Money Laundering Conviction Delivers Big Win to Gray Market Alliance
U.S. District judge convicts three defendants for scamming Cisco out of $20 million for illegally selling replacement parts on the gray market.
In late September, a U.S. District judge in Raleigh, N.C. sentenced three defendants for scamming Cisco Systems Inc. out of some $20 million by reselling replacement parts fraudulently procured under the vendor's Smartnet warranty service program.
Although convictions of this sort aren't an everyday occurrence in the IT industry, this one delivered a huge win to the Alliance for Gray Market and Counterfeit Abatement (AGMA), a non-profit organization homed in on warranty and service abuse. Read more...
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