Oh My Fraud

I want to thank Caleb Newquist, co-host of the enlightening, entertaining, and educational Oh My Fraud podcast for joining our Forensic Accounting and Auditing class last night (8/1/2024) at the University of Denver - Daniels College of Business. We talked life, careers, journalism, podcasting... and, yes, we even talk fraud. Caleb, once a CPA, whose career has taken him down alternate paths, offered the students an honest and unique perspective to their many questions. Such a great opportunity for students to hear, and learn, through a different prism. It's an added benefit when some of this knowledge affirms what we have learned in class 😉. If you ever have the opportunity to speak to a college class - take it. Students really enjoy hearing experiences from the real world.

There are many good podcasts. So where do you start? We compiled a list of 💥12 podcast episodes that deliver value-added content for investigators in the private industry. These episodes, in our opinion, provide and professionally relay some of the most relevant industry insights and case studies applicable to investigative work. So listen in your car while on surveillance or when you're taking your lunch break and let us know what you think. And to these podcasters (and their guests!), thanks for putting out the content you do. This list wouldn't be possible without you.

Fun fact: Amway, the well-known multi-level marketing company, was once charged by the FTC? In a recent episode of Oh My Fraud, Greg Kyte, CPA and I discussed how Amway's focus on recruitment over product sales got them in legal trouble. In 1979, the FTC ruled that Amway was not a pyramid scheme, but the ruling gave birth to the "70 percent rule." This rule states that for an MLM to be compliant, at least 70% of all goods sold must be purchased by non-distributors. The problem? The 70 percent rule is incredibly hard to track. Distributors, often not trained in accounting or inventory management, are expected to report whether they've sold 70% of their products to outsiders. And when asked, they'll probably just say, "Yep." 🤷♂️ As we discussed in the episode, this lack of oversight can lead to distributors stocking up on inventory in their garages, hoping to sell it to people outside the company. But without proper tracking, it's hard to know if they're actually meeting the 70 percent threshold. Listen to full episode at the link below 👇 or wherever you get podcasts. #pyramidschemes #fraud #amway

I update you on two high-profile fraud cases - one led to a conviction, one to an acquittal. Auditors didn’t help in either case to warn investors.

A full house here at LSU for the annual Fraud and Forensic Accounting Conference . It’s a return visit for me and attendees and paid subscribers to The Dig get my slides! This year I will be talking about how Hindenburg Research did it at Tingo and Adani! Please subscribe to The Dig! Https://TheDig.Substack.com

I finally made it to the Collin Street Bakery! As a forensic accountant, I had heard about the multi-million dollar "Fruitcake Fraud" years ago, so I made sure to stop by on my way back from the Texas Society of CPAs Annual Meeting in Frisco. If you haven't heard this fraud story, you can get CPE for listening to it on the Oh My Fraud podcast (episode 23) and taking a short quiz via Earmark .

🎙️ New Oh My Fraud coming to headphones near you. As a co-teacher of Stanford University’s Introduction to Cybersecurity 🔐course, Riana Pfefferkorn regularly had to guide enterprising students away from violating the law. It was our episode on wire fraud 💼 🔍 that initially caused her to reach out to us, and since she sounded fun, Greg Kyte, CPA and I invited her on the show. In our conversation, we discuss Jeff Skilling, cybersecurity, hacker movies, and more. Thanks to MakersHub, RightRev and Settle for sponsoring this episode. Listen at the link below 👇 or wherever you get podcasts.  #Cybersecurity #Podcast #fraudprevention #enron #wirefraud

Jacksonville Jaguars Employee Steals $22 Million From Team A $95,000 watch, a $36,000 putter used by Tiger Woods, and $2.1 million blown on crypto and NFTs. As Greg Kyte, CPA and I discussed on a recent episode of Oh My Fraud, that's just a glimpse into how Amit Patel, a former Jacksonville Jaguars employee, spent the $22 million he stole from the team. Patel, who had a bit of a gambling problem, also spent almost $80,000 on private jets and splurged on trips, vacations, and a $265,000 condo in Ponte Vedra Beach, Florida. He even paid $275,000 to keep a criminal defense attorney on retainer—you know, just in case. What's wild is that Patel went to great lengths to hide his extravagant lifestyle at work. He didn't wear flashy clothes or boast about his private jet adventures. Maybe he picked up some tips on detecting fraud while working at Deloitte. Ultimately, Patel blew about $5 million on his lavish expenses and lost the other $17 million gambling on FanDuel and DraftKings. His excuse? He was trying to win back the money he stole to cover his losses. Spoiler alert: it didn't work out. Naturally, he didn't even report the stolen $22 million on his tax return, so as Greg pointed out, that made matters only slightly worse.

Jumping Through Hoops: The PPP Loan Forgiveness Maze #accounting #accountant #accountingmajor #business #businesspodcast #podcast

Exposed Dana's Dank Pies and the PPP Scandal #accounting #accountant #accountingmajor #business #businesspodcast #podcast