A small company with multi-million dollar losses as a result of executive embezzlement finds itself in significant financial jeopardy. Koss, an audio equipment and headphone manufacturer resumed trading of it’s stock on the NASDAQ only to see it’s share price immediately drop 24%.
This news report in the Milwaukee Journal Sentinel lays out some of the grim details. As we noted before, the vice president was stealing money from the company in the biggest corporate embezzlement in years. And she could hardly have been more brazen, leaving incredibly expensive purchases laying around her office.
The company is still piecing together the damages, which took place over a number of years, and could amount to tens of millions of dollars. She is currently charged with federal felony embezzlement of $4.5 million dollars, but that number is expected to significantly rise as the company totals up huge unauthorized transactions on American Express charges.
Koss hopes to recover some of the funds by seizing much of the high end merchandise and clothing she purchased.
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