SlateStone Wealth chief market strategist Kenny Polcari and Sarge986 president Stephen Guilfoyle review Big Tech earnings on 'The Claman Countdown.'on Tuesday to defrauding the company out of more than $17 million over a period of seven years, according to federal prosecutors.
In a plea agreement entered Tuesday, Dhirendra Prasad described the schemes he carried out while he worked as a buyer for Apple's Global Service Supply chain. The U.S. Attorney's Office said the 52-year-old arranged to have Apple components shipped to an outside vendor’s warehouse. There, the components were repackaged and sold back to Apple.
Prasad admitted the fraud involved "taking kickbacks, inflating invoices, stealing parts and causing Apple to pay for items and services never received," prosecutors said in a statement."Prasad admitted these schemes continued through 2018 and ultimately resulted in a loss to Apple of more than $17 million," they said. and conspiracy to defraud the U.S.
Prasad also caused a shell company to issue sham invoices to a co-conspirator's company, CTrends, in order to conceal illicit payments to Prasad and to allow the co-conspirator to claim hundreds of thousands of dollars of unjustified tax deductions. Those schemes resulted in an
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