Koss Settles Claims Against Former Auditor Grant Thornton

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Cary Spivak – Milwaukee Journal Sentinel Koss Corp. collected $8.5 million from Grant Thornton, the accounting firm that audited Koss’ books during a portion of the time that Sujata “Sue” Sachdeva was stealing millions from the company. The payment made Wednesday settles a lawsuit filed in Cook County, Ill., in which Koss charged Grant Thornton…

Compliance Week: Koss Embezzlement and Small Company Internal Controls

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Today’s Compliance Week article, “SEC Pursues Small Company Over Lax Internal Controls,” [subscription required] discusses the SEC settlement with Koss Corp over the $34 million embezzlement by former Vice President of Finance Sujata (Sue) Sachdeva. The article explains the settlement, which is essentially a clawback of some of Michael Koss’s compensation:

Koss Fraud: We Didn’t Bother to Look at the Endorsements On Our Own Checks, But Grant Thornton Should Have!

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The latest news in the Koss Corporation fraud committed by ex-VP of Finance Sue Sachdeva is a lawsuit filed by the company against Sachdeva and auditors Grant Thornton. It’s unlikely that the company will collect much from Sachdeva, but the auditors are a great target because they have deep pockets (especially in the form of…

More Fallout From Koss Fraud, But Michael Koss Stays on Strattec Board

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The latest news related to the $31 million fraud committed by Koss Corp.’s ex-VP of Finance Sue Sachdeva is activity at Strattec. Laughably, Michael Koss was the chairman of Strattec’s audit committee since 2003. In January, he was removed as head of that committee, but still remains on the board and on the audit committee.…

Koss Says They’ll Be More Profitable Now That Their VP of Finance Isn’t Stealing $31 Million From Them

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Koss Corporation (NASDAQ:KOSS) filed a 10-Q with the Securities and Exchange Commission yesterday that pointed out the obvious… Now that their VP of Finance isn’t stealing at least $31 million from them, they think they’ll be more profitable. The company says they’ll be restating the financial statements for the fiscal years ended June 2008 and…