Employee Fraud

Article on Employee stratagem/embezzlement/theft On January 20, 2010, Sujata fulfill Sachdeva, Chief finance Officer of Koss Corporation was supercharged with the snake oil of embezzling of as much as $34.5 million from Koss Corporation. She was 46 historic period old resident of Mequon, Wisconsin. In 1989, she was originally hired as a temp with the organization and was promoted to debility President of Finance with in a span of moreover one year. Undoubtedly, she was wherefore a highly respected and bank employee of the Koss Corporation. According to end of the probes, Sachdeva authorized at least 206 fraud electrifys transfer of coin from Koss Bank account to pay for her the States limited source taunt bills and issued more than 500 bank clerks checks from connection account to pay for her personal expenses. Sachdeva was already preoccupied with the idolise of exposure and knew would get caught. So, she relied on her subordinates Julie Mulvane and Tracy l eeward Malone to help her hold the fraud and used to reconcile the money shortfalls and balance the books. The misapplication got eventually discovered when American Express notified Koss about the extraordinary large payment transactions that were taking place on Sachdevas personal Credit card accounts.

Sachdevas plush lifestyle and ownership of expensive properties as well pointed towards something fishy. Sachdeva was arrested in celestial latitude 2009 after the results of an internal investigation were turned over to authorities. On July 16, 2010, she pleaded guilty to six counts of wire fraud in a plea agreement which similarly required h! er to make bountiful restitution of about $34 million. Sachdeva was sentenced to 11 years in prison. Koss Corp. fired both Mulvaney and Malone, although incomplete has yet been charged criminally. Koss well-nigh went bankrupt as a result of Sachdevas embezzlement. I believe all the tether factors of Fraud Triangle- incentive, opportunity and systematisation were present when above say fraud took place. Opportunity was the...If you hope to get a complete essay, order it on our website: OrderCustomPaper.com

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