More on Fraud at Koss Corp.

kossToday’s Milwaukee Journal Sentinel provides additional insights into the alleged fraud committed by Koss Corp. VP of Finance Sue Sachdeva. Initially the fraud was estimated at $4.5 million, but that was quickly revised upward to more than $20 million.  It is alleged that Sachdeva spent millions in corporate funds on clothing, jewelry, and other items.

My comments in the article:

Read moreMore on Fraud at Koss Corp.

Koss Financial Records Will Get More Scrutiny in 2010

Doris Hajewski – Milwaukee Journal Sentinel

Koss Corp.’s current loss of millions of dollars due to alleged fraudulent accounting is not the first time the Milwaukee company has suffered because of the actions of a manager.

The 51-year-old family-controlled business went through bankruptcy in the mid-1980s after a manager recommended borrowing large amounts of money to expand the company beyond its core stereo headphone products. Now Koss, publicly traded but still controlled by the founding family, is in the midst of a financial scandal blamed on another manager, its former vice president of finance, who is accused in a federal charge of embezzling $4.5 million from Koss.

Read moreKoss Financial Records Will Get More Scrutiny in 2010

Financial Motive For Arson?

One type of case I really enjoy working is suspected arson. On either a personal or business level, an insurance company may be looking for a motive when arson is supsected. A difficult financial situation is one obvious motive for arson.

Today’s article about a fire at the house of a women accused of defrauding Wisconsin’s child care system brought this to mind. Latasha Jackson has gotten rich off of providing daycare services in the city of Milwaukee. But not just any daycare services. The ones paid for by the Wisconsin Shares program, essentially a welfare program that pays the daycare costs for low income families.

Read moreFinancial Motive For Arson?

How the VP of Finance at Koss Steals Millions

This week Koss Corp (NASDAQ:KOSS) announced that Sujata “Sue” Sachdeva was fired from her position as Vice President of Finance for stealing at least $4.5 million from the company. Two members of the accounting staff Sachdeva supervised were suspended without pay.

And then the estimate of losses went up to $20 million. The theft occurred between 2006 and 2009, and the company has said that none of the financial statements for those years can be relied on.

Read moreHow the VP of Finance at Koss Steals Millions

Why Does the U.S. Postal Service Exist?

ponyexpressBack in the day, a government-run delivery service was a good idea. It put some quality controls in place and made the service more reliable. People could actually count on their letters getting to their final destination.

But in this day and age, the U.S. Postal Service is no longer needed, and I suggest that we get rid of this drain on tax dollars.

Read moreWhy Does the U.S. Postal Service Exist?

Complaint Filed With FTC About Facebook “Privacy” Changes

I’ve been ranting publicly and privately for the last week about Facebook’s new “privacy” options that went into effect last week. I put privacy in quotes because the way things were set up, many Facebook users had information out in the public domain, and they didn’t even know it. The biggest issue for me was … Read more Complaint Filed With FTC About Facebook “Privacy” Changes

InterOil’s Senior Manager for Media Relations Sends Email Threats to Fraud Discovery Institute Co-founder

Press release issued by Fraud Discovery Institute.

FDI demonstrates that InterOil (NYSE:IOC) selectively excludes certain issued press releases from regulatory filing

Susuve Laumaea, Senior Manager for Media Relations at InterOil (NYSE:IOC) in Papua New Guinea has issued at least two press releases on behalf of InterOil Corporation dealing with material exploration operations in PNG, but neither of these official company press releases were filed with the Securities and Exchange Commission, nor do they appear on the company website. In addition, at least one other item appearing to be a press release regarding InterOil and authored by Laumaea has been published on a Papua New Guinea blogger’s website.

Read moreInterOil’s Senior Manager for Media Relations Sends Email Threats to Fraud Discovery Institute Co-founder

The Continuing Mary Kay Cosmetics Con

mksucksMy most popular post on this blog is Mary Kay Cosmetics: Destroying half a million women a year, and with good reason. Each day, thousands of women are searching for information on the Mary Kay “opportunity.” Until a few years ago, the only information they could find was produced by the Mary Kay Spin Machine.

Almost five years ago, women started speaking out about Mary Kay on the internet. My site Pink Truth is the most visited “anti-Mary Kay” site around, and each day, we have thousands of visitors to the site.

Read moreThe Continuing Mary Kay Cosmetics Con

Facebook Privacy Problem: Deactivate Your Account

privacyThis week I’ve been writing about the cyberstalking activities of Judd Bagley on behalf of the Deep Capture website funded by Patrick Byrne, CEO of Overstock.com. In a nutshell, Byrne and company published a list of their enemies, which essentially includes journalists, bloggers, and hedge fund managers who think Overstock.com is a massive failure and aren’t afraid to talk about it.

The enemies list published this week included all the Facebook friends of these enemies, in an apparent attempt to demonstrate the conspiracy to manipulate the stock market these alleged conspirators are involved in.

Read moreFacebook Privacy Problem: Deactivate Your Account