SEC bans jailed Sachdeva from practising as consultant
Sujata Sachdeva was jailed for embezzling USD 34 mn from Koss Corporation.
Houston: An Indian-American woman, jailed
for 11 years for embezzling USD 34 million from headphone
maker Koss Corporation where she worked as a top executive,
has been banned from appearing or practising as a consultant
before the US Securities and Exchange Commission (SEC).
The SEC has issued an order suspending 47-year-old Sujata
"Sue" Sachdeva, former Vice President (Finance) of Koss
Corporation, from appearing or practising as a consultant
Sachdeva, who is serving an 11-year sentence for
embezzling USD 34 million from Koss Corporation, consented in
January to a civil judgement that enjoins her from violating
federal securities laws.
Sachdeva did not admit or deny the allegations.
The SEC filed the case in August 2010 against Sachdeva
and another former Koss employee, Julie Mulvaney, alleging
that they created fraudulent accounting books and records that
led Koss to prepare and file "materially false financial
statements" with the agency.
Sachdeva spent nearly all of the USD 34 million on wild
shopping sprees, buying the same luxury clothing items in
multiple sizes and colours which she never wore, Milwaukee
Journal Sentinel reported.
She admitted running up expensive bills at Milwaukee-area