SAN JOSE (BCN) — A San Jose man pleaded guilty in federal court on Friday to selling around $37 million worth of equipment stolen from Cisco Systems by its employees, according to the U.S. Department of Justice.
Cuong Cao “Calvin” Dang, 45, admitted to running a business, Network Genesis, that bought and sold merchandise stolen from San Jose-based Cisco, federal officials said.
Dang operated Network Genesis from January 2006 to January 2013, when federal law enforcement officers raided it. Sales revenues during that time were about $37 million, federal officials said.
Profits from his business were used to buy and manage residential and commercial real estate properties, federal officials said.
Dang, who worked at Cisco between 1999 and 2004, admitted to having a small network of Cisco employees who supplied him with stolen products, federal officials said.
The serial numbers were apparently altered on these items before they were resold to customers. And the amount Dang received from selling the items was hidden through various laundering tactics, federal officials said.
Seven other defendants are also charged with various offenses relating to Dang’s scheme.
Under his plea agreement, he admitted guilt to one count each of conspiracy to commit mail fraud, substantive wire fraud, money laundering and engaging in financial transactions using criminally derived proceeds.
He’s scheduled to be sentenced on March 28, 2016 in federal court in San Jose.