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.
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 judgment of $8.1 million, and pay a further $17.4 million to Apple and $1.9 million to the IRS.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: mercnews - 🏆 88. / 68 Read more »