A former Cisco Systems executive has been charged in an elaborate, multimillion-dollar fraud case.
A US newspaper says Robert S. Gordon, fired by Cisco earlier this month, is accused of trying to siphon money from Cisco and its partners in a scam involving phoney stock deals, offshore bank accounts and a shell company.
Gordon, 42, appeared before US Magistrate Judge Patricia Trumbull in San Jose federal court, the paper said.
He admits to breaking company rules but denies criminal wrongdoing, the Mercury News said, citing court papers filed by the government.
In unrelated company news, Cisco CEO John Chambers has cut his salary to US$1 in order to save a few jobs at the company, which is in the midst of laying off up to 8,500 employees.
Chambers, who made more than US$1.3 million in salary and bonus this past year will be joined by current Chairman John Morgridge in lowering his salary to US$1. Chambers also made more than US$150 million by exercising stock options.
