$20 million fraud a wakeup call to business
December 29, 2009
Total Loss:
$20 million
Wire me $1,000 from your business account! Are you thinking, that's a lot of money, we can't afford to wire you money? Yet, many small businesses, like your own, unknowingly lose thousands of dollars annually through fraud. Last Monday Sujata Sachdeva, Koss Corporation Vice President of Finance, was arrested by the FBI for embezzling $4.5 million from Koss in just a few months late this year. She was fired on Christmas Eve after a preliminary audit by Koss determined the fraud exceeded $20 million since 2006. Sachdeva's explanation? Addiction. Sachdeva claims she is a "shopaholic" or compulsive shopper, a clinical condition known as oniomania.
Source:
Examiner.com
Posted in:
Internal Fraud