The former chief financial officer of Irvine, California-based firm Trustin Technology was recently indicted on two counts of wire fraud related to a $16-million embezzlement scheme after company officials went to the FBI with their suspicions about him earlier this year.
A recovery audit and accounts payable analysis of Trustin's financial records revealed that Jean Joseph Ibrahim had been misappropriating customer payments since 2009 or earlier, according to an FBI release. Investigators found that Ibrahim had diverted a portion of the funds to his personal bank accounts and manipulated company balance sheets to cover his tracks.
The indictment alleges that Ibrahim's conduct caused losses of more than $16 million to the company. He is said to have used the money to gamble, purchase personal items, pay off household expenses, fund trips and trade in the commodities market. The two counts of wire fraud are based on two wire transfers amounting to more than $1 million that were made to his personal bank account from company accounts.
Ibrahim was recently denied bail in U.S. District Court and remains in custody, the Daily Pilot reports.