Sujata “Sue” Sachdeva, an executive with Koss Corporation since 1992, has been charged with massive credit fraud for an estimated $20 million in unauthorized credit card transactions.   Koss Corp., makers of headphones, CD players and other electronics, reported revenues of 38.2 million in 2008.

Sachdeva has acknowledged to the FBI that she falsified documents and that she had transferred money to her credit card account.  With no restraint Sachdeva shopped at the best stores and bought the best clothes.

In one shop, Valentina Boutique in Mequon, Wisconsin, Sachdeva purchased nearly $1.4 million worth of merchandise, racking up bills on clothes, furs and jewelery.  Other boutique bills ranged well into the hundreds of thousands of dollars.  With no restriction it is reported that her bills are; $670,000 at a women’s shop Au Courant in Milwaukee, $649,000 from Zita Bridal Salon in Wisconsin, and $255,000 at the Karat 22 Jewellers in Houston, Texas.

The Vice President of Finance, Sachdeva is also involved in the local community.  She is a graduate of Marquette University Law School where she is an adjunct professor, member of the Big Brothers Big Sisters acting as a board member, and a Cardinal Stritch University Trustee.  She certainly doesn’t fit the profile of an embezzler or fraudster.

How They Found Out

American Express became wise to the alleged fraud when they noticed that a personal credit card account was being paid with wire transfers from a Koss bank account.  American Express then contacted Michael Koss, Chief Executive and owner of Koss Corp. telling him of

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The UK economy has officially come out of recession, with new figures showing it started to grow in the last three months of last year. However, the economy only just clawed its way out of the worst recession since records began, with painfully small growth of just 0.1%, figures from the Office for National Statistics (ONS) reveal.

That’s a far cry from the predicted 0.4%, although even that had been described as fragile recovery. In fact, it’s causing some commentators to worry that we’re heading for a so-called double-dip recession and could re-enter negative growth.

Germany, France, Japan and the US all began growing again last year, but the UK has trailed behind, making it one of the last major economies to exit recession.

The country plunged into official recession in the second quarter of 2008 and shrank by 6% over the 18 months.

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Whether you have recently been laid off due to downsizing or you’re actively seeking another position outside your current company it is important to have a 401k exit strategy.  When you signed up for a 401k you took the first step toward saving money in a tax-deferred vehicle which you more than likely want to use for retirement.  Unfortunately, 401k plans are not portable (although they should be).  Thus, you’ve got to decide what to do with your old 401k.  Get it wrong, and you could be stuck with massive early withdrawal penalties.  Here are a few tips on how to move your 401k from it’s current location without losing the valuable tax-deferral.

Do Not Cash Out Your 401k!

Unless you’re at least 59 1/2 years old, cashing out will expose you to a 10% early withdrawal penalty in addition to regular income tax (assuming you have a traditional 401k;  if it’s a Roth 401k you’ll just owe the penalty).   These penalties exist to prevent you from sabotaging your own retirement by spending money you’ll need to survive in your golden years.

Rolling Over Your 401k To Another 401k

If your new 401k has stellar investment options (perhaps it’s full of Vanguard funds), you might consider rolling your old 401k over into your new one.  Your new plan’s 401k administrator can help you make the transfer.  Important: Be sure the check is made out directly to your new plan administrator on your behalf and not to you personally.  If it’s not, 20% will be withheld for taxes and you’ll be responsible for fronting than 20% within 60 days lest it be considered a taxable withdrawal by the IRS.

Rolling Over To An IRA

Rolling over to an IRA is by far the best choice for most investors. The advantages of investing in a

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2010 was earmarked by many experts as the year that would kick off the start of recovery in the moribund mortgage and housing markets. And, with just three weeks of the year under our belts, indicators are suggesting this could indeed be the case. So is it time for buyers who’ve been waiting in the wings during the downturn to finally make their move?

Signs of life

Well, the mortgage market is looking up. According to the latest data from moneysupermarket.com, the number of individual deals available has smashed the 2,500 mark for the first time since May last year – and marks the third consecutive monthly increase.

While the number of mortgages available is still a far cry from the staggering 30,000 that were up for grabs in the pre-crunch days of 2007, things are at least heading in the right direction.

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The average cost of the ten best personal loans has fallen to its lowest in almost a year, so where are the best deals? It’s been a tough couple of years for people wanting credit but there could be good news ahead for borrowers. Five high street lenders have recently cut what they charge for personal loans, bringing the average rate of the ten best deals down to 8.35%.

Tim Moss, moneysupermarket.com’s head of loans, said; “Perhaps the tide is turning. It has been a long time since there was much good news to talk about in the loans market but the recent moves suggest lenders are willing to open their purse strings just a little wider.”

Artificially high rates

The base rate has been at a historic low of 0.50% since March last year, yet the cost of personal loans remained stubbornly high.

Tim explained: “Whilst other products linked to bank lending have maintained some correlation with the base rate, personal loans have not, and consumers have had to endure artificially high rates for quite some time.

“Looking at average personal loan rates over the last few years really demonstrates the extent to which lenders have been unwilling to take on any risk whatsoever.

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