Koss fraud. Wow, not good.

[Aimless1]

Must be laundering your money again.

[Dreadhead]

Or pimpin'

[n_maher]

For once in a very long while there is actually money going into that account, rather than a continuous stream out of it. I'm as shocked as they are.

[mypasswordis]

Damn, your bottom bitch must not be satisfied anymore and is scheming to undermine you. I think it's time to slap a ho.

[aerius]

For a bit of irony I figured I'd post this example of how financial institutions treat different levels of customers. I went to my bank at lunch and deposited a relatively sizable sum of cash, as in a wad of $100 bills. I just logged into my account to check on the status of a paypal xfer and saw that they had only credited my account with $1000 and that the remainder of the deposit was "under review". WTF is there to review about actual currency?!?

There's actually a reason for that. The banks are hoping that you'll make a big withdrawal or debit from the account soon after the deposit, so they'll hold part or all of it so they can re-arrange the order of your transactions and hopefully ding you with a shitload of overdraft fees. They do that with regular checks, direct deposit paychecks and wire transfers all the fucking time, and in the last year & half or so they've started doing it with cash deposits.

[n_maher]

There's actually a reason for that. The banks are hoping that you'll make a big withdrawal or debit from the account soon after the deposit, so they'll hold part or all of it so they can re-arrange the order of your transactions and hopefully ding you with a shitload of overdraft fees. They do that with regular checks, direct deposit paychecks and wire transfers all the fucking time, and in the last year & half or so they've started doing it with cash deposits.

I've always had it happen with checks and felt it was perfectly reasonable to do so since it's not like they should be at risk for the check I just deposited. But with fracken cash, I mean come on. And you'd think they'd see I have 10x the deposit amount in other, linked accounts...

I mean, I'm not a rich man by any stretch but I've never cost this bank a dime.

[The Monkey]

too bad the market it isn't really free, because then we customers could shoot bank execs until they stopped doing crap like that. i bet it would take three shootings. the first death would probably be chalked up as a fluke, and then the second as a coincidence, but it's hard to ignore a third. congress sure isn't going to do anything about it.

Unfortunately, other bankers would start aggregating these shootings based on level of violence, location, risk to perp, etc. and would then package them as MBSes for sale on the Street. That's right: Murder Backed Securities, bitches!

[aerius]

Unfortunately, other bankers would start aggregating these shootings based on level of violence, location, risk to perp, etc. and would then package them as MBSes for sale on the Street. That's right: Murder Backed Securities, bitches!

We'll just have to adapt the wisdom of Shakespeare to the problem at hand.

The solution is simple; kill all the bankers.

[headphone workshop]

So let me get this straight. She had $4.5 MILLION in credit card debt, she found a way to blow $1.4 million on clothing AT ONE SHOP and another $1.3 million worth of clothing at two other shops. Incredible, deviant, I'll have to look this up in the DSM-IV.

[n_maher]

So let me get this straight. She had $4.5 MILLION in credit card debt, she found a way to blow $1.4 million on clothing AT ONE SHOP and another $1.3 million worth of clothing at two other shops. Incredible, deviant, I'll have to look this up in the DSM-IV.

So let me get this straight, you thought this was a good first post?

[screaming oranges]

that wasn't wisdom, the line "the first thing we do, let's kill all the lawyers" was spoken by Dick when Cade was trying to figure out how to overthrow the rule of law and subject the people of England to a hideous proto-communistic state. people would miss lawyers. nobody would miss bankers.

I.... don't like where this is going...

[jvlgato]

I read this while visiting the in-laws in Wisconsin this weekend: Theft at Koss blamed on relaxed attitude, lax oversight - JSOnline

'the board of directors barely changed in 20-plus years. And where the company's vice president of finance could move around millions of dollars without approval from above.' and

'Until recently, Michael Koss, who studied anthropology at Beloit College, held five corporate titles: vice chairman, chief executive officer, chief operating officer, president and chief financial officer - a combination that makes corporate governance experts cringe. "Having a CEO/CFO that majored in anthropology attesting to the financial statements - that is troubling for obvious reasons," said Daugherty, who is using the Koss case in seeking funding to conduct a case study of corporate oversight.'

Interesting how the business is run - very family run business with little oversight. It's too bad someone had to take advantage of them and cheat in this way! But also amazing that no one noticed!

[Audiofiler]

Interesting how the business is run - very family run business with little oversight. It's too bad someone had to take advantage of them and cheat in this way! But also amazing that no one noticed!

Since Koss is known sometimes send out KSC75's in warranty replacement/repair of KSC35's direct to customers, perhaps they presumed no one would notice the happenings behind closed doors.

[cetoole]

That seems completely unrelated. It is entirely normal for companies to replace older products with newer "equivalents" during warranty replacements, and to Koss at least, the KSC75 is probably better than the 35.

[Audiofiler]

That seems completely unrelated. It is entirely normal for companies to replace older products with newer "equivalents" during warranty replacements, and to Koss at least, the KSC75 is probably better than the 35.

Maybe. Nonetheless, I came to understand from Koss that the replacement of the 35's with 75's occurred when Koss had no 35's for replacement. And that was the reasoning for the swap. However, when I spoke to Koss in a later conversation, I was advised that they always had secure levels of stock of the 35's but that they were not sold for a time period for reasons not disclosed.

I was one such person that had a pair of 75's sent to me to replace 35's years ago. (I also prefer the 35's to the 75's for their sound and scaleability with amplification) When Koss again started shipping 35's, they were kind of enough to ship me a pair of 35's for my 75's when I shipped them back at my behest.

I hope it works out for Koss in the long run.

I should have posted a smiley along with my post, as it was also in humor as a post.. : )

[Salt Peanuts]

Former Koss Executive Sentenced To 11 Years For Embezzlement - Milwaukee News Story - WISN Milwaukee

The news is a month-old at this point, but I guess this puts at least one closure to this whole thing.

Anyone know if anything has come of Koss suing American Express over this?

[screaming oranges]

That's all she got? Wow. I'm amazed at how lightly the US justice system deals with monetary crimes. It's no wonder the economy is in the state it's in.

[Knuckledragger]

Jack Abramoff served 3 years in a minimum security prison.

[Voltron]

That's all she got? Wow. I'm amazed at how lightly the US justice system deals with monetary crimes. It's no wonder the economy is in the state it's in.

11 years is a very long sentence. I don't know what you are talking about.

[screaming oranges]

11 years is long, I'm not arguing that. I just think it's short for what she did. But then again, I'm no expert in law.

So $34 million... that's one day of jail time per every $8,468.25 stolen.

$352.84 an hour.

Interesting.

[n_maher]

I hope they are at least sending her to federal pound-me-in-the-ass prison and not some cupcake resort/hotel BS.

[CarlSeibert]

Agreed with both Al and Alex. 11 (federal) years is an incredibly long sentence.

The problem is proportionality. We lock people up for that long for relatively minor stuff. That's how we can have a breathtaking incarceration rate, totally skewed government budgets and a high rate of white collar crime all at the same time. Most societies could only manage one or two of those.

[mypasswordis]

I hope they are at least sending her to federal pound-me-in-the-ass prison and not some cupcake resort/hotel BS.

strap-ons?

[Salt Peanuts]

Appearently, she's also agreed to pay $34 million in restitution to Koss after she is out of prison. I wonder how she plans on doing that.

[screaming oranges]

Porn, obviously.