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August 31, 2010

SEC charges accountants over $30m fraud

The US Securities and Exchange Commission
(SEC) has charged senior accountants Sujata Sachdeva and Julie
Mulvaney with embezzling more then $30m from headphone manufacturer
Koss Corporation.

The SEC alleged that Sachdeva, who was the
vice president of finance and principal accounting officer at Koss
Corporation, stole money from company accounts to make millions of
dollars in payments on her personal credit card.

SEC alleged that, with the assistance of Koss
senior accountant Mulvaney, Sachdeva concealed the theft on Koss’s
balance sheet and income statement by overstating assets, expenses
and cost of sales, and by understating liabilities and sales.

The SEC is seeking a permanent injunction for
both accountants and an order barring Sachdeva from serving as an
officer or director of a public company.

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