When Employees Steal, the SEC May Punish the Company and the CEO

Guest Post by Keith Paul Bishop Editor’s Note: This article was originally published on Keith Bishop’s blog, California Corporate & Securities Law on November 23, 2011. It offers us a different view from that of Tracy Coenen regarding the SEC’s action against Michael Koss and Koss Corp. for the embezzlement …

Compliance Week: Koss Embezzlement and Small Company Internal Controls

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 …

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

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 …

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 …