Former CEO of Bricsnet FM America Inc. Sentenced to 64 Months in Prison for Embezzling More Than $1 Million
|U.S. Attorney’s Office October 28, 2011|
SAN FRANCISCO—Ethan Farid Jinian was sentenced yesterday to 64 months in prison and ordered to pay $1,587,860.04 in restitution for embezzling more than $1 million from his former employer, Bricsnet FM America, Inc., United States Attorney Melinda Haag announced.
On May 25, 2011, Jinian was convicted of 13 counts of wire fraud after an eight-day jury trial. He was acquitted of one count of wire fraud. During the trial, evidence showed that Jinian, 51, of San Francisco, while serving as the chief executive officer of Bricsnet, a San Francisco-based software company, engaged in a scheme to defraud his employer. He falsely told a Bricsnet employee that he was owed money by Bricsnet in addition to his salary and repeatedly directed that employee to write him checks and transfer money to him. Jinian’s employment contract provided for a salary of $200,000 per year. The evidence showed that from January 2007 through September 2008, he took $1,004,000 in 95 separate checks and wire transfers from Bricsnet, in addition to his salary. Bricsnet never authorized payment of the $1,004,000 in checks and wires to Jinian and Bricsnet management was not aware that Jinian had taken the money until September 2008. Bricsnet management learned of Jinian’s embezzlement when a former Bricsnet employee brought it to the attention of Bricsnet’s corporate counsel.
The sentence was handed down by U.S. District Court Judge Jeffrey S. White following a jury trial on 14 counts of wire fraud in violation of Title 18, United States Code, Section 1343. Judge White also sentenced the defendant to a three-year period of supervised release during which he will be required to abide by special conditions, including payment of restitution and a prohibition from serving in a fiduciary capacity without prior approval of his probation officer. The defendant was remanded into custody immediately following his sentence.
Denise Marie Barton is the Assistant U.S. Attorney who prosecuted the case with the assistance of Christine Tian, Rayneisha Booth, and Elizabeth Garcia. The prosecution is the result of an 11-month investigation by the Federal Bureau of Investigation.
Case #: CR 09-1103 JSW
A copy of this press release may be found on the U.S. Attorney’s Office’s website at www.usdoj.gov/usao/can.