That Bricsnet embezzlement case – update

The Bricsnet embezzlement case I wrote about in January is nearing resolution. At the time, my understanding of the case was mainly based on some outdated and fairly lurid local reporting in California, but the facts have now been heard in court.

An eight-day jury trial – United States of America v. Ethan Farid Jinian – was held in San Francisco before the Hon. Judge Jeffrey S. White. On 25 May, the jury reached a verdict and found the defendant guilty of 13 (of 14) counts of wire fraud; in short, it was proven that one-time Bricsnet CEO Jinian set out to defraud Bricsnet of over USD$1 million. I understand that he is now awaiting sentence.

Hector Rodriguez, who had been a director since 2002 and was the chairman of AEC collaboration and real estate software provider Bricsnet when this case first came to light in 2008, assumed the CEO role, reported to the authorities and helped pursue the conviction while also stabilising Bricsnet over the following two-plus years and securing new funding (post). He very recently resigned from his 11-year tenure at the company in pursuit of other business interests in investment banking but assisted the US Government in bringing this case to closure. Former Tririga and Peregrine Systems executive David Karpook is now President and CEO of Bricsnet.

Long overdue update (11 February 2013) – Jinian was sentenced on 27 October 2011 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 (see FBI news release).