until September 2008, evidence shows that Jinian claimed $1,004,000 in wire transfers and checks. The management at Bricsnet was unaware of the embezzlement until a former employee of the company, drew Briscnet’s corporate counsel’s attention to it. It soon became a concern for San Francisco White Collar Criminal Defense.

Conviction and Sentencing

The U.S District Court conducted a jury trial on the 14 counts of wire fraud that Jinian was accused of. This violated Title 18 of the United States Code, Section 1343. He was also sentenced to a three year supervisory period after his release. In this time, he will be expected to abide by special conditions which include paying the restitution amount. He will also be prohibited from undertaking any fiduciary duty without his probation officer’s approval.

What is Embezzlement?

It is a criminal offense and involves the misappropriation of assets or money by an agent who has been entrusted with the property. The agent obtains the goods/money through legal channels but then uses them inappropriately without the owner’s permission.

Embezzlement is common in corporate and employment fields. It is a statutory offense and can be penalized with fines, probation or jail time, depending on the case and the state it is tried in. Jail time can range between 30 days and 30 years. Probation can be from 2 months to 25 years or even a lifetime. Fines also vary according to the circumstances.

If you’re in need of a San Francisco Felony Defense Attorney, contact Mr. Morales for a free consultation.

Tags: white collar crime, wire fraud, Embezzlement