Former CEO of Bricsnet indicted for embezzlement

AP News
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Posted: Nov 19, 2009 10:54 PM

The former head of San Francisco software company is being held without bail after a federal grand jury indicted him on embezzlement charges.

Federal prosecutors say Ethan Farid Jinian was arrested at San Francisco International Airport Wednesday after returning from a trip to China.

According to an indictment returned on Nov. 12, the 49-year-old San Francisco man is alleged to have embezzled more than $1 million from Bricsnet FM America Inc. between November 2006 and September 2008 while he was CEO of the company.

The indictment was unsealed Thursday when Jinian made his first court appearance.

According to prosecutors, Jinian directed other Bricsnet employees to issue checks to him, claiming that he was promised the money as part of his compensation.