Financial Fraud and Other Shenanigans

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Jim Barratt

6 episodes

2 days ago

We delve into interesting aspects of historic and recent financial frauds with the aim of informing and empowering investors and businesses with knowledge to protect themselves from becoming victims of financial fraud. Seasoned forensic accountant, Jim Barratt, breaks down the frauds in simple terms and provides Illuminating analysis and insightful commentary on these deceptive practices that plague the business world. Experienced professionals join the podcast as guests to share their experiences and perspectives. Financial frauds are often astonishing, scandalous, and ridiculous.

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Episodes (6/6)

Financial Fraud and Other Shenanigans

Insider Trading: The Perennial Problem of Exploiting Non-Public Information

You likely have heard of the term, “Insider Trading” before, but do you know who might be an insider and how someone can be charged with a crime? Insider trading has been a hot-button issue for years and is a perennial problem that occurs when greed meets opportunity and information is exploited for personal gain.Many of us have heard about high-profile business people and celebrities who have been on the wrong side of the law and have paid large penalties and even served time in prison. The reality is that illegal insider trading is not limited to the ultra-wealthy and it is committed on a regular basis by people in everyday jobs, who are looking to make some easy money on a tip they heard from a friend or colleague. Even members of the US Congress are under scrutiny for possible insider trading.In this episode, we discuss the history of insider trading, some high-profile insider traders who were jailed and fined, the relevant legislation and court cases, and the role of the SEC in enforcing the laws. We have two special guests who are experts in the securities law industry to unpack the issues related to insider trading. Rebecca Fike, is a partner at the law firm of Vinson & Elkins. She served as a former SEC enforcement attorney for 10 years. She is a frequent speaker and writer on SEC topics and regularly appears on panels at industry and legal conferences, webcasts and client events. Her practice includes representing public and private company clients in SEC matters.We are also joined by Dan Nathan, who is a seasoned securities attorney who has had a broad view of securities enforcement in his career. Dan served as an Assistant Director in the SEC’s Division of Enforcement, where one of his many accomplishments was overseeing the insider trading investigation that led to the landmark Supreme Court decision in U.S. vs O’Hagan. Dan also served as the Deputy Director of Enforcement at the Commodity Futures Trading Commission or CFTC, and as the Vice President and Director of Regional Enforcement at FINRA. He also represented individuals and companies involved in insider trading investigations in private practice.Along the way, we discuss the evolving history, lessons learned and highlight issues for investors to consider to stay fraud-free.***Host: Jim BarrattWebsite: Barratt Consulting GroupLinkedIn profile: Jim Barratt, CPA, CFF | LinkedIn***Special Guest: Rebecca FikesWebsite: Rebecca Fike | People | Vinson & Elkins LLPLinkedIn profile: Rebecca Fike | LinkedInSpecial Guest: Dan NathanLinkedIn profile: Daniel Nathan | LinkedIn***To learn more about Insider Trading:“The Den of Thieves”, book by James B. Stewart, 1992.“Wall Street”, movie by Oliver Stone, 1987.***Voiceovers by Cat Stratakis.

6 months ago

1 hour 9 minutes 34 seconds

Financial Fraud and Other Shenanigans

Cryptocurrency: A Criminal’s Delight or the Future of Finance

You likely have heard of cryptocurrency, blockchain technology, and Bitcoin, but what is it, really? In this episode, we focus on the fascinating world of cryptocurrency, with high-level descriptions of Bitcoin and blockchain technology. We discuss the pros and cons of digital currency and provide a look back at their development. The growing fraudulent schemes and types of frauds that are occurring using cryptocurrency are described including the findings of a recent FBI report. Brief clips from notable crypto investors, bankers and regulators such as Michael Saylor, Jaime Dimon, Warren Buffett, SEC Chair Gary Gensler, and John Reed Stark reflect their views on cryptocurrency. Along the way, we highlight the red flags for investors to consider to stay fraud-free.

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Host: Jim Barratt

Website: Barratt Consulting Group

LinkedIn profile: Jim Barratt, CPA, CFF | LinkedIn

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Voiceovers by Cat Stratakis.

12 months ago

45 minutes 17 seconds

Financial Fraud and Other Shenanigans

Raising the Alarm: The Devastating Impact of Elder Fraud

In this episode, we dive into the devastating issue of elder fraud, which is growing at an alarming rate and seriously harming our senior population. We explore the impact of the various types of scams targeting the elderly. Victims are losing billions of dollars each year with the increase in email, internet and cryptocurrency scams. Government agencies and companies are working to raise awareness, provide education and limit the ability of scammers. Our special guest, Ron Long, has dedicated much of his career to developing improved ways for financial institutions to fight the scourge of elder financial exploitation. Ron created and led the Elder Client Initiative team at Wells Fargo Advisors and currently serves as the co-lead of the Senior Investor Compliance Services team at Stevens and Lee. It is critical to raise awareness to people of all ages so we can collectively work to prevent criminals from preying on our most vulnerable citizens. **** Host: Jim Barratt Website: Barratt Consulting Group LinkedIn profile: Jim Barratt, CPA, CFF | LinkedIn **** Special Guest: Ronald Long Website: Ronald C. Long - Stevens & Lee (stevenslee.com) LinkedIn profile: Ronald Long | LinkedIn **** To learn more about Elder Fraud Exploitation: Internet Crime Complaint Center(IC3) | Home Page -FBI Fighting fraud against older adults | Consumer Advice (ftc.gov) -Federal Trade Commission How to Report Elder Abuse, Financial Exploitation (aarp.org) – American Association of Retired Persons Protecting Seniors From Financial Exploitation | FINRA.org – FINRA **** Voiceovers by Cat Stratakis.

1 year ago

47 minutes 1 second

Financial Fraud and Other Shenanigans

Data Detective: How Frank Wilson’s Innovative Investigation Techniques Exposed Al Capone’s Tax Evasion Scheme

During the Roaring 20s in the US, Prohibition outlawed the sale of alcohol which led to gangs of criminals and bootleggers ruling urban cities, among them was the notorious Al “Scarface” Capone. Al Capone was deemed Public Enemy Number One and illegally earned millions of dollars but never paid any income taxes. That is until an unsung hero named Frank J. Wilson developed evidence to convict the elusive Capone and send him to jail. Frank Wilson was an IRS investigator who some consider the father of modern forensic accounting investigative techniques. His dedication, attention to detail and interviewing skills brought to light hidden trails of cash that Capone enjoyed but never declared. Wilson’s approach to analyzing data influenced future investigators as they too would “follow the money”. In addition, Frank Wilson was instrumental in developing methods to identify the kidnapper and murderer in the infamous Lindbergh baby kidnapping. As Wilson and his team reviewed millions of handwritten and hard copy documents, in today’s world, the investigations of fraud involve the digital age of electronic data. Data analysts with a variety of data and analytic tools can efficiently obtain, analyze and identify the needles in the terabyte haystacks. Our special guest, Joe Hoang, is a seasoned data analyst and technology advisor who works hand in hand with today’s Frank Wilsons to conduct financial fraud investigations and assist companies and individuals. Joe takes us through the development and use of data analytics into the modern era.

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Host: Jim Barratt

Website: Barratt Consulting Group

LinkedIn profile: Jim Barratt, CPA, CFF | LinkedIn

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Special Guest: Joseph Hoang, Ascendant Solution Group

LinkedIn profile: Joseph N. Hoang, CFE | LinkedIn

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To learn more about Frank J. Wilson:

“Special Agent-A Quarter Century with the Treasury Department and the Secret Service” by Chief Frank J. Wilson and Beth Day, 1965, by Holt, Rinehart and Winston

The Undercover Man, film, 1949 starring Glenn Ford

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Voiceovers by Cat Stratakis.

1 year ago

1 hour 4 minutes 51 seconds

Financial Fraud and Other Shenanigans

Unveiling the Deception: The Anatomy of the Charles Ponzi and Bernie Madoff Schemes

You likely have heard of the term, “Ponzi Scheme” before, but do you know its origin? In this episode, we explore the fantastic scheme conducted by Charles Ponzi, who became the namesake of the “rob Peter to pay Paul” fraud scheme. In 1920, Charles Ponzi went from pauper to millionaire to prisoner under the guise of trading international postal reply coupons. Ponzi schemes continue to persist and we move from 1920 to 2008 to discuss the massive Bernie Madoff Ponzi scheme with our special guest, forensic accountant, Marty Wilczynski, who was the co-leader of the consulting team providing investigative and litigation support to the trustee and his counsel on the landmark Bernard L. Madoff Investment Securities SIPA liquidation. Along the way, we discuss the financial devastation, lessons learned and highlight red flags for investors to consider to stay fraud-free.

*** Host: Jim Barratt Website: Barratt Consulting Group LinkedIn profile: Jim Barratt, CPA, CFF | LinkedIn

*** Special Guest: Martin Wilczynski Website: Martin Wilczynski - Ankura.com LinkedIn profile: Martin Wilczynski | LinkedIn

*** To learn more about Charles Ponzi and Bernie Madoff: “The Rise of Mr. Ponzi”, The Long-Suppressed Autobiography of a Financial Genius, by Charles Ponzi, Copyright 2009, Despair, Inc. Charles Ponzi, The Documentary, YouTube, Patrick E. Boyle, 2020 “The Wizard of Lies: Bernie Madoff and the Death of Trust” by Diana B. Henriques, St. Martin’s Griffin, 2011 The Wizard of Lies, TV Movie, HBO, 2017 *** Voiceovers by Cat Stratakis.

1 year ago

1 hour 12 minutes 58 seconds

Financial Fraud and Other Shenanigans

Introducing the Podcast

Welcome to the Financial Fraud and Other Shenanigans podcast! Join seasoned forensic accountant, Jim Barratt, and his special guests as they explore historical and recent financial frauds that will educate, entertain, and inform to keep you fraud-free.

1 year ago

1 minute 22 seconds