Ex-Apple employee sentenced to 3 years in prison and fined $30 million in penalties for scheme to defraud the company and IRS
From 2011 through 2018, Prasad — alongside Robert Hansen and Don Baker, who ran companies that sold products to Apple —"exploited his position" as a buyer in the company's supply chain to defraud the company, authorities said.Prasad was part of the supply chain team that purchased parts for Apple to use to perform warranty repairs.
In 2016, Prasad sent more of Apple's parts to Hansen, who simply repackaged them and sent them back as if they were a new order, again forcing Apple to pay for its own property. Prasad also admitted he evaded paying taxes on his portion of the $17 million the group made from the fraud schemes. Charges of tax evasion and money laundering were dropped at his sentencing after he pleaded guilty in November.
The court ordered Prasad to forfeit about $5.5 million in assets the government seized when he was arrested. He is also required to pay another $8 million in forfeitures, along with $17.4 million in restitution to Apple and $1.8 million to the IRS, totaling just under $33 million in penalties.Sign up for notifications from Insider! Stay up to date with what you want to know.
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