Oh My Fraud31 Jul 2024

Paper Empire | The Case of Equity Funding Corporation of America

Join Caleb and Greg on a twisting saga of an insurance company that began in the late 1950s, rose to spectacular heights in the 1960s, and came crashing down in the 1970s.

Sponsors
The Small Business Research Institute - https://ohmyfraud.promo/ceanow
Bean - https://ohmyfraud.promo/bean

(00:00) - With Friends Like These Who Needs Enemies
(01:34) - Life Insurance Policies
(05:20) - Case Introduction: Equity Funding Corporation
(06:55) - The Rise of Equity Funding
(15:35) - Innovative Financial Products
(23:38) - Expansion and Acquisitions
(25:54) - Tragedy Strikes
(33:35) - The Beginning of Fraudulent Activities
(35:44) - Insurance Company Schemes Unveiled
(42:31) - The Maple Drive Gang and Auditor Deception
(43:47) - The Downfall Begins
(45:18) - Raymond Dirks and the Unraveling of Equity Funding
(52:51) - The SEC Steps In and Trading Suspended
(56:14) - Legal Consequences and Sentencing
(01:03:08) - Reflections and Lessons Learned
(01:09:36) - Final Thoughts and Fun Facts

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
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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:

INSURANCE FRAUD CHARGED BY S.E.C. TO EQUITY FUNDING [NYT]
Associates Find Goldblum Is Not Too Easy to Know [NYT]
22 INDICTED BY U.S. IN EQUITY SCANDAL [NYT]
GOLDBLUM ENTERS EQUITY GUILT PLEA [NYT]
Dirks, Who Uncovered Fraud At Equity, Is ‘Gratified’ by Plea [NYT]
Goldblum Among 6 Sentenced To Jail in Equity Funding Case [NYT]
12 More Ex‐Officials of Equity Funding Sentenced [NYT]
$57 Million Tentative Settlement Drafted in Equity Funding Fraud [NYT]
Flory, Steven M. and Cooper, Kerry (1976) "Equity Funding: The Profession Reacts," Woman C.P.A.: Vol. 38: Iss. 3, Article 4.
Contemporary Auditing Issues and Cases, by Michael C. Knapp. Case 5.6 Equity Funding Corporation of America
Soble, Ronald L. and Dallos, Robert E. (1975) “The Impossible Dream.”
Flory, Steven M. and Cooper, Kerry (1976) "Equity Funding: The Profession Reacts," Woman C.P.A.: Vol. 38: Iss. 3, Article 4.
Seidler, Lee J., Andrews, Frederick, Epstein, Marc J. (1977) “The Equity Funding Papers: The Anatomy of a Fraud.”
Dirks v. SEC, 463 U.S. 646 (1983) [Justia]

Raymond Dirks, Whose Tipster Case Redefined Insider Trading, Dies at 89 [NYT]

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