|
|
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| SEC.gov | Koss Corporation and Michael J. Koss |
| |
| |
| |
| |
| |
| |
| |
| !function(){var e=navigator.userAgent,a=document.documentElement,n=a.className;n=n.replace("no-js","js"),/iPad|iPhone|iPod/.test(e)&&!window.MSStream&&(n+=" ua-ios"),a.className=n}(); |
| {"path":{"baseUrl":"\/","pathPrefix":"","currentPath":"node\/511946","currentPathIsAdmin":false,"isFront":false,"currentLanguage":"en"},"pluralDelimiter":"\u0003","suppressDeprecationErrors":true,"gtag":{"tagId":"","consentMode":false,"otherIds":[],"events":[],"additionalConfigInfo":[]},"ajaxPageState":{"libraries":"eJxdT0GOwzAI_JBdn_oei2DkeINNZLC22devlaZS2wtiBhhmcKNUTPo97jxyaXEH3GJpiZrFhQW38A4cMqgeYQGlV19JFTKpQ-kUmvQKXP7I0cO4tC2kPnbg2wVdFslM0SCHPMs3vsEPPD7J6hgOGdPCKJyoRxxqUuePHjLLAuzVjimenRJGSLW08NoBK9LUn6SHlrytVOlcpJShB63QLSpBx_WkOzHNePol4fRQo_qMPvQ36ZXsAmd99lMNr2t_GUR9n60EyX9a_wePd5ns","theme":"uswds_sec","theme_token":null},"ajaxTrustedUrl":[],"gtm":{"tagId":null,"settings":{"data_layer":"dataLayer","include_classes":false,"allowlist_classes":"","blocklist_classes":"","include_environment":false,"environment_id":"","environment_token":""},"tagIds":["GTM-TD3BKV"]},"data":{"extlink":{"extTarget":false,"extTargetAppendNewWindowDisplay":true,"extTargetAppendNewWindowLabel":"(opens in a new window)","extTargetNoOverride":false,"extNofollow":false,"extTitleNoOverride":false,"extNoreferrer":false,"extFollowNoOverride":false,"extClass":"0","extLabel":"(link is external)","extImgClass":false,"extSubdomains":true,"extExclude":".*\\.gov|http:\/\/www.xbrl.org\/utr\/2013-05-17\/utr.xml|http:\/\/www.xbrl.org\/dtr\/type\/numeric-2009-12-16.xsd|http:\/\/www.xbrl.org\/dtr\/type\/nonNumeric-2009-12-16.xsd|https:\/\/secir.secure.force.com\/ombudsman\/OMMSForm","extInclude":"","extCssExclude":".data-exempt","extCssInclude":"","extCssExplicit":"","extAlert":true,"extAlertText":"You are now leaving the SEC Website. The link you have selected is located on another server. Please click on the OK button below to proceed to the selected site. The SEC does not endorse this web site, its sponsor, or any of the policies, activities, products, or services offered on the site or by any advertiser on the site.","extHideIcons":false,"mailtoClass":"0","telClass":"","mailtoLabel":"(link sends email)","telLabel":"(link is a phone number)","extUseFontAwesome":false,"extIconPlacement":"append","extPreventOrphan":false,"extFaLinkClasses":"fa fa-external-link","extFaMailtoClasses":"fa fa-envelope-o","extAdditionalLinkClasses":"","extAdditionalMailtoClasses":"","extAdditionalTelClasses":"","extFaTelClasses":"fa fa-phone","allowedDomains":null,"extExcludeNoreferrer":""}},"user":{"uid":0,"permissionsHash":"e506dfd1572f94bd1f339f1a7483bfbded31d4a9d2bdfdca3fdbc235153380ee"}} |
| |
| |
| |
| |
| |
|
|
| |
| |
|
|
| |
| |
|
|
| |
| Skip to search field |
| |
|
|
| |
| Skip to main content |
| |
|
|
| |
|
|
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| An official website of the United States government |
| Here’s how you know |
| |
| |
| Here’s how you know |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Official websites use .gov |
| |
| |
| A .gov website belongs to an official government organization in the United States. |
| |
| |
| |
| |
| |
| |
| |
| |
| Secure .gov websites use HTTPS |
| |
| |
| A lock |
| ( Lock A locked padlock ) |
| or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites. |
| |
| |
| |
| |
| |
| |
| |
|
|
| |
|
|
| |
| |
|
|
| |
| |
| |
| SEC homepage |
| |
| |
| |
| |
|
|
| |
| Menu |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| |
|
|
| |
| Close |
| |
| |
| |
|
|
| |
| |
|
|
|
|
| |
|
|
| |
| |
| Search SEC.gov & EDGAR |
| |
| |
| |
| |
| |
| Search |
| |
| |
| |
|
|
|
|
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Search Filings |
| |
| |
| |
| |
| |
| |
| |
| |
| Search Filings |
| |
| |
| |
| |
| |
| |
| |
| |
| Full Text Search |
| |
| |
| |
| |
| |
| Latest Filings |
| |
| |
| |
| |
| |
| Mutual Fund Search |
| |
| |
| |
| |
| |
| Variable Insurance Products Search |
| |
| |
| |
| |
| |
| SIC Codes |
| |
| |
| |
| |
| |
| CIK Lookup |
| |
| |
| |
| |
| |
| Public Dissemination Service (PDS) |
| |
| |
| |
| |
| |
| Search Assistance |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| Submit Filings |
| |
| |
| |
| |
| |
| |
| |
| |
| Submit Filings |
| |
| |
| |
| |
| |
| |
| |
| |
| EDGAR Filer Management Portal |
| |
| |
| |
| |
| |
| EDGAR Filing Portal |
| |
| |
| |
| |
| |
| Online Forms Management Portal |
| |
| |
| |
| |
| |
| EDGAR Next |
| |
| |
| |
| |
| |
| Forms Index |
| |
| |
| |
| |
| |
| Filer Support & Resources |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| Data & Research |
| |
| |
| |
| |
| |
| |
| |
| |
| Data & Research |
| |
| |
| |
| |
| |
| |
| |
| |
| Data Library |
| |
| |
| |
| |
| |
| Statistics & Data Visualizations |
| |
| |
| |
| |
| |
| Structured Data |
| |
| |
| |
| |
| |
| Investment Management Data |
| |
| |
| |
| |
| |
| Open Data at the SEC |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| Rules, Enforcement, & Compliance |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Rules & Regulations |
| |
| |
| |
| |
| |
| |
| |
| |
| Rulemaking Activity |
| |
| |
| |
| |
| |
| Submit Public Comments |
| |
| |
| |
| |
| |
| Staff Guidance |
| |
| |
| |
| |
| |
| No-Action, Interpretive, and Exemptive Letters |
| |
| |
| |
| |
| |
| Self-Regulatory Organization Rulemaking |
| |
| |
| |
| |
| |
| Public Petitions for Rulemaking |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Enforcement & Litigation |
| |
| |
| |
| |
| |
| |
| |
| |
| Litigation Releases |
| |
| |
| |
| |
| |
| Administrative Proceedings |
| |
| |
| |
| |
| |
| Administrative Law Judge Orders and Initial Decisions |
| |
| |
| |
| |
| |
| Trading Suspensions |
| |
| |
| |
| |
| |
| Distributions to Harmed Investors |
| |
| |
| |
| |
| |
| Receiverships |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Compliance |
| |
| |
| |
| |
| |
| |
| |
| |
| Examination Priorities |
| |
| |
| |
| |
| |
| Risk Alerts |
| |
| |
| |
| |
| |
| Compliance Outreach Program |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Proposed Rules |
| |
| |
| |
| |
| |
| What's New |
| |
| |
| |
| |
| |
| Whistleblower Program |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| Featured Topics |
| |
| |
| |
| |
| |
| |
| |
| |
| Featured Topics |
| |
| |
| |
| |
| |
| |
| |
| |
| Crypto Task Force |
| |
| |
| |
| |
| |
| Cybersecurity |
| |
| |
| |
| |
| |
| Market Structure Analytics |
| |
| |
| |
| |
| |
| Saving and Investing for Military Personnel |
| |
| |
| |
| |
| |
| Saving and Investing for Teachers |
| |
| |
| |
| |
| |
| SEC-CFTC Harmonization Initiative |
| |
| |
| |
| |
| |
| Treasury Clearing Implementation |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| About |
| |
| |
| |
| |
| |
| |
| |
| |
| About |
| |
| |
| |
| |
| |
| |
| |
| |
| Mission |
| |
| |
| |
| |
| |
| Commissioners |
| |
| |
| |
| |
| |
| Divisions & Offices |
| |
| |
| |
| |
| |
| Division & Office Directors |
| |
| |
| |
| |
| |
| Advisory Committees |
| |
| |
| |
| |
| |
| Budget & Performance |
| |
| |
| |
| |
| |
| Reports & Publications |
| |
| |
| |
| |
| |
| Commission Votes |
| |
| |
| |
| |
| |
| Contact the SEC |
| |
| |
| |
| |
| |
| Careers |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| Submit a Tip or Complaint |
| |
| |
| |
| |
| |
|
|
|
|
|
|
|
|
| |
|
|
| |
| |
| |
| |
| |
| Newsroom |
| |
| |
| | |
| |
| |
| Investors |
| |
| |
| Small Businesses |
| |
| |
| Whistleblowers |
| |
| |
| |
|
|
|
|
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| Newsroom |
| |
| |
| | |
| |
| |
| Investors |
| |
| |
| Small Businesses |
| |
| |
| Whistleblowers |
| |
| |
| |
|
|
|
|
| |
|
|
| |
| |
| |
|
|
|
|
| |
|
|
| |
| |
| Search SEC.gov & EDGAR |
| |
| |
| |
| |
| |
| Search |
| |
| |
| |
|
|
|
|
| |
|
|
|
|
| |
| |
| |
|
|
| |
| |
| |
|
|
|
|
| |
| |
| |
| |
|
|
| |
|
|
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| More in this Section |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| Enforcement & Litigation |
| |
| |
| |
| |
| |
| |
| Litigation Releases |
| |
| |
| |
| |
| Administrative Proceedings |
| |
| |
| |
| |
| Administrative Law Judge Orders and Initial Decisions |
| |
| |
| |
| |
| Trading Suspensions |
| |
| |
| |
| |
| Distributions to Harmed Investors |
| |
| |
| |
| |
| Receiverships |
| |
| |
| |
| |
| Electronic Filings in Administrative Proceedings (eFAP) |
| |
| |
| |
| |
| Rules of Practice |
| |
| |
| |
| |
| Applications for Reentry |
| |
| |
| |
| |
| Reports of Investigations |
| |
| |
| |
| |
| Whistleblower Program |
| |
| |
| |
| |
| Public Alert: Unregistered Soliciting Entities (PAUSE) |
| |
| |
| |
| |
| SEC Action Lookup - Individuals (SALI) |
| |
| |
| |
| |
| Enforcement Data Delivery Standards |
| |
| |
| |
| |
| Small Businesses |
| |
| |
| |
| |
| Appellate Briefs |
| |
| |
| |
| |
| Amicus / Friend of the Court Briefs |
| |
| |
| |
| |
| |
| |
|
|
|
|
|
|
|
|
| |
|
|
| |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| Enforcement & Litigation |
| |
| |
| |
| |
| |
| |
| Litigation Releases |
| |
| |
| |
| |
| Administrative Proceedings |
| |
| |
| |
| |
| Administrative Law Judge Orders and Initial Decisions |
| |
| |
| |
| |
| Trading Suspensions |
| |
| |
| |
| |
| Distributions to Harmed Investors |
| |
| |
| |
| |
| Receiverships |
| |
| |
| |
| |
| Electronic Filings in Administrative Proceedings (eFAP) |
| |
| |
| |
| |
| Rules of Practice |
| |
| |
| |
| |
| Applications for Reentry |
| |
| |
| |
| |
| Reports of Investigations |
| |
| |
| |
| |
| Whistleblower Program |
| |
| |
| |
| |
| Public Alert: Unregistered Soliciting Entities (PAUSE) |
| |
| |
| |
| |
| SEC Action Lookup - Individuals (SALI) |
| |
| |
| |
| |
| Enforcement Data Delivery Standards |
| |
| |
| |
| |
| Small Businesses |
| |
| |
| |
| |
| Appellate Briefs |
| |
| |
| |
| |
| Amicus / Friend of the Court Briefs |
| |
| |
| |
| |
| |
| |
|
|
|
|
|
|
|
|
| |
|
|
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Home |
| |
| |
| Enforcement and Litigation |
| |
| |
| Litigation Releases |
| |
| |
| Koss Corporation and Michael J. Koss |
| |
| |
| |
|
|
| |
|
|
| |
|
|
| |
| |
| |
| Koss Corporation and Michael J. Koss |
| |
|
|
| |
| |
|
|
|
|
| |
| |
| |
| |
| |
| |
| |
|
|
| |
|
|
| |
| |
| U. S. SECURITIES AND EXCHANGE COMMISSION |
|
|
| Litigation Release No. 22279 / March 9, 2012 |
|
|
| Accounting and Auditing Enforcement Release No. 3368 / March 9, 2012 |
|
|
| SEC v. Koss Corporation and Michael J. Koss., Civil Case No. 2:11-cv-00991, USDC, E.D., Wisc. |
|
|
| DISTRICT JUDGE APPROVES SEC SETTLEMENT WITH KOSS CORPORATION AND MICHAEL J. KOSS, ITS CEO AND FORMER CFO |
|
|
| On February 22, 2012, the Honorable Rudolph T. Randa, U.S. District Judge for the Eastern District of Wisconsin, approved the settlement of the Securities and Exchange Commission's Complaint against Koss Corporation ("Koss"), located in Milwaukee, Wisconsin, and Michael J. Koss, its CEO and former CFO. The case is based on Koss Corporation's preparation of materially inaccurate financial statements, book and records, and lack of adequate internal controls from fiscal years 2005 through 2009. The S.E.C. responded to a letter dated December 20, 2011, in which the District Judge Randa requested that the S.E.C. address concerns about the proposed settlement. Based on the S.E.C.'s response, District Judge Randa stated the Court was "satisfied that the injunctions are sufficiently specific⦠[and] that the proposed final judgments are fair, reasonable, adequate, and in the public interest." The Injunctive Orders: |
|
|
| (1) Enjoin Koss from violating and Michael J. Koss from aiding and abetting violations of the reporting, books and records and internal controls provisions (Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Securities Exchange Act of 1934 and Rules 12b-20, 13a-1, 13a-11 and 13a-13) of the federal securities laws and Michael J. Koss from violating the certification provision (Section 13a-14 of the Exchange Act) and |
|
|
| (2) Order Michael J. Koss to reimburse Koss $242,419 in cash and 160,000 of options pursuant to Section 304 of the Sarbanes-Oxley Act. This bonus reimbursement, together with his previous voluntary reimbursement of $208,895 in bonuses to Koss Corporation represents his entire fiscal year 2008, 2009 and 2010 incentive bonuses. |
|
|
| The Commission acknowledges the assistance of the U.S. Attorney's Office for the Eastern District of Wisconsin, the Federal Bureau of Investigation and the Public Company Accounting Oversight Board. The Commission considered the cooperation of Koss Corporation and Michael J. Koss in determining to accept their settlement. |
|
|
| For further information about the Complaint, see LR 22138 / AAER 3330 (October 24, 2011). |
|
|
| |
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
| |
|
|
| |
| |
|
|
| |
|
|
| |
| |
| Return to top |
| |
|
|
| |
| |
| SEC homepage |
| |
| |
| |
|
|
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| About the SEC |
| |
| |
| |
| |
| |
| Budget & Performance |
| |
| |
| Careers |
| |
| |
| Commission Votes |
| |
| |
| Contact |
| |
| |
| Contracts |
| |
| |
| |
| |
| |
| |
| |
| Transparency |
| |
| |
| |
| |
| |
| Accessibility & Disability |
| |
| |
| Super Intelligence |
| |
| |
| FOIA |
| |
| |
| Inspector General |
| |
| |
| No FEAR Act Data |
| |
| |
| Ombuds |
| |
| |
| SEC Excess Personal Property Guidance |
| |
| |
| |
| |
| |
| |
| |
| Websites |
| |
| |
| |
| |
| |
| Investor.gov |
| |
| |
| Related Sites |
| |
| |
| USA.gov |
| |
| |
| |
| |
| |
| |
| |
| Site Information |
| |
| |
| |
| |
| |
| Plain Writing |
| |
| |
| Privacy & Security |
| |
| |
| Site Map |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
|
|
|
|
|
|
| |
|
|
| |
| |
| Stay connected. Sign up for email updates. |
| |
| |
| |
| |
| |
| Your email address |
| |
| Sign Up |
| |
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| X |
| |
| |
| |
| |
| |
| |
| |
| Facebook |
| |
| |
| |
| |
| |
| |
| |
| Instagram |
| |
| |
| |
| |
| |
| |
| |
| RSS |
| |
| |
| |
| |
| |
| |
| |
| YouTube |
| |
| |
| |
| |
| |
| |
| |
| Email Updates |
| |
| |
| |
| |
| |
| |
| |
| |
|
|
| |
|
|
| |
|
|
| |
| |
| |
|
|
| |
| |
|
|
