Oil and water don’t mix, but oil and fraud seem to. Salad oil, that is. Caleb and Greg revisit a story that many may remember from their college accounting courses: the infamous salad oil scandal of the early 1960s.
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- Wikipedia: Salad Oil Scandal: https://en.wikipedia.org/wiki/Salad_Oil_scandal
- Best Frauds in History: Tino De Angelis’ salad-oil scam: https://moneyweek.com/investments/investment-strategy/601677/great-frauds-in-history-tino-de-angelis-salad-oil-scandal
- How Salad Oil Amost Crashed the U.S. Economy: https://medium.com/@madmedic11671/how-salad-oil-almost-crashed-the-u-s-economy-c3ed3c2cb797
- The Vanishing Salad Oil: A $100 Million Mystery: https://www.nytimes.com/1964/01/06/archives/the-vanishing-salad-oil-a-100-million-mystery.html
- The Great Vegetable-Oil Mystery; Scandal, Now One Year Old, Remains a Financial Maze: https://www.nytimes.com/1964/11/15/archives/the-great-vegetableoil-mystery-scandal-now-one-year-old-remains-a.html
- Salad Oil Swindle! https://nymag.com/news/features/scandals/salad-oil-2012-4/
- Investopedia: Salad Oil Scandal: https://www.investopedia.com/terms/s/saladoilscandal.asp
- How The Salad Oil Swindle Of 1963 Nearly Crippled the NYSE: https://www.businessinsider.com/the-great-salad-oil-scandal-of-1963-2013-11
- TIME: The Man Who Fooled Everybody: https://web.archive.org/web/20071015042003/http://www.time.com/time/magazine/article/0,9171,898315,00.html
- ACFE 2022 Report to the Nations: https://legacy.acfe.com/report-to-the-nations/2022/
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Creators & Guests
What is Oh My Fraud?
"Oh My Fraud" is an irreverent podcast from CPA/comedian Greg Kyte and blogger/former CPA Caleb Newquist.
The two come together to unpack their favorite frauds and explore the circumstances, psychology, and interpersonal dynamics involved. They also fully indulge in victim-blaming the defrauded widows, orphans, infirm and feeble-minded—because who can resist?
If you fancy yourself a trusted advisor—or prefer your true crime with spreadsheets instead of corpses—listen to this show to learn what to watch out for to keep your clients, your firm, and even yourself safe.