A former executive at Cisco Systems has been arrested and accused of embezzling more than $10 million, reports said.
The executive, Robert S Gordon, a vice president for business development at Cisco, is accused in an FBI affidavit of having fraudulently acquired more than 30,000 shares of stock in the Internet Security Services Group, New York Times reported.
According to the paper, the affidavit accuses Gordon of selling the shares after transferring them into a company he started.
"We brought this situation to the attention of law enforcement authorities," Cisco said on Monday. A spokesman said Gordon no longer worked for Cisco.
The affidavit said Gordon took the proceeds from the sale of the shares and invested in Spanlink Communication, a partner of Cisco. It said he had $10 million on his $5 million investment. He faces a possible penalty of a $250,000 fine and five years in prison for fraud in interstate commerce – Albawaba.com
