Former CEO of IAR Systems US subsidiaries pleaded guilty to criminal embezzlement
IAR. Systems Group informs that the former CEO / Country Manager at IAR Systems Software Inc, Nadim Shehayed, pleaded guilty to criminal embezzlement and was sentenced to a jail term, probation, and restitution.
In 2013, due to the discovery of financial irregularities, criminal charges were brought against Nadim Shehayed, the former CEO / Country Manager of IAR Systems US subsidiary, IAR Systems Software, Inc. Mr. Shehayed pleaded guilty to three counts of criminal embezzlement in San Mateo County Superior Court in June 2021, the company discloses in a press release. The charges and the guilty pleas stemmed from Mr. Shehayed’s illegal activities discovered by IAR Systems in 2012 and the legal process has been ongoing since September 2012. On October 5, 2021, the Court sentenced Mr. Shehayed to restitution in the total amount of USD 550,000 of which Mr. Shehayed immediately paid USD 250,000 with the remainder to be paid in further installments. Compensation received will be recognised in the income statement when payment is made. The first USD 250,000 were paid in and recognised as income in September. The remaining USD 300,000 will be paid in installments, the first of which, in the amount of USD 100,000, is due on or before April 4, 2022. Further installments will follow on the remaining USD 200,000 as will be ordered by the Court. Mr. Shehayed will apart from jail time, also serve 3 years’ probation, under Court supervision, and has been ordered to write letters of apology to IAR Systems representatives.