Oh My Fraud

When a big company fails due to fraud and it seems that a big audit firm dropped the ball, it won’t be long until Steve Thomas shows up to sue their pants off. Caleb and Greg talk to Steve about how his career evolved from becoming a partner at a white shoe law firm to starting a specialty practice that sues audit firms that have failed to detect frauds, and winning big settlements for his clients. SponsorsTri-Merit - https://ohmyfraud.promo/trimeritLiveFlow - https://ohmyfraud.promo/liveflowSouth Carolina Association of CPAs (SCACPA) - https://ohmyfraud.promo/scacpaLearn More About Steven Thomas:https://tafattorneys.com/The beach-house lawyer calling big auditors to accountHOW TO EARN FREE CPEIn less than 10 minutes, you can earn 1 hour of NASBA-approved accounting CPE after listening to this episode. Download our mobile app, sign up, and look for the Oh My Fraud channel. Register for the course, complete a short quiz, and get your CPE certificate.Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appQuestions? Need help? Email support@earmarkcpe.com.CONNECT WITH THE HOSTSGreg Kyte, CPATwitter: https://twitter.com/gregkyteLinkedIn: https://www.linkedin.com/in/gregkyte/Caleb NewquistTwitter: https://twitter.com/cnewquistLinkedIn: https://www.linkedin.com/in/calebnewquist/

Dive into the intriguing rise and spectacular fall of Inigo Philbrick, a once-prominent player in the art world. Discover how his glamorous persona and risky deals led to multiple lawsuits and chaotic ownership claims. Unravel the secrets of art-backed loans and forged documents that fueled his downfall. Experience the drama of his eventual capture in Vanuatu and the ripple effects on his associates. This tale reveals the dark underbelly of the art market, where glamour often masks deception.

In this episode, Caleb and Greg discuss the saga of “Fat Leonard,” a contractor slash concierge slash fixer slash pimp for the United States Navy. SponsorsTri-Merit - https://ohmyfraud.promo/trimeritPatriot Software - http://ohmyfraud.promo/patriot South Carolina Association of CPAs (SCACPA) - https://ohmyfraud.promo/scacpaHOW TO EARN FREE CPEIn less than 10 minutes, you can earn 1 hour of NASBA-approved accounting CPE after listening to this episode. Download our mobile app, sign up, and look for the Oh My Fraud channel. Register for the course, complete a short quiz, and get your CPE certificate.Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appQuestions? Need help? Email support@earmarkcpe.com.CONNECT WITH THE HOSTSGreg Kyte, CPATwitter: https://twitter.com/gregkyteLinkedIn: https://www.linkedin.com/in/gregkyte/Caleb NewquistTwitter: https://twitter.com/cnewquistLinkedIn: https://www.linkedin.com/in/calebnewquist/EMAIL : ohmyfraud@earmarkcpe.comSources: Fat Leonard Scandal — WikipediaFat Leonard Podcast - XPRX Project BrazenFat Leonard: Malaysian criminal in US Navy scandal recaptured after jail break — BBCTrials are finally wrapping up in the 'Fat Leonard' bribery case — NPRU.S. Navy Admiral Sentenced To Prison In Bribery Scandal — NPRProstitutes, vacations and cash: The Navy officials ‘Fat Leonard’ took down - Washington PostPenalties for Adultery — Military Law CenterDoD rules on gifts — U.S. Army

Certified Public Accountants (CPA) are highly regarded, ethical professionals trusted by businesses and individuals alike. But that doesn’t mean some aren’t capable of impressively unethical behavior. In this episode, Caleb and Greg discuss a case involving the mega accounting firm Ernst & Young that highlights behavior that’s not uncommon in the profession and what that means for accountants’ ethics more broadly.SponsorsTri-Merit - https://ohmyfraud.promo/trimerit LiveFlow - https://ohmyfraud.promo/liveflowPatriot Software - http://ohmyfraud.promo/patriotHOW TO EARN FREE CPEIn less than 10 minutes, you can earn 1 hour of NASBA-approved accounting CPE after listening to this episode. Download our mobile app, sign up, and look for the Oh My Fraud channel. Register for the course, complete a short quiz, and get your CPE certificate.Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appQuestions? Need help? Email support@earmarkcpe.com.CONNECT WITH THE HOSTSGreg Kyte, CPATwitter: https://twitter.com/gregkyteLinkedIn: https://www.linkedin.com/in/gregkyte/Caleb NewquistTwitter: https://twitter.com/cnewquistLinkedIn: https://www.linkedin.com/in/calebnewquist/EMAIL : ohmyfraud@earmarkcpe.comSources:SEC press releaseSEC orderErnst & Young to Pay $100 Million Fine After Auditors Cheated on Ethics Exams [NYT]SEC Includes Novel Probe Into Lawyers’ Actions in EY Settlement [WSJ]

As a young person, Nathan Mueller was hyper-focused on wanting to make money. It was this ambition that eventually led to him perpetrating an $8 million embezzlement scheme in the mid-2000s. Caleb and Greg talk to Nathan about the fraud, prison life, and his new job as… an accountant.SPONSORSPatriot Software - http://ohmyfraud.promo/patriot LiveFlow - https://ohmyfraud.promo/liveflow South Carolina Association of CPAs (SCACPA) - https://ohmyfraud.promo/scacpaHOW TO EARN FREE CPEIn less than 10 minutes, you can earn 1 hour of NASBA-approved accounting CPE after listening to this episode. Download our mobile app, sign up, and look for the Oh My Fraud channel. Register for the course, complete a short quiz, and get your CPE certificate.Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appQuestions? Need help? Email support@earmarkcpe.com.Connect With Nathan Mueller Website: https://www.nathanjmueller.com/LinkedIn: https://www.linkedin.com/in/nathan-mueller-b87111b4CONNECT WITH THE HOSTSGreg Kyte, CPATwitter: https://twitter.com/gregkyteLinkedIn: https://www.linkedin.com/in/gregkyte/Caleb NewquistTwitter: https://twitter.com/cnewquistLinkedIn: https://www.linkedin.com/in/calebnewquist/EMAIL : ohmyfraud@earmarkcpe.com

Caleb grew up in farm country, and Greg did not. No problem, though, together they talk through a case of a large ranching operation at the center of a massive fraud. SponsorsTri-Merit - https://ohmyfraud.promo/trimerit LiveFlow - https://ohmyfraud.promo/liveflowPatriot Software - http://ohmyfraud.promo/patriotHOW TO EARN FREE CPEIn less than 10 minutes, you can earn 1 hour of NASBA-approved accounting CPE after listening to this episode. Download our mobile app, sign up, and look for the Oh My Fraud channel. Register for the course, complete a short quiz, and get your CPE certificate.Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appQuestions? Need help? Email support@earmarkcpe.com.CONNECT WITH THE HOSTSGreg Kyte, CPATwitter: https://twitter.com/gregkyteLinkedIn: https://www.linkedin.com/in/gregkyte/Caleb NewquistTwitter: https://twitter.com/cnewquistLinkedIn: https://www.linkedin.com/in/calebnewquist/EMAIL : ohmyfraud@earmarkcpe.comSources:Betting the Ranch - High Country NewsRancher takes $244 million from Tyson Foods in ghost cattle scam - KKTV Colorado SpringsTri-Cities Rancher Sentenced to Eleven Years in Federal Prison and Ordered to Pay $244 Million in Restitution for “Ghost Cattle” Fraud - DOJRancher Sentenced for Running $244 Million “Ghost Cattle Scam - DOJEastern Washington Cattle Rancher Sentenced to 11 Years in Prison for 'Ghost Cattle' Scam - Big Country NewsEasterday Farms WebsiteWinning Bid on Easterday Assets: $209M - Progressive FarmerWashington Man Pleads Guilty in $244 Million Ghost Cattle Scam - DOJCourt Documents on Sentencing and Restitution - U.S. District CourtOther Court Documents & Information - U.S. District CourtTypes of Beef Cattle Operations - CAERT Inc.Beef Cattle Production - UC Davishttps://www.investopedia.com/terms/s/speculator.asphttps://www.cmegroup.com/education/courses/introduction-to-futures/understanding-the-role-of-speculators.htmlhttps://en.wikipedia.org/wiki/Speculationhttps://www.investopedia.com/ask/answers/06/forwardsandfutures.asp#:~:text=A%20forward%20contract%20is%20a,the%20end%20of%20the%20contracthttps://www.investopedia.com/terms/d/delivery-point.asp#:~:text=The%20futures%20contract%20buyers%20who,physical%20delivery%20of%20the%20asset. 

Caleb and Greg conclude their discussion of distinguished professor and author Dan Ariely and the issues raised around one of his most notable works. You might call it: “The Case of the Dishonesty Professor and The Screwy Data.”SponsorsTri-Merit - https://ohmyfraud.promo/trimeritPatriot Software - http://ohmyfraud.promo/patriot South Carolina Association of CPAs (SCACPA) - https://ohmyfraud.promo/scacpaHOW TO EARN FREE CPEIn less than 10 minutes, you can earn 1 hour of NASBA-approved accounting CPE after listening to this episode. Download our mobile app, sign up, and look for the Oh My Fraud channel. Register for the course, complete a short quiz, and get your CPE certificate.Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appQuestions? Need help? Email support@earmarkcpe.com.CONNECT WITH THE HOSTSGreg Kyte, CPATwitter: https://twitter.com/gregkyteLinkedIn: https://www.linkedin.com/in/gregkyte/Caleb NewquistTwitter: https://twitter.com/cnewquistLinkedIn: https://www.linkedin.com/in/calebnewquist/EMAIL : ohmyfraud@earmarkcpe.comSources: Evidence of Fraud in an Influential Field Experiment About Dishonesty — Data Colada blogA study on dishonesty was Based on fraudulent data — The EconomistAre we in control of our decisions? — Dan Ariely TED TalkWhy we think it’s OK to cheat and steal (sometimes) — Dan Ariely TED TalkThe Honest Truth About Dishonesty — Book by Dan ArielyPredictably Irrational — Book by Dan ArielyA Famous Honesty Researcher Is Retracting A Study Over Fake Data — BuzzfeedBehavioral researcher says he ‘undoubtedly made a mistake’ in false data scandal — The Times of IsraelWhen We’re Wrong, It’s Our Responsibility as Scientists to Say So — Scientific AmericanSigning at the end versus the beginning does not decrease dishonesty — PNAS 

SponsorsTri-Merit - https://ohmyfraud.promo/trimerit LiveFlow - https://ohmyfraud.promo/liveflowSouth Carolina Association of CPAs (SCACPA) - https://ohmyfraud.promo/scacpaHOW TO EARN FREE CPEIn less than 10 minutes, you can earn 1 hour of NASBA-approved accounting CPE after listening to this episode. Download our mobile app, sign up, and look for the Oh My Fraud channel. Register for the course, complete a short quiz, and get your CPE certificate.Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appQuestions? Need help? Email support@earmarkcpe.com.CONNECT WITH THE HOSTSGreg Kyte, CPATwitter: https://twitter.com/gregkyteLinkedIn: https://www.linkedin.com/in/gregkyte/Caleb NewquistTwitter: https://twitter.com/cnewquistLinkedIn: https://www.linkedin.com/in/calebnewquist/EMAIL : ohmyfraud@earmarkcpe.comSources: Evidence of Fraud in an Influential Field Experiment About Dishonesty — Data Colada blogA study on dishonesty was Based on fraudulent data — The EconomistAre we in control of our decisions? — Dan Ariely TED TalkWhy we think it’s OK to cheat and steal (sometimes) — Dan Ariely TED TalkThe Honest Truth About Dishonesty — Book by Dan ArielyPredictably Irrational — Book by Dan ArielyA Famous Honesty Researcher Is Retracting A Study Over Fake Data — BuzzfeedBehavioral researcher says he ‘undoubtedly made a mistake’ in false data scandal — The Times of IsraelWhen We’re Wrong, It’s Our Responsibility as Scientists to Say So — Scientific AmericanSigning at the end versus the beginning does not decrease dishonesty — PNAS

Thank you to our sponsor, XeroTo learn more go to  http://ohmyfraud.promo/xeroThank you to our sponsor RuBook CreativeUse PROMO CODE - OHMY at checkout to receive 10% off your next orderhttps://www.ohmyfraud.promo/rubookHOW TO EARN FREE CPEIn less than 10 minutes, you can earn 1 hour of NASBA-approved accounting CPE after listening to this episode. Download our mobile app, sign up, and look for the Oh My Fraud channel. Register for the course, complete a short quiz, and get your CPE certificate.Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode..Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appQuestions? Need help? Email support@earmarkcpe.com.CONNECT WITH THE HOSTSGreg Kyte, CPATwitter: https://twitter.com/gregkyteLinkedIn: https://www.linkedin.com/in/gregkyte/Caleb NewquistTwitter: https://twitter.com/cnewquistLinkedIn: https://www.linkedin.com/in/calebnewquist/EMAIL : ohmyfraud@earmarkcpe.comSources:Koss HistoryKoss Corporation - Company Profile, Information, Business Description, History, Background Information on Koss Corporation [Reference for Business]All The Right Moves [Inc.]The Diva [Milwaukee]Former Koss Corporation Executive Charged in $31 Million Dollar Fraud [FBI]United States of America v. Sujata Sachdeva via Tracy CoenenHow an embezzler stole millions from a small company [AccountingWeb]Theft at Koss blamed on relaxed attitude, lax oversight [MJS]SEC v. Koss Corporation and Michael J. Koss [Securities and Exchange Commission]Publicly owned and family-run [Family Business]Sachdeva pleads guilty, says she regrets fraud [MJS]Koss embezzler feared discovery from start [MJS]Former Koss Corp. executive Sachdeva sentenced to 11 years in prison [MJS]SEC Charges Two Accounting Professionals at Milwaukee-Based Company with Fraud [SEC]Koss sues former executive, auditor over alleged embezzlement [MJS]Koss settles claims against former auditor Grant Thornton [MJS]Sachdeva out of prison after serving six years for stealing $34 million from Koss Corp. [MJS]Koss family around $30 million from Reddit-fueled stock market frenzy -- more than the company was worth at the end of 2020 [MJS]Koss Corporation 10-K YE June 30, 2022 [SEC]John C. Koss, Stereo Headphone Innovator, Is Dead at 91 [NYT]Chapter 7 versus Chapter 11: Know the Difference — Investopedia

Thank you to our sponsor, XeroTo learn more go to  http://ohmyfraud.promo/xeroThank you to our sponsor RuBook Creative Use PROMO CODE - OHMY at checkout to receive 10% off your next orderhttps://www.ohmyfraud.promo/rubookHOW TO EARN FREE CPEIn less than 10 minutes, you can earn 1 hour of NASBA-approved accounting CPE after listening to this episode. Download our mobile app, sign up, and look for the Oh My Fraud channel. Register for the course, complete a short quiz, and get your CPE certificate.Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appQuestions? Need help? Email support@earmarkcpe.com.CONNECT WITH THE HOSTSGreg Kyte, CPATwitter: https://twitter.com/gregkyteLinkedIn: https://www.linkedin.com/in/gregkyte/Caleb NewquistTwitter: https://twitter.com/cnewquistLinkedIn: https://www.linkedin.com/in/calebnewquist/EMAIL : ohmyfraud@earmarkcpe.comSources: The Sandy Jenkins Embezzlement Scandal [Collin Street Bakery, March 2022]IN THE MATTER OF THE MARRIAGE OF KAY JENKINS AND SANDY JENKINS [Navarro County Texas]Sticky Fingers/Life in the Fraud Lane [American Greed]Kay Jenkins seeks divorce [Corsicana Daily Sun, August 15, 2013]Just Desserts — Texas Monthly 01/2016Diamond Sandy: Jenkin’s jewelry bills were out of this world — Corsicana Daily Sun 11/13/2013Corsicana home of Sandy Jenkins goes on market — Corsicana Daily Sun 02/21/2014Jenkins details luxury lifestyle — Corsicana Daily Sun 05/06/2014Ex-fruitcake executive sentenced for embezzling $17 million — Daily Mail 09/19/2015The $50,000-a-year bakery employee who stole $16M from from work — Daily Mail 03/14/2024Former Collins Street Bakery Executive and Wife Sentenced — FBI 09/16/2015Wife of Former Executive at Collins Street Bakery Pleads Guilty — DOJ 06/01/2015Ex-Texas Fruitcake Executive Sentenced for $16.6 Million Fraud — NBC News 09/17/2015$17 million stolen from famous fruitcake bakery — Weatherford Democrat 07/25/2013Fruitcake executive sentenced to 10 years — NY Daily News 09/17/2015Collin Street Bakery — WikipediaUtah Wage Garnishment Laws — NOLO