The Milwaukee headphone maker, Koss Corp., has been ordered to hand over the retirement funds of their former employee, Sujata ‘Sue’ Sachdeva, to the US District Court. Sachdeva(47) still owes a restitution balance of $34,000,350. As of June 8, Sachdeva’s 401(k) plan and stock ownership trust had an approximate value of $680,014.64.
HOUSTON – A former Indian-American executive of Koss Corporation, who is serving an 11-year sentence for embezzlement after she admitted to stealing $34 million from the company, will not be getting her retirement benefits worth $700,000.
The Milwaukee headphone maker, Koss Corp., has been ordered to hand over the retirement funds of their former employee, Sujata ‘Sue’ Sachdeva, to the US District Court.
According to US district court in Milwaukee, the retirement funds will go back to Koss Corp., which was the financial victim in Sachdeva’s criminal case.
Sachdeva(47) still owes a restitution balance of $34,000,350.
As of June 8, Sachdeva’s 401(k) plan and stock ownership trust had an approximate value of $680,014.64.
The company will also receive proceeds from US Marshals Service auctions of merchandise Sachdeva bought with company funds.
Sachdeva was arrested in December 2009 at her Mequon home when FBI agents seized all the clothes, shoes and jewellery she bought with the money she embezzled.
Sachdeva, the company’s former vice president of finance, had pleaded guilty to using company funds to pay her personal bills.
