Wednesday, November 17, 2010

Breaking Update: Sujata "Sue" Sachdeva Gets 11 Years For $34 Million Koss Embezzlement

Sujata "Sue" Sachdeva, 47, of Mequon, Wisconsin, was sentenced to 11 years in federal prison for embezzling $34 million from Koss Corporation, where she had served as vice president of finance and secretary. Sachdeva pleaded guilty in July to six counts of wire fraud in connection with the case. She has also agreed to pay full restitution. Sachdeva's attorney sought leniency due to her cooperation in the case whereas prosecutors sought 16 to 20 years. The Milwaukee Journal Sentinel, which has been all over this story, quotes her in court today at sentencing: "I stand before you today truly remorseful. You have been my family, my friends and my co-workers for many years. I know you have been deeply hurt by my dishonesty in ways I never intended." The article goes on to describe Sachdeva's background as follows:

[Sachdeva] was born in Burma (now Myanmar) to a prominent family that had close ties to the Burmese government. The family fled and lived in a state of detention and
privation when the military seized power in 1962. The young Sachdeva witnessed
atrocities during those years.

The family escaped Burma in 1977 and moved to Long Island, N.Y., where Sachdeva attended college. She graduated from Stony Brook University in 1985 with a degree in finance. She was hired as a temporary worker by Koss in 1989 and became vice president of finance within six months.

Read FraudTalk's earlier posts on this story here, here, here , here and here.

Read all the Milwaukee Journal Sentinel stories here.
Update (1/8/11): Sachdeva, in testimony, thought she was going to be caught at any time. However, she blamed poor auditing by Grant Thornton and oversight by her boss, Michael Koss. Sachdeva was reportedly helped in her scheme that spanned 12 years in part by her assistant, Julie Mulvaney, who has not yet been charged in the case.
Read an updated story in the Milwaukee Journal Sentinal here.

No comments: