The Vice President of Finance for Koss embezzled over $30 million and now someone has to pay. Koss is suing American Express for failing to uphold the Bank Secrecy Act under the premise AmEx did not immediately report the suspicious activity.
Since 2008, Sue Sachdeva embezzled money from Koss to pay for a life of luxury. She spent excessively on expensive clothing, exotic furs, shoes, and the finest jewelry. Sachdeva even paid her bills using Koss accounts.
So how was this embezzlement mystery solved? Was it Koss’ internal audit team? How about Sachdeva’s colleagues in finance who knew she was living beyond her means? In the end, it was actually American Express who blew the whistle and brought this embezzlement extravaganza to an end.
Although American Express probably should have acted sooner, this lawsuit portrays the company as negligent villains rather than heroes. This may be a far stretch from the truth… even for a credit card company.
Source: JS Online
Tags: American Express Lawsuit, AmEx, Bank Secrecy Act, JS Online, Koss Sues, Sue Sachdeva
