Indian-American guilty in fraud case

Washington: An Indian-American woman executive has pleaded guilty to defrauding her company of $34 million to pay for her “irrational” buying sprees and faces up to 20 years in jail on conviction.

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 on Tuesday.

“Ms Sachdeva recognises the harm she has caused to her employers, the company shareholders, her colleagues and her friends, but she most regrets the pain and public embarrassment she has caused to her husband, Ramesh, and their two young children,” said her attorney.

According to the indictment, Ms. Sachdeva authorised numerous wire transfers of funds from her company's bank accounts to buy clothing, purses, shoes, jewellery, automobiles, statues and household furnishings. — PTI