MILWAUKEE (CN) – A vice president of Koss embezzled $30 million from the earphone manufacturer, with help from a senior accountant, the SEC claims in Federal Court. It claims Sujata Sachdeva stole over $30 million from the company” and “used the embezzled funds to finance an extravagant lifestyle, including lavish spending sprees at department stores, designer boutiques, jewelry stores, and other high-end retailers.”
Sachdeva was the principal accounting officer and vice president of finance at Koss, the SEC said. It also sued Julie Mulvaney, a senior accountant.
“Sachdeva and Mulvaney concealed and facilitated the theft from the company by preparing materially false accounting books and records,” according to the complaint.
“Sachdeva recently pled guilty to federal wire-fraud charges. Sachdeva admitted her multimillion-dollar theft from the company, and admitted her scheme to falsify the company’s accounting books and records to hide her embezzlement.”
The SEC seeks disgorgement, penalties and injunctions.