30 April 2009

Friedman's Former CEO Sentenced: 12 Years

The 49-year-old former CEO of Friedman's Fine Jewelers, Bradley Stinn, was just sentenced after a six-week trial to 12 years in prison. The charges were for security fraud, mail fraud, and conspiracy. 

The company had been conspiring and hiding the chain's financial performance from investors, having their serious problems amount to hundreds of millions of dollars. 

Friedman's, once the United States 3rd largest fine jewelry retailer, filled for Chapter 11 Bankruptcy in January 2005, and was later liquidated.

Stinn's attorney said that the chargers were too harsh and out of line, and will be filling for an appeal. 

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