BOISE – In a stunning betrayal of trust, Timothy Semones, 60, of Ketchum, Idaho, pleaded guilty to wire fraud, according to U.S. Attorney Bart M. Davis. Indicted by a federal grand jury on February 12, 2020, Semones faced ten counts of wire fraud and one count of money laundering.
According to court records, as the Chief Financial Officer (CFO) of ETA Compute, Inc., Semones remotely accessed ETA’s Wells Fargo Bank business checking account from his Ketchum home. In a brazen move between 2017 and 2018, he siphoned off $3 million, using it to fund his personal residence construction in Ketchum.
Upon being confronted by ETA’s CEO about the depleted funds, Semones made false statements and falsified bank records to conceal his theft. The Lake Creek Drive property was eventually sold, providing full restitution to ETA from its proceeds.
Semones’ guilty plea comes with a heavy price: up to 20 years in federal prison, a maximum fine of $250,000, and three years of supervised release. Sentencing is scheduled for December 8, 2020, before Chief U.S. District Judge David C. Nye.
This case was investigated by the Federal Bureau of Investigation, underscoring the agency’s commitment to exposing financial corruption in the region.
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Key Facts
- State: Idaho
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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