Cisco accountants face jail

Two former Cisco accountants pleaded guilty yesterday to hacking into the firm's computer system to illegally issue £5.5m worth of stock to themselves.

Geoffrey Osowski and Wilson Tang admitted to a US federal court that they had fraudulently obtained 230,000 Cisco shares which they later sold. The pair spent the proceeds on cars and jewellery.

Each pleaded guilty to one count of computer fraud and now face up to five years in prison and a £172,000 fine.

According to the US Attorney's Office Osowski and Tang have agreed to forfeit assets worth more than £3.45m, as well as to reimburse the company.

Prosecutors are reported to have dropped three counts of wire fraud and conspiracy to commit computer and wire fraud.