1. He took bribes to use certain vendors for Apple
2. He inflated invoices and pocketed the difference
3. He straight out stole product
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Former Apple Employee Pleads Guilty to Stealing More Than $17 Million
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2. He inflated invoices and pocketed the difference
3. He straight out stole product
Damn, he wasn’t just satisfied with embezzlement. He just kept going all the way. The tax fraud is what’s gonna really fry him. He didn’t just mess with Apple’s money, he messed with the government’s. He’s getting all 25 years.
That may have been all the cash he actually had on hand after all the wheelings and dealings.
So he gets to keep 12 million? 😳🤔
Former Apple employee Dhirendra Prasad this week pled guilty to conspiracy to commit fraud and conspiracy to defraud the United States after stealing more than $17 million from Apple through mail and wire fraud schemes.
According to the Northern California District Attorney's office, Prasad worked for a ten-year period between 2008 and 2018. He was in the Global Service Supply Chain department, buying parts and services for Apple from vendors.
Starting in 2011, Prasad began accepting kickbacks, inflating invoices, and stealing parts, which resulted in Apple paying for items and services that it did not receive. Prasad worked with two Apple vendors, Robert Gary Hansen and Don M. Baker, to steal money.
In 2013, for example, Prasad had motherboards shipped from Apple's inventory to Baker's company, CTrends. Baker had the components from the motherboards harvested, with Prasad arranging purchase orders for the harvested components so that Apple paid for parts it already owned. The two split the funds from the arrangement.
In 2016, Prasad had components shipped from Apple to Hansen's business, Quality Electronics Distributors, Inc. Hansen intercepted the components, put then in new packaging, shipped them back to Apple's warehouse, and charged Apple for it through Prasad.
Prasad also funneled illicit payments from Hansen to his creditors, and he also created a shell company to send sham invoices to CTrends to hide illicit payments and to allow Baker to claim hundreds of thousands of dollars of unjustified tax deductions.
Prasad could spend up to 25 years in prison after he is sentenced, with the hearing set to take place in March 2023. He also must forfeit $5 million in assets that he gained from the schemes.
Article Link: Former Apple Employee Pleads Guilty to Stealing More Than $17 Million
this talent would not make him any money illegitimately. therfore is not a talent. scheming is not a talent.
I am surprised Apple's internal controls did not catch this earlier. Most large transactions have two person rules and other safeguards that would require at least two colluding insiders to defeat the system. This appears to be one insider and an outsider working together.
I am sure Apple has made changes to their processes as a result.
I am sure Apple has made changes to their processes as a result.
I'm sure more of that is happening in many parts of the world. Kickbacks from and between vendors is nothing new in the world of procurement.
Stole 17, must give back 5 and gets up to 25 yrs
Former Apple employee Dhirendra Prasad this week pled guilty to conspiracy to commit fraud and conspiracy to defraud the United States after stealing more than $17 million from Apple through mail and wire fraud schemes.
According to the Northern California District Attorney's office, Prasad worked for a ten-year period between 2008 and 2018. He was in the Global Service Supply Chain department, buying parts and services for Apple from vendors.
Starting in 2011, Prasad began accepting kickbacks, inflating invoices, and stealing parts, which resulted in Apple paying for items and services that it did not receive. Prasad worked with two Apple vendors, Robert Gary Hansen and Don M. Baker, to steal money.
In 2013, for example, Prasad had motherboards shipped from Apple's inventory to Baker's company, CTrends. Baker had the components from the motherboards harvested, with Prasad arranging purchase orders for the harvested components so that Apple paid for parts it already owned. The two split the funds from the arrangement.
In 2016, Prasad had components shipped from Apple to Hansen's business, Quality Electronics Distributors, Inc. Hansen intercepted the components, put then in new packaging, shipped them back to Apple's warehouse, and charged Apple for it through Prasad.
Prasad also funneled illicit payments from Hansen to his creditors, and he also created a shell company to send sham invoices to CTrends to hide illicit payments and to allow Baker to claim hundreds of thousands of dollars of unjustified tax deductions.
Prasad could spend up to 25 years in prison after he is sentenced, with the hearing set to take place in March 2023. He also must forfeit $5 million in assets that he gained from the schemes.
Article Link: Former Apple Employee Pleads Guilty to Stealing More Than $17 Million
that’s nearly 500k a year!
I wonder if it went further but there was insufficient evidence to prosecute other Apple employees.
I don't know: a $17 million fraud is pretty huge. And those who abuse positions of trust and authority to commit crime need punishment that is harsh enough to act as a deterrent. Car thieves often spend years in prison for far, far less!