Cisco Accountants Indicted

Two members of the accounting department of Cisco Systems have been indicted by a federal grand jury for illegally transferring millions of dollars worth of stock into their private brokerage accounts.

The accountants were charged with computer and wire fraud for their part in shifting nearly 100,000 shares of Cisco stock, valued at approximately $4 million, into their accounts last December. An additional 100,000 shares of stock, valued at approximately $2.3 million, were transferred in February.

Geoffrey Osowski and Wilson Tang were confronted by the FBI with the allegations and have admitted they took advantage of a defect they discovered in the Cisco computer program that processed stock options.

The two are scheduled to be arraigned on the charges in April.

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