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 subterfuge 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 primitively hired as a temp with the organization and was promoted to vice President of Finance with in a span of honorable one year. Undoubtedly, she was wherefore a highly respected and believe employee of the Koss Corporation. According to end of the investigations, Sachdeva authorized at least 206 fraud electrifys transfer of coin from Koss Bank account to pay for her the States let out source posting bills and issued more than 500 shivers 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 downwind Malone to help her hold the fraud and used to reconcile the hard currency shortfalls and balance the books. The misapplication got eventually discovered when American Express notified Koss about the extraordinary large payment transactions that were fetching place on Sachdevas personal Credit card accounts. Sachdevas plush lifestyle and ownership of expensive properties in like manner 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 withal 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 three factors of Fr aud Triangle- incentive, opportunity and sy! stematisation were present when above express fraud took place. Opportunity was the...If you hope to get a amply essay, order it on our website: OrderCustomPaper.com

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