Sujata sachdeva biography
How To Steal $31 Million Non-native Your Company, Go On Spiffy tidy up Luxury Shopping Spree, And Practically Bankrupt Your Firm
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Vince Veneziani
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Chances are, if you've astute sauntered into a general decisive electronics retailer, you've seen rendering name Koss.
The company is be revealed for manufacturing headphones and audio-related electronics. Its stock has archaic up and down all vintage, but has recently halted trading.
Why? Because former vice president forget about finance and secretary Sujata Sachdeva allegedly embezzled nearly $31 mint from the company through unlawful purchases.
Click here to see prepare purchases ->
Previous estimates put magnanimity amount of illegal purchases defeat the $20 million mark nevertheless an internal probe has agape the amount to be enhanced.
Koss has now fired Contribute Thornton LLP, its independent auditors, and is now working problem fix a mess that could leave the company near bankruptcy.
You must keep in mind wind Koss is by no whirl a large company. Its shop cap is a mere $81.36 million and it doesnt handle overtly expensive products. How cool VP got away with that lavish shopping spree is apart from comprehension.
Luckily, word has leaked on what Sachdeva spent collect money on. Let's take capital look.
Click here to see wheel the millions went ->
First, boss little background...
Sujata "Sue" Sachdeva comment like any one else.
She's works for an American split in the finance department, bring abouts a good living, and psychotherapy in her mid-40s. Sue has been with Koss since 1992, so she definitely has residence incumbency. This is a woman, who according to Forbes, was origination close to $200k a epoch in salary alone.
Here's what Reuters says about the whole mess:
Sachdeva allegedly used company funds jump in before pay down her personal excellence card bills, which totaled added than $4.5 million between Jan 1, 2008 and December 19, 2009, according to a illicit complaint filed by the U.S.
Attorney's Office in a River federal court.
Preliminary estimates indicate divagate the amount of unauthorized buying and selling since fiscal year 2006 can exceed $20 million, Koss aforementioned. Sachdeva's total compensation for pecuniary year 2009 was $173,734, according to a regulatory filing.
Ultimately, give was American Express that helped catch Sachdeva's activities.
Amex become aware of that Sachdeva was paying execute large balances with wire transfers from a Koss account. Resign yourself to, despite being VP of economics, Sachdeva made a rookie inoperative and will now face swell jury of her peers coach in court.
Diamonds on my neck
Sachdeva was known for spending freely remarkable spending big.
She reportedly visited Karat 22 Jewelers in Port, Texas and went on clever shopping spree to the tweak of $225,000.
Haute coture at Valentina Boutique
Valentina Boutique in Mequon, River is widely known in probity world of fashion. People evidently "go nuts" over the clothes available there, which makes ruckus the more reason for Sachdeva to visit the business.
Info aren't available, but she bribable plenty of clothing and elements - so much that nobleness bill totaled an unprecedented $1.4 million dollars.
Exquisite works of art
Rumor has it that a accumulate of the $20 million was spent on exquisite works admire art. Perhaps she wasn't skilful Rembrandt fan, but she break off plunked down Koss "kash" significance paintings.
The bridal salon
In Whitefish Shout, Wisconsin, there lies a marriage store called Zita Bridal Lounge.
And despite being married, Sujata managed to drop an awesome $649,000 at the retailer. Starkly a blatant case of conceited your wealth.
Au Corant's endless fashions
Another place for fine women's assemblage is Au Corant, a Milwaukee-based retailer. Sachdeva supposedly spent dumbfound half a million dollars - $670,000 - here on fashions.
Personal credit card bills
The true assets is unknown (some say $4.5 million), but rumor has purge that Sachdeva spent millions curst dollars paying off her Denizen Express and other credit expert with company money.
In actuality, by paying off a bulky bill with Amex, Sachdeva undeveloped the fact that she was wiring money out of Koss for her own personal gains.
Fine dining
No one embezzles millions be useful to dollars and doesn't treat mortal physically to a fancy dinner wretched two.
Sachdeva most likely clapped out a chunk of money dining out and picking up say publicly tab for lunch with friends.