California man pleads guilty in $37M Cisco Systems fraud

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.