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DoJ Alleges Cisco Reseller Made $37 Million Selling Counterfeit Equipment

Posted by Unknown on from the cisco-routers-and-name-brand-sunglass-shop dept.

netbuzz writes "The latest scam involving stolen and/or fake Cisco equipment may also be one of the largest, as the Department of Justice says a 43-year-old San Jose-based reseller accumulated $37 million in ill-gotten gains over a period of years that he then poured into real estate and luxury cars. The feds say the guy also used part of the loot to set up college funds for his four children. At least four other such scams have been perpetrated against Cisco in recent years."

2 of 74 comments (clear)

  1. Re:College Funds? by bmo · · Score: 4, Insightful

    Do you need to earn "Crime pays" kind of money to fund college funds for 4 children in America?

    Yes. It's why there is a TRILLION dollars in student debt.

    How much do Americans borrow/have borrowed for college?

    There is roughly somewhere between $902 billion and $1 trillion in total outstanding student loan debt in the United States today. The Federal Reserve Bank of New York reports $902B while the Consumer Finance Protection Bureau reports $1T.

    http://www.asa.org/policy/resources/stats/

    --
    BMO

  2. Re:The moral of the story is... by ShanghaiBill · · Score: 4, Insightful

    Intel engineer here. We get the same shit. Everyone thinks we fill the chips with back doors when we don't.

    As a low level engineer, why do you assume that you would know about the back doors?