Houston:
A top Indian-American "shopaholic" executive, with a US-based electronic goods firm was fired after she allegedly embezzled a whopping US $20 million from the company fund to pay for lavish lifestyle.
Sujata Sachdeva, Vice President of Finance, Koss Corporation, was arrested by the FBI for embezzling US $4.5 million from Koss in just a few months ago. Sachdeva, who worked at Koss since 1992, claims she is a "shopaholic" or compulsive shopper, a clinical condition known as oniomania.
She was fired on Christmas eve, after a preliminary audit by Koss determined the fraud exceeded US $20 million since 2006.
The Milwaukee-based designer and seller of stereo-phones, plans to restate its financial statements. In a release, Koss said it has fired Sachdeva, who was the company's vice-president of finance and secretary and the primary suspect in the embezzlement.
The company said it also has placed on unpaid administrative leave two members of the company's accounting staff who served under Sachdeva.
Koss said it has expanded the scope of its internal investigation of unauthorised transactions to include fiscal years since 2006 to the present. The company also found several credit card statements in Sachdeva's office, as well a pile of unworn women's luxury clothing with price tags still attached. Sachdeva admitted of falsifying documents and using company funds to pay for personal items.