- Associated Press - Monday, December 14, 2015

SAN JOSE, Calif. (AP) - A San Jose man has been convicted of charges stemming from allegations he sold products stolen from Cisco Systems, Inc. in a fraud scheme that raked in $37 million.

Federal prosecutors say 45-year-old Cuong Cao Dang pleaded guilty on Friday to conspiracy to commit mail fraud, substantive wire fraud, money laundering and engaging in financial transactions using criminally derived proceeds. He is scheduled to be sentenced in March and faces as much as 70 years in prison.

Prosecutors say Dang acknowledged running a business, Network Genesis, that sold products stolen from Cisco by Cisco employees. The company’s revenue between 2006 and 2013 totaled about $37 million.

Charges against most of the additional seven people indicted in the scheme are still pending.

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