In the 1970s, two lifelong friends set out to disrupt the computer leasing industry.

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Sources:

• O.P.M. BANKRUPTCY: QUESTIONS ABOUND [NYT]
• The Bubble Bursts Following O.P.M.'s Overnight Success [Washington Post]
• GUILTY PLEAS IN O.P.M. FRAUD CASE [NYT]
• TWO GET PRISON IN COMPUTER CASE [NYT]
• SEC News Digest, January 11, 1983 [SEC]
• ETHICS AND THE LAW: A CASE HISTORY [NYT Magazine]
• S.E.C. FILES SUIT AGAINST FOX & CO. [NYT]

A real estate developer serving time for fraud gets a second chance.

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• (00:00) - Eli Weinstein is Pardoned

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Sources:

• Statement from the Press Secretary Regarding Executive Grants of Clemency [WH]
• Lakewood Township, New Jersey [Wikipedia]
• Eli Weinstein’s Second Chances [Bloomberg]
• Leader of $200 Million Real Estate Investment Scam Arrested for Fraud [FBI]
• Leader of $200 million real estate investment scam charged in 45-count indictment with fraud and money laundering [DOJ]
• US v. ELIYAHU WEINSTEIN [DOJ]
• Leader Of Multi-Million Dollar Real Estate Fraud Scheme Pleads Guilty To Fraud And Money Laundering [DOJ]
• Leader of Massive Real Estate Fraud Scheme Sentenced to 22 Years in Prison for Fraud and Money Laundering [DOJ]
• Convicted Ponzi Schemer Eliyahu Weinstein Arraigned on New Charges [FBI]
• Convicted Ponzi Schemer Eliyahu Weinstein Sentenced To Additional 24 Months In Prison On New Fraud And Money Laundering Charges [DOJ]
• The Road to Clemency From Trump Was Closed to Most Who Sought It [NYT]
• Access, Influence and Pardons: How a Set of Allies Shaped Trump’s Choices [NYT]
• A Ponzi Schemer Freed by Trump Strikes Again [Bloomberg Originals]
• Convicted Ponzi Schemer and Alleged Conspirator Indicted for Multimillion-Dollar Fraud Scheme and Obstruction of Justice [DOJ]
• US v. ELIYAHU (“ELI”) WEINSTEIN, a/k/a “Mike Konig,” and ARYEH (“ARI”) BROMBERG [DOJ]
• Ponzi Schemer Who Got Trump Clemency Convicted in New Fraud Case [Bloomberg]
• Convicted Ponzi Schemer and Co-Conspirator Sentenced to 37 Years and 12 Years for $44 Million Fraud Scheme, Money Laundering, False Statements, and Obstruction of Justice [DOJ]
• A Fraudster Pardoned by Trump Gets 37 Years for Running Ponzi Scheme [NYT]
• About the Task Force [DOJ]
• FINANCIAL FRAUD ENFORCEMENT TASK FORCE ANNOUNCES REGIONAL RESULTS OF “OPERATION BROKEN TRUST” TARGETING INVESTMENT FRAUD [DOJ]
• Establishment of the Financial Fraud Enforcement Task Force [Executive Order 13519 / Federal Register]
• President Trump Issues Executive Order to Establish Task Force on Market Integrity and Consumer Fraud [Center for Financial Stability]

Caleb and Zach discuss the past year in Oh My Fraud. 

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Sources:

• Columbus zoo seeks foreclosure of former executives' homes to pay restitution in fraud case [The Columbus Dispatch]
• TV drama on gambling scandal surrounding Shohei Ohtani’s ex-interpreter in development [The Athletic]
• SEC Walks Away From Ozy Media, Stanford Fraud Cases [Law360]
• US podcaster who helped convict ‘Queen of the Con’ disappointed at short sentence [The Guardian]

In this short episode, Caleb lays out a few ideas for what an Oh My Fraud Patreon could look like — including ad-free episodes and bonus content — and asks one simple question: would you subscribe?

Before anything launches, Caleb and Zach want to gauge listener interest. If you’ve got 10 seconds, take the quick survey linked in the show notes and let us know.

Take a quick 3 question survey: https://forms.gle/8Wyz8v7DTJ5JFaYJ7

Or email us at [email protected]

David Leary of The Accounting Podcast joins Caleb and Zach to discuss the 2016 hit action movie, The Accountant, starring Ben Affleck.

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• (00:00) - The Accountant Bonus Episode

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A serial fraudster attracts a devoted following when he invents a currency.

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Sources:

• 58 crypto wallets have made millions on Trump’s meme coin. 764,000 have lost money, data shows [CNBC]
• Pyramid Schemes: How to Lose Friends and Alienate Money [OMF]
• Chairman arrested in Japan 'scam' [BBC]
• Japanese man arrested over 1.4-bn-dlr investment scam [Sydney Morning Herald]
• Arrests made in what could be biggest investment scam in Japanese history [The Guardian]
• Japan to Indict Suspected Swindler Nami in $2.5 Billion Fraud [Bloomberg via Archive]
• Sexy female reporters mobilized to cover L&G chairman [Japan Today]
• Japanese businessman arrested in investment scam [Asia News Network via Wayback Machine]
• Bedding supplier chief given 18 years for investment fraud [Japan Weekly Monitor]
• Sir Frauds a Lot | The Case of Stanford Financial Group [OMF]

Two tales of corruption and deceit from the ancient world.

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Sources:

• Year of the Five Emperors [Wikipedia]
• Pertinax [Wikipedia]
• Didius Julianus [Wikipedia]
• Demosthenes, Against Zenothemis [Scaife Viewer]
• A MODERN INSTANCE OF ZENOTHEMIS V. DEMON [Michigan Law Review]
• Bottomry and Dumb-ass Fraud: Demosthenes 32 - Against Zenothemis [Ancient Classics via YouTube]

Two stories of people attempting to swindle Big Tech. 

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Sources:

• Verified pro-Nazi X accounts flourish under Elon Musk [NBC]
• U.S. v. Evaldas Rimasauskas [SDNY]
• Lithuanian Man Extradited For Theft Of Over $100 Million In Fraudulent Business Email Compromise Scheme Against Multinational Internet Companies [DOJ]
• Man Pleads Guilty To Phishing Scheme That Fleeced Facebook, Google Of $100 Million [NPR]
• Lithuanian Man Pleads Guilty To Wire Fraud For Theft Of Over $100 Million In Fraudulent Business Email Compromise Scheme [DOJ]
• Leader of Fraud Ring Sentenced [FBI]
• North Carolina Musician Charged With Music Streaming Fraud Aided By Artificial Intelligence [DOJ]
• US v. Michael Smith [SDNY]
• Spotify Paid Over $4.5 Billion to Music Publishers Over the Last Two Years, So Why Are Songwriters Struggling? [Variety]
• A Billion Streams and No Fans [Wired]
• Owner And Two Managers Of Health Care Practice Agree To Pay $900,000 To Resolve Allegations Of Medically Unnecessary Testing [DOJ]

Over the course of Erik Lie’s career, seemingly small decisions have transformed into defining moments. Everything from leaving his native Norway to study at the University of Oregon, to a squash partner’s nudge that he pursue a career as a finance professor. But it was his choice of a research topic—executive compensation—that led to the most significant moment of all: uncovering one of the most explosive corporate scandals of the 21st century.

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Buy Erik's New Book
https://www.amazon.com/gp/product/B0DV4BLF8J?tag=randohouseinc7986-20
Connect with Erik Lie
https://eriklie.com/
https://www.linkedin.com/in/erik-lie-627a7351

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CONNECT WITH CALEB

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

Sources:

• On the Timing of CEO Stock Option Awards [Management Science]
• Does backdating explain the stock price pattern around executive stock option grants? [Journal of Financial Economics]
• He's Making Hay As CEOs Squirm [BusinessWeek via Wayback Machine]
• Erik Lie [Time 100 via Wayback Machine]
• Backdating Scandal Ends With a Whimper [NYT]
• Erik Lie [Iowa Tippie College of Business]
• Catching Cheats | Everyday Forensics to Unmask Business Fraud [Berret-Koehler]
• Meet the Fraud Professor: Daniel J. Taylor of The Wharton School [OMF]

A scrappy Flemish speech recognition company tries to put its hometown on the global tech map.

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• (00:00) - A Pie to the Face

In less than 10 minutes, you can earn 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.

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Email us at [email protected]

Sources:

• How Hype Hurt Lernout & Hauspie [Bloomberg via Wayback Machine]
• How High-Tech Dream Shattered In Scandal at Lernout & Hauspie [WSJ]
• Lernout & Hauspie Speech Products: Financing From Start-up through IPO [INSEAD, Herwig Langohr,  Benoit Leleux,  Danny Lein, July 2000, accessed on Sept. 16, 2025]
• Lernout & Hauspie Speech Products: The Question [INSEAD, Arnoud De Meyer,  Bart Pycke, January 1998, accessed on Sept. 16, 2025]
• Quarterdeck Office Systems [Wikipedia]
• Patent Is Won By Quarterdeck [NYT]
• Internet Hype Gives New Life to Quarterdeck Stock [LAT]
• Gaston Bastiaens [Apple.Fandom]
• Today in Apple history: Apple exec bets his wine cellar on Newton [CultofMac]
• Will Microsoft's Stake in Lernout & Hauspie Drive Growth in Speech? [Speech Technology Magazine]
• In Brussels, Gates Takes a Pie in the Face [Reuters via Wayback Machine]
• Bill Gates Being Hit in the Face With a Pie (1998) [YouTube]
• Noël Godin [Wikipedia]
• He Plasters Paris’ Elite With Cream Pies [LAT]
• Bernard-Henri Levy Pied again in Belgium [YouTube]
• FM Interviews: Noël Godin [First Monday]
• Lernout & Hauspie Shares Drop Amid Puzzling Revenue Results [WSJ]
• Lernout & Hauspie Surges In Korea, Raising Questions [WSJ]
• Lernout's Bastiaens Will Step Down From CEO Post at Software Concern [WSJ]
• Lernout to Refile Financial Reports; Co-Founders Resign as Chairmen [WSJ]
• Lernout Files for Bankruptcy Protection, Says Cash at South Korean Unit Is Missing [WSJ]
• The Talk of Flanders Has Most Speechless [AP]
• Lernout & Hauspie Speech Products, N.V., Litigation Release No. 17782, Accounting and Auditing Enforcement Release No. 1648, October 10, 2002 [Securities and Exchange Commission]
• Lernout & Hauspie Speech Products, N.V., Litigation Release No. 18014, March 4, 2003 [Securities and Exchange Commission]
• Lernout & Hauspie Founders Guilty in Fraud [WSJ]
• Goldman Sachs and the $580 Million Black Hole [NYT]