Former CEO of Bricsnet FM America, Inc. Indicted for Embezzling Over $1,000,000 from Company

SAN FRANCISCO—Ethan Farid Jinian made his initial appearance in federal court this morning after a federal grand jury indicted him on 14 counts of wire fraud in connection with his alleged embezzlement from Bricsnet FM America Inc., United States Attorney Joseph P. Russoniello announced.

The indictment was returned on Nov. 12, 2009, but was originally filed under seal. It was unsealed today when Jinian made his initial appearance in court. 

According to the indictment, Jinian, 49, of San Francisco, is alleged to have embezzled more than $1 million from Bricsnet between November 2006 and September 2008 while he was the CEO of the company. Bricsnet is a software company with an office located in San Francisco. Bricsnet develops and sells software products related to managing real estate. Jinian was not entitled to any compensation from Bricsnet above and beyond his contractual annual salary of $200,000. Nevertheless, as set forth in the indictment, Jinian falsely told other Bricsnet employees that he was orally promised additional compensation and directed them to issue checks to Jinian during the alleged time period totaling more than $1million based on that alleged oral promise. Bricsnet made no such promise to Jinian and he has not repaid any of the embezzled money to Bricsnet. 

Jinian was arrested at San Francisco International Airport yesterday upon his return from a trip to China. He is currently being held in federal custody without bail. The defendant's next scheduled court appearance is Nov. 23, 2009, at 9:30 a.m. before U.S. Magistrate Judge James Larson, for a detention hearing to determine what, if any, conditions can be fashioned that will allow for his release from custody pending trial.                                            

The maximum statutory penalty for each count of wire fraud in violation of 18 U.S.C. § 1343 is 20 years in prison and a fine of $250,000, plus restitution. However, any sentence following conviction would be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553. 

Jeffrey Finigan is the Assistant U.S. Attorney who is prosecuting the case with the assistance of Rayneisha Booth. The prosecution is the result of an 11-month investigation by the Federal Bureau of Investigation.

Please note, an indictment contains only allegations against an individual and, as with all defendants, Mr. Jinian must be presumed innocent unless and until proven guilty.

Further Information:

Case #: CR 09-1103 JSW