Ex-Apple employee admits defrauding company of $17M

A former Apple employee pleaded guilty on Tuesday to defrauding the company out of more than $17 million over a period of seven years, according to federal prosecutors. 

In a plea agreement entered Tuesday, Dhirendra Prasad described the schemes he carried out while he worked as a buyer for Apple's Global Service Supply chain. 

The U.S. Attorney's Office said the 52-year-old arranged to have Apple components shipped to an outside vendor’s warehouse. There, the components were repackaged and sold back to Apple. 

Prasad admitted the fraud involved "taking kickbacks, inflating invoices, stealing...