First Business

September 21, 2013

Scathing report takes Koss leaders to task in Sachdeva case

A scathing report from an expert hired by Park Bank takes the Koss Corp. CEO and its board to task for failing to catch the $34 million embezzlement of Sujata Sachdeva.

In the report filed Thursday, Richard Breeden, former chairman of the U.S. Securities & Exchange Commission, said neither chief executive officer Michael Koss nor Sachdeva were qualified for their jobs, and that the board didnâ;€™t make any serious attempts to oversee management during that time.â;€Âoe;(The embezzlement) resulted fromâ;€¦;

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