Two former Cisco employees have admitted defrauding the company of $8 million in stock.

The pair - Geoffrey Osowski and Wilson Tang - issued themselves with 230,000 Cisco shares by hacking into the network giant's Sabrina computer system, which is used to manage stock options. They later sold the stock.

But the super crooks weren't very careful in hiding their new wealth. The federal court in San Jose heard how Osowski splashed out £35,000 on a new Mercedes, £30,000 on a diamond ring and £13,800 on a Rolex watch.

Osowski was a financial analyst with the firm and Tang an accounting manager.

The US Attorney's Office say the duo have agreed to forfeit assets worth more than $5 million, as well as reimbursing the company with the difference between the forfeited assets and the amount taken.

Charges of conspiracy to commit computer and wire fraud have been dropped in exchange for the guilty pleas. They could have gone down for five years. ®