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Family businesses are part of the bedrock of American entrepreneurship. But they carry their own unique risks. In this episode, Caleb and Greg discuss a decades-long successful family business—the Koss Corporation—and the fraud that exploited its close-knit family atmosphere.
Show Notes
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CONNECT WITH THE HOSTS
Greg Kyte, CPA
Twitter: https://twitter.com/gregkyte
LinkedIn: https://www.linkedin.com/in/gregkyte/
Caleb Newquist
Twitter: https://twitter.com/cnewquist
LinkedIn: https://www.linkedin.com/in/calebnewquist/
EMAIL : ohmyfraud@earmarkcpe.com
Sources:
To learn more go to http://ohmyfraud.promo/xero
Thank you to our sponsor RuBook Creative
Use PROMO CODE - OHMY at checkout to receive 10% off your next order
https://www.ohmyfraud.promo/rubook
HOW TO EARN FREE CPE
In less than 10 minutes, you can earn 1 hour of NASBA-approved accounting CPE after listening to this episode. Download our mobile app, sign up, and look for the Oh My Fraud channel. Register for the course, complete a short quiz, and get your CPE certificate.
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode..
Download the app:
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728
Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app
Questions? Need help? Email support@earmarkcpe.com.
CONNECT WITH THE HOSTS
Greg Kyte, CPA
Twitter: https://twitter.com/gregkyte
LinkedIn: https://www.linkedin.com/in/gregkyte/
Caleb Newquist
Twitter: https://twitter.com/cnewquist
LinkedIn: https://www.linkedin.com/in/calebnewquist/
EMAIL : ohmyfraud@earmarkcpe.com
Sources:
- Koss History
- Koss Corporation - Company Profile, Information, Business Description, History, Background Information on Koss Corporation [Reference for Business]
- All The Right Moves [Inc.]
- The Diva [Milwaukee]
- Former Koss Corporation Executive Charged in $31 Million Dollar Fraud [FBI]
- United States of America v. Sujata Sachdeva via Tracy Coenen
- How an embezzler stole millions from a small company [AccountingWeb]
- Theft at Koss blamed on relaxed attitude, lax oversight [MJS]
- SEC v. Koss Corporation and Michael J. Koss [Securities and Exchange Commission]
- Publicly owned and family-run [Family Business]
- Sachdeva pleads guilty, says she regrets fraud [MJS]
- Koss embezzler feared discovery from start [MJS]
- Former Koss Corp. executive Sachdeva sentenced to 11 years in prison [MJS]
- SEC Charges Two Accounting Professionals at Milwaukee-Based Company with Fraud [SEC]
- Koss sues former executive, auditor over alleged embezzlement [MJS]
- Koss settles claims against former auditor Grant Thornton [MJS]
- Sachdeva out of prison after serving six years for stealing $34 million from Koss Corp. [MJS]
- Koss family around $30 million from Reddit-fueled stock market frenzy -- more than the company was worth at the end of 2020 [MJS]
- Koss Corporation 10-K YE June 30, 2022 [SEC]
- John C. Koss, Stereo Headphone Innovator, Is Dead at 91 [NYT]
- Chapter 7 versus Chapter 11: Know the Difference — Investopedia
Creators and Guests
What is Oh My Fraud?
"Oh My Fraud" is a podcast where the true crime is shocking, gruesome, heinous, but with way fewer dead bodies.
Hosted by Caleb Newquist, each episode explores fraud cases from petty swindles to corporate conspiracies, examining the people involved, their motives, methods, and how they spent the loot before it all came to a spectacular, inevitable end.