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A former Apple worker who swindled the corporate out of greater than $17 million with a scheme that double-billed for components was sentenced to a few years in federal jail and ordered to pay almost $33 million, prosecutors mentioned.
Dhirendra Prasad pleaded responsible to conspiracy to commit fraud and conspiracy to defraud the United States in 2022.
Prasad, 55, of Mountain House, California, labored at Apple from 2008 to 2018 as a purchaser within the firm’s Global Service Supply Chain unit. Along with two co-conspirators, who owned two firms that had been Apple suppliers, Prasad conspired to double-bill Apple for components it already owned or had bought.
Prasad mentioned the scheme started way back to 2011. It netted him greater than $17 million and ran for eight years. Prasad additionally engineered “sham invoices” that allowed one in every of his co-conspirators, Don Baker, to take unjustified tax deductions valued at greater than $1.8 million.
“Prasad was given substantial discretion to make autonomous decisions to benefit his employer,” federal prosecutors and Internal Revenue Service investigators mentioned in an announcement Wednesday. “Prasad betrayed this trust, and abused his power to enrich himself at his employer’s expense.”
In addition to his jail sentence, Prasad will forfeit $5.5 million price of property, pay a cash judgment of $8.1 million, and restitution of $17.4 million to Apple and $1.9 million to the IRS.
Apple didn’t instantly reply to a request for remark.
Source: www.cnbc.com