Apple Employee Who Defrauded Company of Millions Sentenced to Three Years in Prison

  • 📰 NECN
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 71%

Business News News

Business Business Latest News,Business Business Headlines

Dhirendra Prasad defrauded Apple and the IRS out of millions of dollars in a years-long conspiracy to double-bill the company for parts it had already paid for.

Prasad, 55, of Mountain House, California, worked at Apple from 2008 to 2018 as a buyer in the company's Global Service Supply Chain unit. Along with two co-conspirators, who owned two companies that were Apple suppliers, Prasad conspired to double-bill Apple for parts it already owned or had purchased.Sign up for NECN newsletters.

Prasad said the scheme began as far back as 2011. It netted him more than $17 million and ran for eight years. Prasad also engineered"sham invoices" that allowed one of his co-conspirators, Don Baker, to take unjustified tax deductions valued at more than $1.8 million. "Prasad was given substantial discretion to make autonomous decisions to benefit his employer," federal prosecutors and Internal Revenue Service investigators said in a statement Wednesday."Prasad betrayed this trust, and abused his power to enrich himself at his employer's expense."

In addition to his prison sentence, Prasad will forfeit $5.5 million worth of assets, pay a money judgment of $8.1 million, and restitution of $17.4 million to Apple and $1.9 million to the IRS.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 20. in BUSİNESS

Business Business Latest News, Business Business Headlines