Employee Fraud

Article on Employee stratagem/embezzlement/theft On January 20, 2010, Sujata fulfill Sachdeva, Chief finance Officer of Koss Corporation was aerated with the trick 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 sooner hired as a temp with the organization and was promoted to evil President of Finance with in a span of safe one year. Undoubtedly, she was wherefore a highly respected and indisputable employee of the Koss Corporation. According to end of the investigatings, Sachdeva authorized at least 206 fraud fits transfer of coin from Koss Bank account to pay for her the States depict source tantalize bills and issued more than 500 demolishs 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 lee(prenom inal) Malone to help her hold the fraud and used to reconcile the interchange shortfalls and balance the books. The misapplication got eventually discovered when American Express notified Koss about the extraordinary large payment transactions that were victorious place on Sachdevas personal Credit card accounts.

Sachdevas plush lifestyle and ownership of expensive properties similarly 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 wir e fraud in a plea agreement which overly re! quired her to make bountiful restitution of about $34 million. Sachdeva was sentenced to 11 years in prison. Koss Corp. fired both Mulvaney and Malone, although uncomplete has yet been charged criminally. Koss well-nigh went bankrupt as a result of Sachdevas embezzlement. I believe all the trinity factors of Fraud Triangle- incentive, opportunity and systematisation were present when above state fraud took place. Opportunity was the...If you hope to get a liberal essay, order it on our website: OrderCustomPaper.com

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