A former CFO of ETA Compute has been sentenced to 36 months in federal prison for a massive wire fraud scheme.
Timothy Semones, 61, of Ketchum, Idaho, was sentenced to 36 months in federal prison, and a term of three years of supervised release to follow his prison sentence, a $5,000 fine, and entered a restitution order for $3 million payable to the victim, ETA Compute.
According to court records, Semones admitted to misappropriating $3 million from ETA Compute’s Wells Fargo Bank business checking account to pay for his personal residence in Ketchum.
Semones made nine online transfers of funds between October 2017 and November 2018, totaling $3 million, from ETA’s Wells Fargo Bank business checking account to personal bank accounts over which he had access and control.
When ETA’s Chief Executive Officer confronted Semones about the low balance of funds in ETA’s Wells Fargo Bank business checking account, Semones made false statements about the location and balance of funds.
The case was investigated by the Federal Bureau of Investigation.
ETA Compute was provided with $3 million, in full restitution for its loss, from the proceeds of the sale of the Lake Creek Drive property in May 2020.
BOISE, Idaho, 2024 – The sentencing of Timothy Semones, former CFO of ETA Compute, serves as a reminder of the severe consequences of financial crimes.
The case highlights the importance of corporate oversight and the need for businesses to monitor their financial transactions closely.
Related Federal Cases
- Timothy Semones, Wire Fraud, Idaho 2020 · New York
- Devin Arthur Searcy, Wire Fraud, Idaho 2024 · Washington
- Terry L. Gantt, ID Theft and Wire Fraud, Cedar Rapids IA, 2012 · Illinois
- Steven E. Jones Sentenced to 26 Months for Investment Wire Fraud, L… · Nevada
- Jermain R. Stevenson, Wire Fraud and Aggravated ID Theft, Toledo OH… · Idaho
Key Facts
- State: Idaho
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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