India-Forums.TV

[aryan]

BOSTON: US authorities will auction diamond jewellery and luxury clothing owned by an Indian-American woman, who is serving an 11-year prison term for embezzling USD 34 million from a Milwaukee-based firm, where she worked as a top executive, to pay for her "irrational" buying sprees.

More than 300 lots of diamonds, watches and fine jewellery, including an 18-karat white gold diamond necklace, seven carat platinum diamond ring and a Chanel diamond wristwatch, of Sujata 'Sue' Sachdeva will be auctioned by the US Marshals Service on March 19.

The property was seized and forfeited after Sachdeva, 46, was convicted of embezzling USD 34 million dollars from Milwaukee-based headphones company Koss Corp.

Sachdeva, who served as Vice President of finance at Koss, used company funds to pay for her "irrational" buying sprees, which included thousands of personal property items, including luxury clothing and accessories.

She used money from Koss' bank accounts to fund numerous cashier's checks as well as pay for hotels, airline tickets, renovations and improvements to her home.

She was sentenced to 11 years in prison last November. Proceeds from the auction will be used to compensate the victims of the fraud.

The US Marshals Service is responsible for managing and selling seized and forfeited properties illegally acquired by criminals.