Friday, March 18, 2011
Update: US Marshals Holding Auction On Saturday To Sell Off Jewelry Seized From $34.5 Million Sachdeva Embezzlment Case
The US Marshal Service is holding an auction of jewelry seized as part of the case against Sujata "Sue" Sachdeva, 47, of Mequon, Wisconsin, who plead guilty last July to six counts of wire fraud, admitting she embezzled some $34.5 million from Koss Corp., where she had been employed as Vice President of Finance. Sachdeva was sentenced to 11 years in prison and ordered to make full restitution. Numerous luxury items were seized from her home, office and storage facilities, as part of the forfeiture aspect in this case. For those interested in bidding on the jewelry, the auction is being held at the Wyndham Airport Hotel in Milwaukee, Wisconsin. Public viewing of the items was held earlier today. A $500 deposit is required for bidding. A catalog of items to be auctioned Saturday is available online here. US Marshals hope to raise as much as $1 million with the auction of the jewelry, which represents approximately 10 percent of the inventory seized in this case. The rest will be auctioned in online-only bidding beginning March 24. Sachdeva is currently serving her 11 year sentence at the federal prison in Danbury, Connecticut.
Read the story here.
Update (3/19/11): Jewelry auction netted $1.2 million for Koss restitution.
Update (3/24/11): The US Marshals auction for Sachdeva's luxury clothing seized in this case began today and runs through April 7th. See here for a list of all the items on sale.