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.
Show Notes
- 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/
A WORD FROM OUR SPONSOR
Dark Horse CPAs has built a platform-style CPA firm that will transform your practice. It has the technology, resources, staffing, qualified inbound leads, and community that will enable you to spend your time growing your practice, serving clients and doing more of what you love. Learn more at abetterway.cpa
________________________________
________________________________
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.
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/id1562599728
Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app
Questions? Need help? Email support@earmarkcpe.com.
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 : ohmyfraud@earmarkcpe.com
______________________________________
Transcript available upon request
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.