A vice president of business development at Cisco Systems has been
arrested and accused of embezzling more than $10 million. According
to an FBI complaint filed in a Californian court, Robert S. Gordon
fraudulently acquired shares in a smaller company acquired by
Cisco.
Gordon is accused of fraudulently acquiring 30,000 shares in
Internet Security Services Group Inc., transferring them to his own
off-shore company, then selling them for around $5 million. He
allegedly invested most of the proceeds in Spanlink Communication
Inc., a communications company that became the target of investment
by Cisco. Gordon then allegedly received $10 million from
Spanlink.
Assiciated Press reports that Cisco reported Gordon’s activities
to the authorities and that he no longer works with the
company.
