A federal judge on Friday ordered a former Cisco Systems vice president to pay the company $27 million restitution for embezzling millions of dollars in stock and funds from the San Jose, California based company.
Robert Gordon pleaded guilty in December to transferring $35 million belonging to the data equipment maker illegally to an offshore shell account in the Bahamas.
U.S. District Judge Jeremy Fogel ordered Gordon to pay $27,397,206 in restitution to Cisco and another $5.58 million to the United States.
Gordon is scheduled to begin a 66-month prison sentence next month on two counts of wire fraud and one count of insider trading.
Gordon was fired by Cisco in April 2001. The following month he was indicted in connection with the 1999 stock scheme in which he used his position as vice president to transfer Cisco-owned stock and funds to the offshore account.
In December he also admitted to gaining about $3.5 million in insider trading profits and another $5 million by inducing Cisco to sent money to an affiliate start-up called Spanlink.
Reuters
