Fall from grace: Most shocked by Sachdeva’s embezzlement case
In the summer of , Koss Corp. executive Sujata Sachdeva and her family went on a pilgrimage to a Hindu monastery and temple on Kauai, Hawaii.
The Sachdeva family — Sue, her husband, Ramesh, and their two children — look like a happy American suburban family experiencing their Indian and Hindu roots in a photo with Bodhinatha Veylanswami, a guru at the monastery, on the monastery Web site, which shows the Sachdevas also visited the center and guru in
These spiritual journeys are in contrast to Sue Sachdeva’s alleged misappropriation of around $31 million at Koss Corp., a Milwaukee maker of headphones.
The FBI arrested Sachdeva at her Mequon home in December and investigators have since seized more than 22, items she may have bought with company money. She is facing possible federal wire transfer charges and is free on a $50, personal signature bond.
In a criminal complaint filed in U.S. District Court in Milwaukee by the U.S. Attorney’s office, she is alleged to have embezzled $ million. Koss said its own investigation has uncovered $31 million in unauthorized transactions between July 1, , and the end of Koss ha
Koss Corp. loses again in Sachdeva embezzlement lawsuit against Park Bank
The Wisconsin Supreme Court has closed the door on efforts by Koss Corp. to hold Park Bank accountable for losses Koss sustained in the $34 million embezzlement by former executive Sujata “Sue” Sachdeva.
In a decision released Tuesday, the justices upheld the rulings of lower courts absolving the bank of responsibility in the massive theft.
Koss had sued Park Bank, which handled the headphone-maker’s accounts, alleging it should have alerted Koss to Sachdeva’s misappropriation of company funds. From to , when her embezzlement collapsed, Sachdeva ordered some $17 million in cashier’s checks paid by Koss, the company said in its original lawsuit, filed in
RELATED: Sachdeva pleads guilty, says she regrets fraud
But Milwaukee County Circuit Judge David Borowoski said in a ruling in that while Park Bank may have been negligent in handling the Koss accounts, there was no evidence that the bank intentionally ignored the thievery.
Both the Court of Appeals and, now, the state Supreme Court, agreed.
Besides Park Bank, Koss also sued American Express Co. and accounting firm
Former Koss Corp. executive Sachdeva sentenced to 11 years in prison
By Doris Hajewski and Tom Daykin of the Journal Sentinel
Nov. 17,
Former Koss Corp. executive Sujata "Sue" Sachdeva was sentenced Wednesday to 11 years in prison for embezzling $34 million from the Milwaukee stereo headphone manufacturer.
U.S. District Judge Lynn Adelman imposed the sentence after Sachdeva made a tearful statement - her first public comments since her arrest 11 months ago.
"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," Sachdeva said.
"I have lost everything that was dear to me - my marriage, my children, my career, my friends, my home, and finally, my freedom. I sincerely hope that everybody I hurt - Mr. Michael Koss, the employees, stockholders - can find it in their hearts to forgive me," Sachdeva said, sobbing as she spoke.
She was not taken directly to prison; she will remain free while she gives testimony in lawsuits related to the embezzlement.
Sachdeva's husband, Ramesh Sachdeva, a physician at Children's H
Sachdeva out of prison after serving six years for stealing $34 million from Koss Corp.
Sujata "Sue" Sachdeva, the Mequon woman who stole $34 million from Koss Corp., is being released from prison Friday, just six years after she began serving an year sentence
Sachdeva, 53, used the millions she stole to finance a lavish lifestyle that included limousine rides, fancy vacations and shopping sprees, during which she purchased expensive shoes, designer clothes, antiques and jewelry — much of which was never unpacked or worn.
Her thievery lasted a decade, and Michael Koss, the chief executive officer at the company founded by his father, was chastised by corporate governance officials for failing to spot Sachdeva's thefts.
Koss declined comment this week about Sachdeva's impending release.
Sachdeva was sentenced to 11 years in prison in after she pleaded guilty to six felony counts. U.S. District Court Judge Lynn Adelman also ordered that she pay at least $ a month toward the $34 million restitution he ordered.
RELATED:Koss unveils less pricey Bluetooth headphone
RELATED:Sales, earnings decline for Koss Corp.
Sachdeva has spent the past year in an Oakland, Calif.,
Biographies you may also like
Tye zamora biography of rory gilmore Lauren Graham played Lorelai Gilmore, the independent single mother to her teen (and then young adult) daughter, Rory. Known for her fast-talking witty repartee and insatiable Missing: tye zamora.
Sandra grant bennett movies Sandra Grant Bennett, born in , is an American actress who gained fame in the late s through appearances in television dramas such as "Burke's Law," "A House Is .
James hitchcock biography Jimmy Hitchcock was an English golfer who played on the British and European circuits from the mids into the early s. Never a big winner, he did claim a couple of important titles. .
Paule constable biography books The latest instalment in our series showcasing Britain's best lighting designers focuses on the four-time Olivier and two-time Tony Award winner Paule Constable.
Foto di daniele liotti biography Sfoglia daniele_liotti fotografie e immagini disponibili, o avvia una nuova ricerca per trovare altre fotografie e immagini. Actor Daniele Liotti attends the Rome Premiere Party of 'NINE' co Missing: biography.
Shraddha jaiswal biography Shraddha Jaiswal is an Indian film artist, who has worked predominantly in the Bollywood.
Victor emmanuel 2 biography of michael In January , nobleness Italian Parliament elected Victor Emmanuel II as the king of Italy. Attain March 17, he was proclaimed "by the grace of God and greatness will of the people" as .