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Sujata "Sue" Sachdeva sentenced 11 years in prison
 

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Sachdeva finally reporting to prison

January 28, 2011

Sachdeva finally will report to federal prison on Feb. 1 — 76 days after receiving her 11-year sentence.

But first, Sachdeva is taking one last trip outside Wisconsin.

The federal pretrial services office has advised Sachdeva that she must report to prison on Feb. 1, Sachdeva’s attorney Michael Hart said in a Thursday letter to U.S. District Court Judge Lynn Adelman.

When Adelman sentenced Sachdeva on Nov. 17, 2010, he recommended that federal prison officials place her in the low-security federal prison in Dublin, Calif. Her attorneys said she wanted to be at that prison because her parents live near there and her two school-age children will relocate there, Adelman said at the time.

Federal Bureau of Prisons officials will make a long-term determination on her imprisonment location. Hart could not immediately be reached for comment on the location of the prison where she's headed.

Adelman at the sentencing approved a delay in her reporting to federal prison officials at the agreement of both prosecution and defense attorneys. During the delay, she placed her proverbial affairs in order, participated in depositions in lawsuits related to her embezzlement and settled a civil case filed against her by the U.S. Securities and Exchange Commission.

Adelman on Thursday granted Sachdeva’s request to travel outside eastern Wisconsin, where she has had to stay as a condition of her bond, to visit her school-age children. They have lived in the Detroit area with relatives since shortly after her December 2009 arrest.

“Ms. Sachdeva would like to visit her children on her way to the assigned institution and is requesting permission to travel between January 28, 2011, and February 1, 2011,” Hart’s letter said.

Sachdeva planned to leave Milwaukee on Friday, stay with her family at an unspecified location until Feb. 1, “and then continue on to the institution,” Hart said.

This is the eighth time since March 2010 that Sachdeva has traveled outside eastern Wisconsin to visit her children. Her previous trip was during the holidays to visit her children..........Source:

http://www.bizjournals.com/milwaukee/blog/2011/01/sachdeva-finally-reporting-to-prison.html

 

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Sachdeva was sentenced 11 years in prison

Nov. 17, 2010 :

Sujata "Sue" Sachdeva was sentenced Wednesday to 11 years in prison for embezzling $34 million from the Milwaukee stereo headphone manufacturer.

Sachdeva said:

  • I stand before you today truly remorseful. You have been my family, my friends and my co-workers for many years.
  • I know you have been deeply hurt by my dishonesty in ways I never intended
  • I have lost everything that was dear to me - my marriage, my children, my career, my friends, my home, and finally, my freedom.
  • I sincerely hope that everybody I hurt - Mr. Michael Koss, the employees, stockholders - can find it in their hearts to forgive me," Sachdeva said, sobbing as she spoke.

Sujata will remain free while she gives testimony in lawsuits related to the embezzlement. Dr. Ramesh Sachdeva sat directly behind his wife, in the first row of the courtroom, listening intently, at times leaning forward as she spoke and as her attorneys argued on her behalf. Ramesh Sachdeva declined a request for comment.

On Friday, her husband, Dr. Ramesh Sachdeva, a physician at Children's Hospital of Wisconsin, filed for divorce in Ozaukee County.

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Indian American faces 20-year jail for embezzling $34 mn from company

Washington, July 30, 2010:

A former Indian-American executive, who "engaged in irrational and excessive buying sprees", faces up to 20 years in jail after pleading guilty to embezzling $34 million from stereo headphone manufacturer Koss Corporation where she worked as vice president, finance.

Sachdeva, 46, pleaded guilty to all the six counts of wire fraud, for which she was charged early this year, before a Milwaukee court in Wisconsin Tuesday. US District Judge Lynn Adelman accepted her guilty plea to all six counts of felony fraud in connection with the federal government's $34 million embezzlement case against her and set a sentencing date of Oct 22.

Each charge against Sachdeva carries a maximum penalty of 20 years in prison and a fine of $250,000. Each charge also carries a mandatory special assessment of $100 and a maximum term of supervised release to follow any term of confinement of up to five years.

She has also agreed to pay an estimated $34 million in restitution to Koss under a plea deal that calls for at least five years in prison, although prosecutors may recommend a much longer sentence. Sachdeva has been free on a $50,000 signature bond since she was charged in December.

The government plans to auction more than 22,000 items of luxury clothing, shoes, jewellery, furs and art objects that Sachdeva bought with the stolen money. Koss will receive the proceeds of the auction. No date has been set for the online auction, which needs the approval of the court.

After the hearing, her attorney Michael F. Hart stood beside Sachdeva on the steps of the federal courthouse and read her statement, according to Milwaukee Sentinel Journal.

In it, Sachdeva, 46, said she most regrets the pain and public embarrassment she caused her husband and two young children. Ramesh Sachdeva, a paediatrician who is an executive with Children's Hospital of Wisconsin, was in court Tuesday with his wife.

"Ms. Sachdeva engaged in irrational and excessive buying sprees that escalated over time," the statement says. "When the bills piled up, she took money from her employer to pay for her purchases."

"A large portion of the funds were used to pay for items that Sue Sachdeva never possessed, clothes she never wore and items she never picked up."

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Indian American executive pleads guilty to stealing $34 mn

Washington, July 29, 2010:

A former Indian-American executive faces up to 20 years in jail after pleading guilty to stealing $34 million from stereo headphone manufacturer Koss Corporation for her "irrational and excessive buying sprees".

Sujata Sachdeva, 46, a former vice president of finance at Koss Corporation, pleaded guilty to all the six counts of wire fraud, for which she was charged early this year, before a Milwaukee court in Wisconsin Tuesday.

US District Judge Lynn Adelman accepted her guilty plea to all six counts of felony fraud in connection with the federal government's $34 million embezzlement case against her and set a sentencing date of Oct 22.

Each charge against Sachdeva carries a maximum penalty of 20 years in prison and a fine of $250,000. Each charge also carries a mandatory special assessment of $100 and a maximum term of supervised release to follow any term of confinement of up to five years.

She has also agreed to pay an estimated $34 million in restitution to Koss under a plea deal that calls for at least five years in prison, although prosecutors may recommend a much longer sentence.

Sachdeva has been free on a $50,000 signature bond since she was charged in December.

The government plans to auction more than 22,000 items of luxury clothing, shoes, jewellery, furs and art objects that Sachdeva bought with the stolen money. Koss will receive the proceeds of the auction. No date has been set for the online auction, which needs the approval of the court.

After the hearing, her attorney Michael F. Hart stood beside Sachdeva on the steps of the federal courthouse and read her statement, according to Milwaukee Sentinel Journal.

In it, Sachdeva, 46, said she most regrets the pain and public embarrassment she caused her husband and two young children. Ramesh Sachdeva, a paediatrician who is an executive with Children's Hospital of Wisconsin, was in court Tuesday with his wife.

"Ms. Sachdeva engaged in irrational and excessive buying sprees that escalated over time," the statement says. "When the bills piled up, she took money from her employer to pay for her purchases."

"A large portion of the funds were used to pay for items that Sue Sachdeva never possessed, clothes she never wore and items she never picked up."

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Sujata Sachdeva, vice president of finance at Koss was charged with wire fraud

Dec. 21, 2009

Sujata Sachdeva, vice president of finance at Koss since 1992, was charged with wire fraud' Sachdeva is accused of improperly using company funds on shopping sprees that included:

  • $1.3 million in clothing from a single store in Mequon.
  • $130,000 in jewelry
  • $600,000 from a bridal store in Milwaukee

FBI agents arrested Sachdeva on Monday and found a number of clothing items, some with price tags still on them. Some of the items cost $2,000 apiece

In the fiscal year ended June 30, the company reported making $2 million on $38.2 million in sales. The firm reported a $566,000 profit in its most recent quarter, ended Sept. 30.

Earlier Monday, the Nasdaq stock exchange halted trading in Koss shares at the company's request. Shares last traded Monday at $5.51, down from an adjusted 52-week high of $7.89 in mid-April. The stock recently split.

Sujata Sachdeva, was paid $173,734 by Koss Corp. in total compensation in fiscal 2009 and $206,462 in fiscal 2008

She is on the board of trustees of Cardinal Stritch University and the board of directors of Big Brothers Big Sisters of Metro Milwaukee.

Her husband, Ramesh C. Sachdeva, a pediatrician and a vice president at Children's Hospital of Wisconsin. Ramesh Sachdeva also is a Marquette University Law School graduate and an adjunct professor there.

 

 

 

 

Sujata Sachdeva

Sachdeva was sentenced 11 years in prison for embezzling $34 million from the Milwaukee stereo headphone manufacturer.