Security News > 2020 > January > IT exec sets up fake biz to scam his employer out of $6m

That IT exec's name is Hicham Kabbaj, and on Friday, he pleaded guilty to one count of wire fraud for having set up a shell company and billing his employer for firewalls and services that "Interactive Systems" never actually installed.

Once Company-1 paid up, Kabbaj would slide the cash on over to his own bank account - a scam that netted him a cool $6 million.

As far as the payments for those invoices goes, equivalent amounts were often transferred to Kabbaj's personal account within a few days.

Today, Mr. Kabbaj pled guilty to a serious felony because he chose to misuse his position of trust as a corporate executive to steal company funds for his own personal gain.

Kabbaj, 48, is looking at a maximum sentence of 20 years behind bars, though of course, he'll spend less time than that: maximum sentences are rarely handed out.

News URL

https://nakedsecurity.sophos.com/2020/01/07/it-exec-sets-up-fake-biz-to-scam-his-employer-out-of-6m/