Cisco Accountants Sentenced

Posted by accountingweb on Nov 27 2001 175 printer friendly

The former Cisco Systems Inc. accountants who admitted to stealing more than $5 million in company shares by hacking into the company computer systems have been sentenced to two years and 10 months in prison.

In addition, the accountants, Geoffrey Osowski and Wilson Tang, were ordered to pay $7.9 million in restitution to Cisco, including the $5 million that was previously seized by the government.

The two Cisco employees transferred 230,550 shares of Cisco stock into their personal accounts, then used the proceeds from selling stock to purchase cars and jewelry.

The accountants will begin serving their sentences for computer fraud on January 8.

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