Episodes

  • Pyramid Schemes: How to Lose Friends and Alienate Money

    Pyramid Schemes: How to Lose Friends and Alienate Money
    Jul 17 2024
    You’ve probably heard of pyramid schemes, but are you confident that you know what it is? And if you are, do you know the difference between them and multi-level marketing companies? Or Ponzi schemes? In this episode, Caleb and Greg discuss all that and more about one of the simplest and most common frauds around.SponsorsMakersHub- https://ohmyfraud.promo/makershubRightRev - https://ohmyfraud.promo/rightrevBean - https://ohmyfraud.promo/bean(00:00) - Introduction to Pyramid Schemes (01:01) - Welcome to Oh My Fraud (02:00) - Caleb's Personal Experiences with MLMs (07:32) - Understanding Pyramid Schemes (09:45) - Ponzi Schemes Explained (17:12) - Multi-Level Marketing Companies (22:10) - NuSkin: A Case Study (30:11) - Introduction to Blessings in No Time (34:24) - Personal Experience with a Pyramid Scheme (51:40) - Conclusion and TakeawaysHOW 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/Email us at ohmyfraud@earmarkcpe.comSources: The history of pyramid schemes and their evolution over time — MediumPyramid scheme — WikipediaMLMs vs. Pyramid Schemes: One Is Legal, But the Other Could Land You in Prison — Coolidge Law FirmThe Case (for and) against Multi-level Marketing — FTCGet-Rich-Quick Profiteers Love Mitt Romney, and He Loves Them Back — Mother JonesCouple Charged for Operating Multimillion-Dollar Pyramid Scheme — DOJBernie Madoff and how to identify a Ponzi scheme. — Metis IrelandTupperware once changed women's lives. Now it struggles to survive — NPRWhat Is Multi-Level Marketing? — ForbesDon’t Fall Victim to the False Promises of MLMs. - The Daily Utah ChronicleProsper DJ, wife ordered to pay $10.7 million for pyramid scheme targeting black investors — Dallas Morning News
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    55 mins
  • We’re Not a Bank in Kansas Anymore

    We’re Not a Bank in Kansas Anymore
    Jul 3 2024
    Legend has it that when asked why he robbed banks, the infamous 20th century bank robber Willie Sutton said, “Because that’s where the money is.” In the 21st century, banks still have the money, but the approach to robbing has changed considerably. Caleb and Greg discuss one such case that features astonishingly deceitful methods.SponsorsMakersHub- https://ohmyfraud.promo/makershubRightRev - https://ohmyfraud.promo/rightrev Blue Onion - https://ohmyfraud.promo/blueonion(00:00) - A Bank Robbery in Elkhart (01:06) - Meet Your Hosts: Caleb and Greg (02:04) - Listener Reviews: The Good, The Bad, and The Ugly (04:24) - Greg's Major Work Screw-Up (12:19) - Welcome to Elkhart Kansas (18:28) - The Rise and Fall of Heartland Tri-State Bank (25:52) - Unveiling the Pig Butchering Scam (26:47) - What is Pig Butchering? (33:29) - The Bank CEO's Desperate Gamble (41:39) - The Aftermath and Investigation (51:32) - Shan Hanes Charged (54:45) - Lessons Learned and Final ThoughtsHOW 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/Email us at ohmyfraud@earmarkcpe.comSources:Cimarron National Grassland [NPS]Santa Fe National Historic Trail [NPS]Dust storm. Elkhart, Kansas [Library of Congress]Map of states and counties affected by the Dust Bowl between 1935 and 1938, originally prepared by the Soil Conservation Service. [Wikipedia]What took down this Kansas bank? It’s a secret, but what saved depositors isn’t. [Kansas Reflector]A $12 Million Request to Cover a Crypto Scam Sank a Bank CEO [Bloomberg]Testimony of: Shan Hanes before the Senate Committee on Financial Institutions and Insurance regarding Providing Equal Opportunity to Credit for Kansas [January 19, 2021]‘Huge scam’ in rural Kansas town fells fourth U.S. bank in 2023 [Kansas Reflector]Shan Hanes Bio [U.S. Congress]A bank failure shattered trust in this Kansas town. Only honest talk will heal it. [Kansas Reflector]Dream First Bank, National Association, of Syracuse, Kansas, Assumes All of the Deposits of Heartland Tri-State Bank of Elkhart, Kansas [FDIC]HEARINGS BEFORE THE SUBCOMMITTEE ON COMMODITY EXCHANGES, ENERGY, AND CREDIT OF THE COMMITTEE ON AGRICULTURE HOUSE OF REPRESENTATIVES ONE HUNDRED SIXTEENTH CONGRESS [Nov 19, 2019; Dec. 11, 2019]‘Huge scam’ in rural Kansas town fells fourth U.S. bank in 2023 [Kansas Reflector]FinCEN Alert on Prevalent Virtual Currency Investment Scam Commonly Known as “Pig Butchering” [FinCEN]Former Kansas bank executive charged with embezzling $47 million [DOJ]Fmr. executive pleads guilty after losing bank’s $47.1 million in crypto scheme [DOJ]Failed Bank Information for Heartland Tri-State Bank, Elkhart, KS [FDIC]Heartland Tri-State Bank - Elkhart, KS Frequently Asked Questions [FDIC]Material Loss Review of Heartland Tri-State Bank [OIG FRB CFPB]Material Loss Review of Heartland Tri-State Bank Evaluation Report [OIG FRB CFPB]Former Kansas bank executive charged with embezzling $47 million [DOJ]Fmr. executive pleads guilty after losing bank’s $47.1 million in crypto scheme [DOJ]Pig Butchering Scams: Last Week Tonight with John Oliver (HBO) [YouTube]
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    59 mins
  • Meet the Cybersecurity Scholar: Riana Pfefferkorn of Stanford University

    Meet the Cybersecurity Scholar: Riana Pfefferkorn of Stanford University
    Jun 19 2024

    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. And it was one of those laws, the federal wire fraud statute, that initially caused her to connect with Caleb and Greg. In this conversation, the three of them discuss Jeff Skilling, cybersecurity, hacker movies, and more.

    Sponsors
    MakersHub- https://ohmyfraud.promo/makershub
    RightRev - https://ohmyfraud.promo/rightrev
    Settle - https://ohmyfraud.promo/settle

    HOW TO EARN FREE CPE

    In 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/id1562599728
    Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

    Questions? Need help? Email support@earmarkcpe.com.

    CONNECT WITH RIANNA
    Rianna Pfefferkorn [LinkedIn]
    https://cyberlaw.stanford.edu/about/people/riana-pfefferkorn

    CONNECT WITH THE HOSTS

    Greg Kyte, CPA
    Twitter: https://twitter.com/gregkyte
    LinkedIn: https://www.linkedin.com/in/gregkyte/

    Caleb Newquist
    Twitter: https://twitter.com/cnewquist
    LinkedIn: https://www.linkedin.com/in/calebnewquist/

    Email us at ohmyfraud@earmarkcpe.com

    Sources:

    Stanford University Institute for Human-Centerd Artificial Intelligence

    Hack Lab: Introduction to Cybersecurity [Stanford Law School]

    Riana Pfefferkorn, Shooting the Messenger: Remediation of Disclosed Vulnerabilities as CFAA “Loss” [Richmond Journal of Law & Technology]

    Skilling v. United States [Wikipedia]
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    1 hr and 6 mins
  • The Jacksonville Jaguars Employee Who Went All In on Fraud

    The Jacksonville Jaguars Employee Who Went All In on Fraud
    Jun 5 2024

    Gambling is often a factor when a person perpetrates a fraud, sometimes to a shocking degree. Caleb and Greg discuss one such case involving a finance professional who went to extraordinary lengths to change his bad luck.

    Sponsors
    MakersHub- https://ohmyfraud.promo/makershub
    RightRev - https://ohmyfraud.promo/rightrev
    Settle - https://ohmyfraud.promo/settle

    HOW TO EARN FREE CPE

    In 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/id1562599728
    Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

    Questions? Need help? Email support@earmarkcpe.com.

    CONNECT WITH THE HOSTS

    Greg Kyte, CPA
    Twitter: https://twitter.com/gregkyte
    LinkedIn: https://www.linkedin.com/in/gregkyte/

    Caleb Newquist
    Twitter: https://twitter.com/cnewquist
    LinkedIn: https://www.linkedin.com/in/calebnewquist/

    Email us at ohmyfraud@earmarkcpe.com

    1-800-GAMBLER is the phone number for the National Problem Gambling Helpline. It serves as a resource for individuals who may be struggling with problem gambling or gambling addiction, or their loved ones.

    Sources:

    How one ‘super basic’ man stole $22M from his hometown Jaguars and became ‘the biggest loser ever on FanDuel’ — News4JAX

    Private jets, gambling and a Trevor Lawrence jersey: A detailed look at what Amit Patel paid for with stolen Jags money — News4JAX

    The Jaguars’ $22 million question: How did four years of theft go undetected? — New York Times

    Ex-Jaguars employee Amit Patel sentenced to prison for fraud — ESPN

    Ex-Jags employee gambled with company card at former job — ESPN

    Middle District of Florida | Former Jacksonville Jaguars Employee Sentenced To More Than Six Years For Embezzling In Excess Of $22 Million — DOJ

    ​​Trevor Lawrence — Spotrac.com

    • (00:00) - Every Kid Dreams of Becoming a Professional Athlete
    • (01:16) - Listener Shoutouts and Reviews
    • (02:54) - Personal Anecdotes on Homeownership
    • (07:42) - Introducing Amit Patel's Story
    • (08:47) - Amit Patel's Gambling and Career
    • (13:14) - Amit Patel's is Hired By The Jacksonville Jaguars
    • (22:20) - Amit's Fraudulent Scheme Unveiled
    • (22:35) - Duplicating Transactions for Personal Gain
    • (23:44) - Extravagant Purchases with Stolen Money
    • (26:12) - Living a Double Life
    • (29:59) - Caught by FanDuel
    • (33:46) - Legal Consequences and Sentencing
    • (35:15) - Lessons Learned and Final Thoughts
    • (44:19) - Outro and Contact Information
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    46 mins
  • More Pandemic Pillagers Got What They Had Coming

    More Pandemic Pillagers Got What They Had Coming
    May 22 2024
    More than four years after the COVID-19 pandemic began, stories of regular people and their ill-fated schemes to exploit pandemic aid programs continue to emerge. In this episode, Caleb and Greg discuss some of the cases featured in the 2024 COVID-19 Fraud Enforcement Task Force Report.SponsorsG-Accon - https://ohmyfraud.promo/gacconKeeper - https://ohmyfraud.promo/keeperBlue Onion - https://ohmyfraud.promo/blueonionHOW 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/Email us at ohmyfraud@earmarkcpe.comSources:COVID-19 FRAUD ENFORCEMENT TASK FORCE 2024 REPORT [DOJ]How to Catch Pandemic Fraud? Prosecutors Try Novel Methods. [NYT]MarylandPrince George’s County Man Pleads Guilty to a Federal Wire Fraud Conspiracy to Obtain Over $750,000 in COVID-19 CARES Act Loans and Unemployment Insurance Benefits [DOJ]Prince George’s County Man Pleads Guilty To A Federal Wire Fraud Conspiracy To Obtain Over $1 Million In Covid-19 Cares Act Loans And Unemployment Insurance Benefits [DOJ]Prince George’s County Man Sentenced to Seven Years in Federal Prison for a Conspiracy to Obtain Over $1 Million in COVID-19 CARES Act Loans and Unemployment Insurance Benefits [DOJ]FloridaSeventeen Broward Sheriff’s Office Employees Charged with COVID-19 Pandemic Relief Fraud [DOJ]Broward Sheriff’s Office deputy convicted at trial of COVID-19 relief fraud [DOJ]Florida Deputies Charged With Defrauding Covid Funds of Nearly $500,000 [NYT]Former Broward Sheriff’s Office deputy sentenced for Paycheck Protection Program fraud [Local10]South Florida Man Sentenced to Prison for Covid-19 Relief Fraud, After Buying Jewelry and Luxury Cars with Loan Money [DOJ]Miami woman sentenced to 70 months in prison after using COVID-19 funds to gamble and launder money [DOJ]Alpaca FarmFormer North Shore Pizzeria Owner Sentenced to Two Years in Prison for COVID Fraud [DOJ]Man Gets 2 Years in Prison for Spending Pandemic Money on Alpaca Farm [NYT]FinalNew Jersey Tax Preparer Charged in COVID-19 Employment Tax Credit Scheme [DOJ]CFO, Controller, Corporate Officers Charged in $53 Million Fraud Scheme Involving Pandemic Relief [DOJ]Former Florida State Representative Sentenced To Federal Prison For Wire Fraud, Money Laundering, And Making False Statements In Connection With COVID-19 Relief Fraud [DOJ]
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    51 mins
  • We’re All Somebody’s Fool | Dan Simons & Chris Chabris

    We’re All Somebody’s Fool | Dan Simons & Chris Chabris
    May 8 2024

    Think you’re too smart to be taken in by a fraudster? If so, that may make you an even bigger mark. In this episode, Caleb and Greg speak with psychologists Dan Simons of the University of Illinois Urbana-Champaign and Chris Chabris of the Geisinger Research Institute. Dan and Chris’s new book, “Nobody's Fool: Why We Get Taken In and What We Can Do About It,” goes deep on why we’re all potential victims of clever (or not-so-clever) scams.

    Sponsors
    G-Accon - https://ohmyfraud.promo/gaccon
    Keeper - https://ohmyfraud.promo/keeper
    Harbor Compliance - https://ohmyfraud.promo/harbor

    Buy Chris's and Dan's Books
    Nobody’s Fool

    The Invisible Gorilla


    Meet Our Guests:
    Daniel Simons [X]

    Daniel Simons [LinkedIn]
    http://www.dansimons.com

    Christopher Chabris [X]

    Christopher Chabris [LinkedIn]
    http://www.chabris.com

    Invisible Gorilla Video [YouTube]

    HOW TO EARN FREE CPE

    In 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/id1562599728
    Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

    Questions? Need help? Email support@earmarkcpe.com.

    CONNECT WITH THE HOSTS

    Greg Kyte, CPA
    Twitter: https://twitter.com/gregkyte
    LinkedIn: https://www.linkedin.com/in/gregkyte/

    Caleb Newquist
    Twitter: https://twitter.com/cnewquist
    LinkedIn: https://www.linkedin.com/in/calebnewquist/

    Email us at ohmyfraud@earmarkcpe.com
    Show more Show less
    1 hr and 16 mins
  • You’ve Got Fail | The British Post Office Scandal

    You’ve Got Fail | The British Post Office Scandal
    Apr 24 2024

    The US Postal Service has long been the butt of jokes for poor service, but nothing that comes close to this. In this transatlantic episode, Caleb and Greg unpack the story of hundreds of British subpostmasters whose lives were turned upside down when they were falsely accused of stealing from the Post Office.

    Sponsors
    G-Accon - https://ohmyfraud.promo/gaccon
    Keeper - https://ohmyfraud.promo/keeper
    Harbor Compliance - https://ohmyfraud.promo/harbor

    HOW TO EARN FREE CPE

    In 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/id1562599728
    Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

    Questions? Need help? Email support@earmarkcpe.com.

    CONNECT WITH THE HOSTS

    Greg Kyte, CPA
    Twitter: https://twitter.com/gregkyte
    LinkedIn: https://www.linkedin.com/in/gregkyte/

    Caleb Newquist
    Twitter: https://twitter.com/cnewquist
    LinkedIn: https://www.linkedin.com/in/calebnewquist/

    Email us at ohmyfraud@earmarkcpe.com

    Sources:

    Post Office scandal explained: What the Horizon saga is all about — BBC

    Secret papers reveal Post Office knew its court defence was false — BBC

    British Post Office scandal — Wikipedia

    Post Office Horizon scandal explained: Everything you need to know — Computer Weekly

    Post Office scandal: from suicides to jail time with child killers — the heartbreaking stories of the postmasters — The Standard

    A Brief History of the United States Postal Service - The Smithsonian

    The History of the Post Office — Automatic Access Limited Blog

    Royal Mail - Wikipedia

    A short history of the Post Office — The History Press

    Post office numbers — House of Commons Library

    Subpostmasters get raw deal in Post Office pay structure - Apex Insights

    How independent retailers can make money from Post Offices — The Grocer

    How to start a post office — PDQ Funding
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    50 mins
  • The 2024 ACFE Report to the Nations, Annotated with Wisecracks

    The 2024 ACFE Report to the Nations, Annotated with Wisecracks
    Apr 10 2024

    In many episodes, Greg cites statistics from “A Report to the Nations,” the biennial report on occupational fraud, from the Association of Certified Fraud Examiners. As luck would have it, the most recent edition dropped in 2024, and so naturally, Caleb and Greg took the opportunity to discuss it.


    HOW TO EARN FREE CPE

    In 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/id1562599728
    Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

    Questions? Need help? Email support@earmarkcpe.com.

    CONNECT WITH THE HOSTS

    Greg Kyte, CPA
    Twitter: https://twitter.com/gregkyte
    LinkedIn: https://www.linkedin.com/in/gregkyte/

    Caleb Newquist
    Twitter: https://twitter.com/cnewquist
    LinkedIn: https://www.linkedin.com/in/calebnewquist/

    Email us at ohmyfraud@earmarkcpe.com


    Sources:

    Occupational Fraud 2024: A Report To The Nations [ACFE]
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    1 hr and 7 mins