Stinn, Former Friedman’s CEO, Gets 12 Years

Bradley Stinn, the former chief executive officer of now-defunct Friedman’s Jewelers and its affiliate, Crescent Jewelers, was sentenced to 12 years’ imprisonment for securities fraud, mail fraud, and conspiracy, according to the U.S. Attorney’s office.

 

On March 24, 2008, following a six-week trial, a federal jury in Brooklyn convicted Stinn on all counts in the indictment and returned a forfeiture verdict against him in the amount of $1,019,000.

Stinn, had faced a maximum sentence of 25 years’ imprisonment.

The government’s investigation also resulted in the guilty pleas of Friedman’s and Crescent’s former chief financial officer and Friedman’s former controller, and the execution of non-prosecution agreements by Friedman’s and Crescent, pursuant to which the companies agreed to forfeit $3 million, cooperate fully with the government’s investigation, and adopt significant corporate reforms to prevent recurrence of the fraud.