Oh My Fraud25 Jan 2022

Friends With Mutual Benefits | The Mother of All Florida Ponzi Schemes

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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.

REFERENCES

CNBC’s American Greed Episode: “Friends Without Benefits”
https://www.cnbc.com/video/2015/10/19/american-greed-friends-without-benefits.html

MBC’s Wikipedia: https://en.wikipedia.org/wiki/Mutual_Benefits_Corporation

Viatical Settlements: https://en.wikipedia.org/wiki/Viatical_settlement

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 18698 / May 6, 2004

https://www.sec.gov/litigation/litreleases/lr18698.htm

2020 ACFE Report to the Nations: https://www.acfe.com/report-to-the-nations/2020/

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF FLORIDA

CASE NO. 04-60573-CIV-MORENO/SIMONTON https://www.sec.gov/litigation/complaints/comp19274.pdf

South Florida Mastermind of $1 billion-plus swindle sentenced …

https://www.miamiherald.com/news/local/community/miami-dade/article1984194.html

Great frauds in history: Joel Steinger and the Mutual Benefits Corporation

https://moneyweek.com/519573/great-frauds-in-history-joel-steinger-and-the-mutual-benefits-corporation

Former Mutual Benefits Corporation Head Sentenced To 20 Years In Prison For His Role In $1 Billion MBC Scheme

https://www.justice.gov/usao-sdfl/pr/former-mutual-benefits-corporation-head-sentenced-20-years-prison-his-role-1-billion

A WORD FROM OUR SPONSOR

Thank you to our sponsor, Avalara. Avalara’s award-winning tax automation solutions help accounting practitioners and businesses of all sizes simplify sales tax compliance and with real-time rates, automated returns filing, and more.

In October 2021 IDC MarketScape named Avalara a Leader in tax automation in three categories (small and midsize business, enterprise, and VAT). If you’re considering tax automation, check out the independent IDC evaluations at http://OMF.show/avalara

Learn more about Avalara for Accountants and you’ll get a free gift: meet with an expert to explore how Avalara can help your accounting practice grow, and you’ll receive a $50 gift card. Contact Avalara at Accountants@Avalara.com, and mention the code “Fraud”

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
Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app

Questions? Need help? Email support@earmarkcpe.com.

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/

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