An Apple embezzler who was initially estimated to have value the Cupertino firm $10M has now admitted to fraudulently acquiring a complete of $17M over a interval of seven years.
Dhirendra Prasad labored as a purchaser in Apple’s world supply-chain division, and engaged in a mixture of actions with a view to steal the cash …
Background
The case first got here to gentle again in March, when Prasad was charged with 5 federal crimes.
A former Apple worker is dealing with federal prices after he allegedly defrauded the tech big out of thousands and thousands of {dollars} over the span of a number of years, prosecutors mentioned […]
Prosecutors mentioned Prasad allegedly engaged in “a number of completely different schemes to defraud Apple,” which included taking kickbacks, stealing elements and inflicting Apple to pay for objects and companies it by no means acquired. The losses to Apple have been greater than $10 million, based on a courtroom submitting.
Apple embezzler pleads responsible
CNET reviews that Prasad has now pled responsible to mail and wire-fraud prices.
Prasad mentioned in a written plea assertion that he started defrauding Apple in 2011 by partaking in theft, taking kickbacks and inflating invoices. Two co-conspirators, Robert Gary Hansen and Don M. Baker, have been charged with collaborating in Prasad’s schemes and have admitted their involvement, the US Lawyer’s Workplace mentioned.
In a single occasion, Prasad mentioned he had motherboards shipped in 2013 from Apple to Baker’s firm, CTrends. Baker had the motherboards’ parts harvested after which shipped the parts again to Apple, for which Prasad issued Apple billing invoices to buy. After Apple paid the fraudulent invoices, the pair cut up the proceeds.
He has additionally pled responsible to separate tax fraud prices.
Prasad additionally admitted partaking in tax fraud by funneling illicit funds from Hansen to Prasad’s collectors. He organized for a shell firm to challenge faux invoices to CTrends to hide Baker’s illicit funds to Prasad, permitting Baker to say tons of of 1000’s of {dollars} of unjustified tax deductions and leading to an IRS lack of greater than $1.8 million.
Prasad may very well be sentenced to as much as 20 years for defrauding Apple, and a further 5 years for the tax fraud. Of the $17M whole, solely $5M price of seizable property have been recognized, leaving Apple $12M out of pocket.
Given the extraordinarily massive sums, and the size of time over which the embezzlement happened, questions will inevitably be requested about Apple’s audit procedures. Apple hadn’t responded to a request for remark on the time of writing.
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