Koss CEO admits Sachdeva embezzlement made past few years rough
MILWAUKEE- Koss: It's an iconic Milwaukee company that was swindled out of more than $30 million.
Now the head of the Koss corporation is talking for the first time since that embezzlement. He talked with TODAY'S TMJ4 reporter Charles Benson.
"This is the future, this is the revolution," said CEO Michael Koss.
Koss is showing off the company's revolutionary headphone with Wi-Fi technology. The Koss Striva system lets you stream music just about anywhere.
Charles Benson: "You sound pretty excited about this?"
Michael Koss: "Yes it's been four years in the making."
But Koss also admits the last few years have been rough.
In 2009, Koss was rocked by a financial scandal. The company's VP was arrested and later convicted of embezzling $34 million dollars.
Sue Sachdeva went on lavish spending sprees. Many of those luxury items were recently sold. Koss still can't talk about it because of pending lawsuits.
Charles Benson: "What have you learned from all of this as you move forward?"
Michael Koss: "I think you just stick to your knitting, do what you do best. There's a lot of dedicated people here that were affected by that, but we all stuck together and moved forward."
Koss would rather talk about new product than the past. He says that's what has gotten the family-like business through good times and bad for more than 50 years.
"We've gone through some tough times but product is what always makes the difference and product did it here and product did it in the 60s for dad," said Koss
Koss says he's looking forward to the day when he can share his side of the story -- but for now he tells TODAY'S TMJ4 there are a number of pending legal issues that prevent him from saying anything right now.