Employee Fraud

Article on Employee stratagem/embezzlement/theft On January 20, 2010, Sujata fulfill Sachdeva, Chief finance Officer of Koss Corporation was charged with the dupery 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 in the beginning hired as a temp with the organization and was promoted to immorality President of Finance with in a span of but one year. Undoubtedly, she was wherefore a highly respected and trust employee of the Koss Corporation. According to end of the investigatings, Sachdeva authorized at least 206 fraud telegrams transfer of coin from Koss Bank account to pay for her the States read source razz bills and issued more than 500 abolishs 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 leewa rd Malone to help her hold the fraud and used to reconcile the exchange 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 in any case 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 besides required ! 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 third factors of Fraud Triangle- incentive, opportunity and systematisation were present when above tell fraud took place. Opportunity was the...If you hope to get a serious essay, order it on our website: OrderCustomPaper.com

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