A San Jose man has been arrested on charges of buying counterfeit or stolen Cisco equipment and reselling it in a fraud scheme that raked in $37 million.
A federal indictment unsealed Thursday charges Cuong Cao Dang with conspiracy, mail fraud and money laundering.
Prosecutors alleged Dang bought stolen goods from Cisco employees and resold them to customers at his business Network Genesis. They said he altered the serial numbers on the merchandise to make them more difficult to trace, and had customers send payment to co-conspirators who deposited the money into their own bank accounts before funneling it back to Dang.
If convicted, Dang faces prison time and forfeiture of 11 real estate properties, five luxury cars and funds in his bank accounts.
His business phone line was disconnected.
San Jose Man Charged in $37M Cisco Resale Fraud Scheme
Copyright AP - Associated Press
