Luxury Fraud in South Florida: A $1.7 Billion Scam

Blake and David dig through the latest accounting news, including the effectiveness of pizza parties in boosting accounting firm morale, the record number of baby boomers reaching retirement age, and the impact on Social Security, as well as the massive amount of COVID-related fraud originating in South Florida. They also take a look at audit integrity issues, the long working hours in accounting, and some of the latest app headlines.

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• (00:22) - Thomson Reuters says pizza parties boost accountants morale
• (03:33) - Trump cheats at golf
• (04:50) - Truth Social goes public
• (07:41) - Grant Thornton sells majority stake to private equity firm
• (12:28) - Almost 20% of all PPP fraud happened in South Florida
• (17:59) - 49ers docked 5th round draft pick for accounting error
• (20:08) - Sam Bankman Freed sentenced to 25 years in prison
• (22:29) - David shares WSJ video on the future of social security
• (31:16) - Tingo audit faulire update
• (41:48) - Big 4 Transparency firm awards
• (50:28) - Blake takes on a Reddit user's problem
• (56:35) - Microsoft Teams combining business and personal offerings
• (57:04) - Thanks for listening and remember to subscribe

Show Notes

FTX Founder Sam Bankman-Fried Sentenced to 25 Years https://www.wsj.com/finance/currencies/sam-bankman-fried-sentencing-ftx-fraud-2d92fce9?st=d45lmr6uc8gg6wc

Trump ‘cheats like a mafia accountant’ at golf, writer who played with him says - pennlive.com https://www.pennlive.com/news/2024/03/trump-cheats-like-a-mafia-accountant-at-golf-writer-who-played-with-him-says.html

Big 4 Transparency - Awards Season 🏆
https://big4transparency.beehiiv.com/p/big-4-transparency-awards-season?utm_source=big4transparency.beehiiv.com&utm_medium=newsletter&utm_campaign=big-4-transparency-awards-season

PCAOB bars Colorado firm Gries & Associates from doing audits | Accounting Today
https://www.accountingtoday.com/news/pcaob-bars-colorado-firm-from-doing-audits

San Francisco 49ers docked 2025 fifth-round draft pick for accounting error | FOX Sports
https://www.foxsports.com/stories/nfl/san-francisco-49ers-docked-2025-fifth-round-draft-pick-for-accounting-error

Grant Thornton gets major PE stake from New Mountain Capital | Accounting Today
https://www.accountingtoday.com/news/grant-thornton-gets-major-pe-stake

How Miami Became a Hub of PPP Fraud After Pandemic

https://www.cpapracticeadvisor.com/2024/03/26/how-miami-became-a-hub-of-ppp-fraud-after-pandemic/103156/

Audit Plan to Flag Illegal Acts Needs Do-Over, Critics Charge

https://news.bloombergtax.com/financial-accounting/audit-plan-to-flag-illegal-acts-needs-do-over-critics-charge

Blackrock larry fink annual letter 8484e68e      

https://www.wsj.com/finance/investing/blackrock-larry-fink-annual-letter-8484e68e

Ahead of sentencing, SBF team argues for 5-6 years in jail because FTX customers will get money back          

https://www.cnbc.com/2024/03/27/sbf-team-argues-for-5-6-year-sentence-ftx-customers-to-get-money-back.html

The Home Stretch: Strategies & insights for today’s tax professionals as their busy season concludes              

https://www.thomsonreuters.com/en-us/posts/tax-and-accounting/home-stretch-tax-professionals/

Trump's social media company rises 16% in first day trading gains, but the stock could fall 95%, says an IPO expert  

https://fortune.com/2024/03/26/trump-social-media-rises-trading-gains-fall-expert/

FTX founder Sam Bankman-Fried gets 25 years in prison           

https://www.bankingdive.com/news/sam-bankman-fried-25-years-prison-fraud-conspiracy-ftx-crypto-sbf-kaplan-alameda/711601/

IRS Criminal Investigation Says COVID-Related Fraud Totaled Nearly $9 Billion

https://www.forbes.com/sites/kellyphillipserb/2024/03/28/irs-criminal-investigation-says-covid-related-fraud-totaled-nearly-9-billion/

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