Former Employee Accused of Defrauding Apple Out of $10 Million (nbcnews.com) 21
"A former Apple employee has been charged with defrauding the tech giant out of more than $10 million," reports NBC News, "by taking kickbacks, stealing equipment and laundering money, federal prosecutors said."
Dhirendra Prasad, 52, worked for 10 years as a buyer in Apple's Global Service Supply Chain department. A federal criminal case unsealed Friday alleges that he exploited his position to defraud the company in several schemes, including stealing parts and causing the company to pay for items and services it never received.
A court has allowed the federal government to seize five real estate properties and financial accounts worth about $5 million from Prasad, and the government is seeking to keep those assets as proceeds of crime, the U.S. Attorney's office in San Jose said in a news release...
Two owners of vendor companies that did business with Apple have admitted to conspiring with Prasad to commit fraud and launder money, prosecutors said.
A court has allowed the federal government to seize five real estate properties and financial accounts worth about $5 million from Prasad, and the government is seeking to keep those assets as proceeds of crime, the U.S. Attorney's office in San Jose said in a news release...
Two owners of vendor companies that did business with Apple have admitted to conspiring with Prasad to commit fraud and launder money, prosecutors said.
Insufficient management of Apple? (Score:2)
How could an employee do so many obviously bad things?
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Thats the kicker with this crime. HE was the guy who was supposed to be keeping an eye on this stuff. He was in supply chain and logistics, presumably in a role where he was the guy who was supposed to notice if things go missing or whatever.
The fact he made so much doing so tells me this wasnt some stupid kid at the apple store swiping an iphone or two to sell to his friends, this was big scale corporate crime that was likely only possible for someone up high in the organization.
Re: Insufficient management of Apple? (Score:2)
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What's yours is mine. (Score:4, Insightful)
and the government is seeking to keep those assets as proceeds of crime, the U.S. Attorney's office in San Jose said in a news release...
Based on the theory that if something is stolen, the government should keep it rather than returning it to it's original owner?
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A bad version of a protection racket. We won't help you and we keep your stuff, nice government we have.
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You just happen to live in America, the greatest country in the world, which also happens to have a really corrupt government that doesn't represent the people at all.
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The properties weren't stolen. They were bought using the money defrauded from Apple. The properties should be sold and the money given to Apple if they aren't able to recoup the 10 mil otherwise.
Re:What's yours is mine. (Score:5, Informative)
The properties weren't stolen. They were bought using the money defrauded from Apple. The properties should be sold and the money given to Apple if they aren't able to recoup the 10 mil otherwise.
The government seizes it to prevent it from being disposed of and to protect its value while the criminal case proceeds. That way, if the defendant is found guilty, it can be sold / returned to victims to help recoup any loss. The Department of Justice Asset Forfeiture Program [justice.gov] is designed to compensate victims.
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and the government is seeking to keep those assets as proceeds of crime, the U.S. Attorney's office in San Jose said in a news release...
Based on the theory that if something is stolen, the government should keep it rather than returning it to it's original owner?
Check out the Department of Justice Asset Forfeiture Program. [justice.gov] That will answer your question.
not allowed (Score:1)
Only executives get to do all that with impunity.
Should have asked (Score:2)
One hundred billion dollars.
About standard (Score:2)
Stuff like this eventually gets caught by internal or external audit typically at 5...10M USD/EUR. Smart fraudsters know that and stay well below this sum. Things probably will get better when data-analysis instead of just taking samples and looking at outliers will become mandatory for financial audits. At the moment it is not (at least here in Europe) and mamagement is typically unwilling to pay for it, with some exceptions.
Pffft (Score:2)
Ten years?
Tim Cook banks that much every three weeks.
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"Tim Cook banks that much every three weeks." And yet, somehow this makes a difference for you. Does the term "relevance" mean anything to you?
So criminal proceeds aren’t returned? (Score:2)
So the person steals from Apple. Buys property. And the government seized the property. But the government wants to keep the property? Shouldn’t it be turned over to the victim?
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Government freezes the assets so that, if he is found guilty they can sell it and compensate the victims or return the property to the victims. Government is temporarily taking the property under its protection, sort of like an escrow.
This is common in almost all jurisdictions and countries.