Mass Gas Articles

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. The fraud scheme was simple: She used the company’s money to buy millions of dollars of clothing and jewelry See the original post: How the VP of Finance at Koss steals millions

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How the VP of Finance at Koss steals millions

No longer can Patrick Byrne, wacky CEO of Overstock.com (NASDAQ:OSTK) claim that those pointing out his lies and materially misleading financial statements are just “miscreants,” operatives of an imaginary “Sith Lord,” or [insert any of a number of Jewish slurs that Byrne is prone to use].  Now national auditing firm Grant Thornton is calling Patrick Byrne and his clowns liars. He’s collecting quite a slew of admirers. Yesterday, Overstock filed an 8-K with the Securities and Exchange Commission regarding their firing of Grant Thornton. Here’s what Overstock.com has to say about the accounting issue that led to the firing, and I have placed in bold the most important part: On October 1, 2009, the Company received a comment letter from the Division of Corporation Finance of the Securities and Exchange Commission (“SEC”) regarding the Company’s 2008 Form 10-K/A and June 30, 2009 Form 10-Q. Go here to read the rest: Grant Thornton to SEC: Overstock.com is lying

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Grant Thornton to SEC: Overstock.com is lying