Ex-CFO Of Tech Company Sentenced For Embezzlement
SANTA ANA, Calif. (AP) -- The former chief financial officer of an Orange County technology company was sentenced Wednesday to more than four years in prison for stealing roughly $15 million from the company.
Jean Joseph Ibrahim was given a 50-month sentence and ordered to pay $15 million in restitution, City News Service reported.
Ibrahim pleaded guilty to one count of wire fraud for stealing the money from his former employer, Trustin Technology, which worked with companies such as Apple Inc. and IBM. Company executives alerted federal authorities last year, saying they believed Ibrahim had embezzled millions before he resigned.
Ibrahim claimed the company's cash flow problems were due to delinquent payments from clients. He worked at the company for about four years and earned an annual salary of about $180,000.
But Ibrahim took the funds and put them into his own accounts, authorities said. He then spent the money gambling, going on vacations and buying items such as suits and shoes. During a trip to Europe and the Middle East, customs officials found about 40 gold bars in his luggage worth more than $1 million.
Ibrahim also attempted to make a deal with company executives to not have him prosecuted when the fraud was discovered, promising to return some of the money, authorities said.
Earlier this year, former company CEO and co-owner William McMahon pleaded guilty to one count of wire fraud for a bribery kickback scheme and was sentenced to four months in prison.