Alex and Ani Parts Ways with Exec Charged for Jet Ski Theft

A top executive at Alex and Ani who made headlines this summer for his role in a Jamestown break-in and theft of Jet Skis has left the company.

The Cranston, R.I.-based jewelry and lifestyle company said in a Friday news release that Ryan Bonifacino, chief marketing officer and senior vice president of digital, is leaving the company “to pursue his MBA studies.”

Bonifacino had been with the company since 2010 and will stay on through the end of 2015 as an advisor “on company strategy related to the company’s busy fourth quarter and holiday season as well as longer term strategic plans,” according to the release.

“Ryan’s insights and commitment have always pushed us toward a better customer experience and have made us a stronger company,” said Carolyn Rafaelian, founder, creative director and CEO of ALEX AND ANI. “We feel fortunate to have had the benefit of his passion and positivity for the last five years, and we’re grateful that he’ll be working with us through the rest of the year.”

Bonifacino pleaded no contest to a charge of misappropriation of a boat in Newport District Court in August and agreed to pay $15,000 restitution to the owners of the Jet Ski he took without permission and damaged in a crash that sent one woman to the hospital.

Bonifacino was arrested on Aug. 2 by Jamestown Police after authorities responded to the house on East Shore Road for a report of missing boaters.

Police said they arrived at the house and learned that there was a party going on inside. People at the house said that Bonifacino, along with three other people, left on a pair of jet skis and never came back.

The U.S. Coast Guard reported that the the jet skis were involved in a crash against a rock in the East Passage of Narragansett Bay, causing serious injuries to at least two people.

All four came back to the house on one jet ski and two women who have not been identified were transported to the hospital.

Police said the investigation concluded that Bonifacino broke into the house and threw the party. Food and alcohol inside the house were served.

But Bonifacino’s lawyer told the court that Bonafacino knew the homeowner and did not break into the house The Jet Skis apparently belonged to a different resident, though the keys were in the ignition.

Ultimately, breaking and entering charges were dropped in exchange for the no contest plea, which constitutes neither a denial or admission of guilt.

Because Bonifacino has no prior criminal record, he is eligible to have the charges expunged from his record in the future.

Court records show Bonifacino met his financial obligations with the courts in full on Aug. 26.

Along with announcing Bonifacino’s departure on Friday, Alex and Ani officials said that the company is a “$350 million business this year.”

A private company, the company does not release quarterly financial statements to the public.

Bonifacino is credited with helping develop the company’s mobile application. Digital revenues now account for a quarter of the company’s business, according to the release.