70+ common online scams used by cyber criminals and fraudsters ---
https://www.comparitech.com/vpn/avoiding-common-scams-schemes/

From the CFO Journal's Morning Ledger on August 26, 2020

The U.S. business of Teva Pharmaceutical Industries has been indicted on charges the drugmaker fixed prices on generic drugs, according to a person familiar with the matter. The Justice Department is expected to announce the charges imminently, the person said.

The Justice Department’s antitrust division brought the case in a Pennsylvania federal court, alleging Teva Pharmaceuticals USA engaged in anticompetitive conduct that resulted in at least $350 million in overcharges to consumers.

Fraud in the Time of Crisis ---
https://www.journalofaccountancy.com/issues/2020/aug/fraud-iq-quiz-coronavirus-crisis.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=07Aug2020

Facebook:  A precious metals dealer that sold overpriced coins to senior citizens was sued this week by the US federal government and 30 states for alleged large-scale fraud ---
https://qz.com/1749695/facebook-ads-targeted-fox-news-fans-for-shady-silver-coin-scheme/

Ex-School Employee Admits She Aided Cheating on SAT, ACT ---
https://www.insidehighered.com/quicktakes/2020/09/28/ex-school-employee-admits-she-aided-cheating-sat-act?utm_source=Inside+Higher+Ed&utm_campaign=f845ea7b54-DNU_2020_COPY_02&utm_medium=email&utm_term=0_1fcbc04421-f845ea7b54-197565045&mc_cid=f845ea7b54&mc_eid=1e78f7c952

Tens of thousands of loans issued under the government’s $670 billion Paycheck Protection Program are vulnerable to fraud, waste and abuse, according to a report from a House panel ---
https://www.wsj.com/articles/house-panel-criticizes-lack-of-oversight-on-ppp-loans-11598981252?mod=djemCFO

Ex-DEA agent pleads guilty to 19 federal counts in jaw-dropping corruption case ---
https://justthenews.com/government/federal-agencies/former-dea-agent-who-once-earned-praise-superiors-pleads-guilty-19

NFL Player Charged for Role in $24 Million COVID-Relief Fraud Scheme ---
https://www.justice.gov/opa/pr/nfl-player-charged-role-24-million-covid-relief-fraud-scheme

West Virginia Hospital Agrees To Pay $50 Million To Settle Allegations Concerning Improper Compensation To Referring Physicians ---
https://www.justice.gov/opa/pr/west-virginia-hospital-agrees-pay-50-million-settle-allegations-concerning-improper

Over 25 years, almost every book and map of value vanished from the Carnegie Library. How did the thief pull it off? ---
https://www.smithsonianmag.com/arts-culture/theft-carnegie-library-books-maps-artworks-180975506/

How did a Harvard divinity scholar fall for a clumsy archaeological fraud?
https://www.nytimes.com/2020/08/11/books/review/veritas-ariel-sabar.html

A disabled veteran defrauded donors and used money for a border wall to pay for this luxury fishing boat, federal prosecutors say ---
https://www.businessinsider.com/disabled-vet-used-crowdsourced-border-wall-funds-for-luxury-boat-2020-8

Steve Bannon charged with fraud over crowdfunnding campaign for border wall ---
https://www.vox.com/2020/8/20/21377209/banon-arrested-indicted-build-border-wall-gofundme

Dozens arrested in widespread ATM theft scam at Santander bank branches ---
https://www.nj.com/news/2020/08/dozens-arrested-in-widespread-atm-theft-scam.html

'Lottery lawyer' scammed millions from winners in mob-connected scheme, feds allege ---
https://www.foxnews.com/us/lottery-lawyer-long-island-new-york-mob-scheme-scam-alleged

Dean Indicted for Kickback Stealing From University ---
https://www.insidehighered.com/quicktakes/2020/08/13/dean-indicted-stealing-university?utm_source=Inside+Higher+Ed&utm_campaign=060f944599-DNU_2020_COPY_01&utm_medium=email&utm_term=0_1fcbc04421-060f944599-197565045&mc_cid=060f944599&mc_eid=1e78f7c952

Leading chemistry journal has retracted a 2019 paper by a pair of researchers in Switzerland after determining that it contained fabricated data. ---
https://retractionwatch.com/2020/08/18/top-chemistry-journal-retracts-paper-for-faked-data/

Consumer business professor leaves Pitt after retractions for data anomalies ---
https://retractionwatch.com/2020/08/13/consumer-researcher-leaves-pitt-after-retractions-for-data-anomalies/

CalPERS chief’s abrupt resignation preceded by conflict of interest questions ---
https://www.data-z.org/news/detail/calpers-chiefs-abrupt-resignation-preceded-by-conflict-of-interest-questions

Banking Regulator Fines Capital One $80 Million Over 2019 Hack ---
https://www.wsj.com/articles/banking-regulator-fines-capital-one-80-million-over-2019-hack-11596727367

Florida Doctor Charged in Massive $681 Million Substance Abuse Treatment Fraud Scheme ---
https://www.justice.gov/opa/pr/florida-doctor-charged-massive-681-million-substance-abuse-treatment-fraud-scheme

Boulder Man Pleads Guilty To Nearly $32 Million Bank Fraud Scheme ---
https://www.justice.gov/usao-co/pr/boulder-man-pleads-guilty-nearly-32-million-bank-fraud-scheme

MIT:  Chinese and Russian Hackers Were Sanctioned by Europe for the First Time ---
https://www.technologyreview.com/2020/07/30/1005822/chinese-and-russian-hackers-were-just-sanctioned-by-europe-for-the-first-time/

USC-Children’s Hospital Los Angeles researcher out following faked data probe ---
https://retractionwatch.com/2020/07/29/usc-childrens-hospital-los-angeles-researcher-out-following-misconduct-probe/

Commonwealth Edison executives have admitted the huge power company bribed its way to lucrative legislative wins in Springfield — and millions of customers in Illinois can see the steep price they’re paying for it on every electric bill ---
https://www.data-z.org/news/detail/the-true-high-cost-were-all-paying-for-comeds-springfield-corruption 

Ohio House Speaker Larry Householder, 4 others arrested in $60 million bribery case: source ---
https://www.fox19.com/2020/07/21/ohio-house-speaker-larry-householder-under-arrest-million-bribery-case-source/

Ransomware criminals are targeting US universities ---
https://theconversation.com/ransomware-criminals-are-targeting-us-universities-141932

Twitter Gets Hacked By Twitter Employees; Uses Biden, Obama To Fraudulently Solicit BitCoin ---
https://www.blabber.buzz/conservative-news/951509-twitter-gets-hacked-by-twitter-employees-uses-biden-obama-to-solicit-bitcoin?utm_source=c-am&utm_medium=c-am-email&utm_term=c-am-GI&utm_content=2KvkcSGywrCfXsRfotUH4XJ8Trg..A
Throughout the history of computing and networking technology the biggest security risk has been from insiders who are either fraudulent or very careless

Trudeau Admits ‘Mistake’ as He Faces Third Corruption Scandal ---
https://www.breitbart.com/national-security/2020/07/14/trudeau-admits-mistake-as-he-faces-third-corruption-scandal/
Jensen Question
Having survived his "blackface" moment, this is more difficult to explain.

Toronto priest plagiarized when ghostwriting for Canada's most senior Vatican figure ---
https://nationalpost.com/news/new-revelations-in-the-serial-plagiarism-of-a-canadian-priest-extend-to-his-role-as-ghostwriter-for-vatican-figure/

A Canadian Province Killed 463 Wolves for No Good Reason ---
https://www.theatlantic.com/science/archive/2020/07/how-simple-statistical-error-killed-463-wolves/614134/

French university rescinds researcher’s PhD after misconduct finding (data fabrication) ---
https://retractionwatch.com/2020/07/15/french-university-rescinds-researchers-phd-after-misconduct-finding/

McDonalds Sues Former CEO  to Recover Tens of Millions of Dollars in Severance Pay
https://www.bloomberg.com/news/articles/2020-08-10/mcdonald-s-sues-former-ceo-easterbrook-to-recover-severance-pay?cmpid=BBD081020_BIZ&utm_medium=email&utm_source=newsletter&utm_term=200810&utm_campaign=bloombergdaily

McDonald’s sued fired ex-CEO Steve Easterbrook to recover tens of millions of dollars in severance pay. Why? The fast-food chain alleged it has evidence that he had sexual relationships with multiple employees, tried to cover them up and even arranged for one worker to get a lucrative stock award. McDonald’s also said it uncovered sexually explicit photographs in Easterbrook’s corporate email account and other evidence of the additional affairs following an anonymous tip last month.

BLM Protesters Target Georgetown CVS Because Employees Called Police on Shoplifters ---
https://legalinsurrection.com/2020/09/blm-protesters-target-georgetown-cvs-because-employees-called-police-on-shoplifters/

Publisher retracts nearly two dozen articles, blocks nearly three dozen more, from alias-employing author who plagiarized ---
https://retractionwatch.com/2020/09/17/publisher-retracts-nearly-two-dozen-articles-blocks-nearly-three-dozen-more-from-alias-employing-author-who-plagiarized/

Current and past editions of my blog called Fraud Updates --- 
http://faculty.trinity.edu/rjensen/FraudUpdates.htm

CalPERS --- https://en.wikipedia.org/wiki/CalPERS

CalPERS Cooks Its Books ---
https://www.nakedcapitalism.com/2020/09/calpers-cooks-its-books-grossly-understated-investment-consultant-meketas-expenses-in-annual-financials-made-a-criminal-false-account-by-burying-the-cost.html

Francine McKenna, an accounting expert and adjunct professor at American University in Washington D.C., confirmed our concerns about the misclassification of the Meketa charges:

It’s either intentional manipulation of the books or a level of incompetence and sloppiness that is inexcusable for an entity of this size with so many highly paid professionals and consultants involved.

If this excuse for the inability to track the Meketa payments is accurate, it’s an admission that CalPERS has been making false accounts, which is a violation of the California Penal Code section 424. Given the magnitude of either the omission or the deliberate misclassification in combination with the fact that CalPERS is rated by Moodys, which presumably relies on the information in the CAFR, this abuse could rise to the level of a fraud.¹

This reporting deficiency is troubling since it calls into question the integrity of CalPERS’ accounting and record-keeping. But perhaps this is not surprising. Most of the CAFR, including the “Other Supplementary Information” section in which outside vendor costs and CalPERS’ investment overhead fall, is unaudited. As we have pointed out, the entire investment section of CalPERS’ financials, including the valuation of its assets, is not audited either (see the auditor’s letter starting on page 17 to confirm).

 Continued in article

Bob Jensen's threads on book cooking and creative accounting ---
http://faculty.trinity.edu/rjensen/theory02.htm#Manipulation

Cryptocurrency --- https://en.wikipedia.org/wiki/Cryptocurrency

North Korean hackers steal billions in cryptocurrency. How do they turn it into real cash?
https://www.technologyreview.com/2020/09/10/1008282/north-korea-hackers-money-laundering-cryptocurrency-bitcoin/

Department of Justice Announces Charges of North Korean and Malaysia Nationals for Bank Fraud, Money Laundering and North Korea Sanctions Violations ---
https://www.justice.gov/opa/pr/department-justice-announces-charges-north-korean-and-malaysia-nationals-bank-fraud-money

One Difference Between China and Illinois is That Illinois Does Not Prosper With Corruption

High-ranking Chicago Public Schools official charged with lying to FBI in contract probe ---
https://www.data-z.org/news/detail/high-ranking-chicago-public-schools-official-charged-with-lying-to-fbi-in-contract-probe

A top aide to Chicago Public Schools CEO Janice Jackson has been charged with lying to the FBI about whether he passed secret bid information about a massive $1 billion custodial contract to a lobbyist working for one of the bidders.

Big Chicago building owners sue ComEd over alleged Madigan bribery scheme ---
https://www.data-z.org/news/detail/big-chicago-building-owners-sue-comed-over-alleged-madigan-bribery-scheme 

A group of Chicago commercial property owners, including the owners of the historic Burnham Center, have added their names to the growing list of businesses and individuals suing electrical utility ComEd over its role in a bribery scandal that has implicated Illinois House Speaker and Democratic Party Chairman Michael Madigan.

Illinois politicians promise generous retirement benefits to the unions, and the unions work the precincts to elect the politicians, some of whom use their offices to amass wealth and power. And who pays the bill?
https://www.data-z.org/news/detail/how-much-do-you-trust-pritzkers-fair-tax-heres-a-way-to-prove-it

Why China Prospered With Corruption ---
https://marginalrevolution.com/marginalrevolution/2020/08/why-china-prospered-with-corruption.html

A Russian national allegedly offered a Tesla employee $1 million to introduce malware onto the company's network ---
https://www.newsweek.com/elon-musk-russian-ransomware-attack-tesla-1528524

Jensen Comment
These types of hacks using insiders are the hardest to prevent.

Herbalife Nutrition Ltd. (Herbalife), a U.S.-based publicly traded global nutrition company, has agreed to pay total penalties of more than $122 million to resolve the government’s investigation into violations of the Foreign Corrupt Practices Act (FCPA) ---
https://www.justice.gov/opa/pr/herbalife-nutrition-ltd-agrees-pay-over-122-million-resolve-fcpa-case

Bob Jensen's Fraud Updates  ---
 http://faculty.trinity.edu/rjensen/FraudUpdates.htm

Justice Department Finds Yale Illegally Discriminates Against Asians and Whites in Undergraduate Admissions in Violation of Federal Civil-Rights Laws ---
https://www.justice.gov/opa/pr/justice-department-finds-yale-illegally-discriminates-against-asians-and-whites-undergraduate

IRS updates annual Dirty Dozen tax schemes for 2020 ---
https://www.journalofaccountancy.com/news/2020/jul/tax-scams-irs-dirty-dozen-2020.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=20Jul2020

From the CFO Journal's Morning Ledger on August 5, 2020

The U.S. Securities and Exchange Commission is investigating the circumstances around Eastman Kodak’s announcement of a $765 million government loan to make drugs at its U.S. factories, according to people familiar with the matter.

News of the loan last week caused Kodak’s shares to rise as high as $60, before falling to about $15 on Monday due to a dilution in the shares. Amid the heightened volatility, trading volume has surged. The price spike briefly produced a potential windfall for company executives who owned stock-option grants, some of which were granted on July 27, the day before the loan was officially announced.

From the CFO Journal's Morning Ledger on July 17, 2020

Good morning. Germany’s top financial supervisor received detailed warnings about deceptive financial practices at Wirecard starting in 2008, but repeatedly failed to investigate the allegations, raising questions about the country’s ability to enforce securities rules that protect investors.

Documents show the Federal Financial Supervisory Authority, or BaFin, saw Wirecard’s former CEO as more trustworthy than his critics because he bought a large chunk of shares in the company at a key moment. BaFin also decided against assuming direct oversight of Wirecard, which could have increased its ability to probe the company. Wirecard recently filed for insolvency proceedings after it failed to account for $2 billion in funds.

Ernst & Young, Wirecard’s longtime auditor, in a separate case in China said its local entity Ernst & Young Hua Ming LLP bears no responsibility for Luckin Coffee Inc.’s 2019 financial statements and what it called the company’s fraudulent misconduct. Earlier this year, Luckin revealed that more than $300 million of its 2019 sales were fabricated by a group of employees. 

The quality of audits by EY and other “Big Four” audit firms, including Deloitte, KPMG and PricewaterhouseCoopers, also is under scrutiny in the U.K. The country’s accounting regulator said earlier this week audit quality has deteriorated further.

Florida CPAs can continue to practice without any continuing professional education credits according to a new state law that eliminates any licensing requirements for 30+ other professions like architects ---
https://www.flsenate.gov/Session/Bill/2020/1193/BillText/er/PDF

Jensen Comment
I'm not sure avoiding CPE is good advice for CPAs who may one day want to perform duties out of state or move out of state.

I suspect CPAs working for many offices in Florida, especially multinational firms, will still have to meet their firms' requirements for CPE. The obsolete accountants can still work for firms that have no CPE requirements.

What happens when an international or national profession makes CPE an ethical issue?

Trudeau Admits ‘Mistake’ as He Faces Third Corruption Scandal ---
https://www.breitbart.com/national-security/2020/07/14/trudeau-admits-mistake-as-he-faces-third-corruption-scandal/
Jensen Question
Having survived his "blackface" moment, this is more difficult to explain.

A Canadian Province Killed 463 Wolves for No Good Reason ---
https://www.theatlantic.com/science/archive/2020/07/how-simple-statistical-error-killed-463-wolves/614134/

French university rescinds researcher’s PhD after misconduct finding (data fabrication) ---
https://retractionwatch.com/2020/07/15/french-university-rescinds-researchers-phd-after-misconduct-finding/

Current and past editions of my blog called Fraud Updates --- 
http://faculty.trinity.edu/rjensen/FraudUpdates.htm

Plagiarism and Translation:  The case of the stolen journal ---
https://retractionwatch.com/2020/07/07/the-case-of-the-stolen-journal/

How much trade is dodging Trump’s China tariffs?
https://qz.com/1874110/how-much-trade-is-dodging-trumps-china-tariffs/

Is the staggeringly profitable business of scientific publishing bad for science?
https://www.theguardian.com/science/2017/jun/27/profitable-business-scientific-publishing-bad-for-science

It is an industry like no other, with profit margins to rival Google – and it was created by one of Britain’s most notorious tycoons: Robert Maxwell

Bob Jensen's threads on this oligopoly that loves to rip off college libraries with outrageous subscription fees ---
http://faculty.trinity.edu/rjensen/FraudReporting.htm#ScholarlyJournals

True Story:  Was the Cardiff Giant the Greatest Hoax of All Time?
https://www.ozy.com/true-and-stories/the-atheist-who-pulled-off-americas-biggest-hoax/224907/?utm_term=OZY&utm_source=Sailthru&utm_medium=email&utm_campaign=DD v3 6.30&utm_content=Final

SEC Halts Brothers’ Alleged Cryptocurrency Offering Fraud ---
https://www.ai-cio.com/news/sec-halts-brothers-alleged-cryptocurrency-offering-fraud/

Current and past editions of my blog called Fraud Updates --- 
http://faculty.trinity.edu/rjensen/FraudUpdates.htm

Ex-Beverly Hills Stockbroker Sentenced to 6 Years in Prison for Role in $215 Million Portfolio-Pumping Stock Manipulation Scheme ---
https://www.justice.gov/usao-cdca/pr/ex-beverly-hills-stockbroker-sentenced-6-years-prison-role-215-million-portfolio

Alibaba has fired leading exec Zhao Yan. He helped his girlfriend secure a high-paying job and accepted gifts from business partners, the company says ---
https://www.businessinsider.com/china-tech-giant-alibaba-dismisses-livestreaming-head-citing-nepotism-gifts-document-2020-7

FBI Nabs Decadent Nigerian Scammer 'Hushpuppi' for Massive Cybercrimes ---
https://pjmedia.com/news-and-politics/stephen-green/2020/07/03/wow-fbi-brings-in-decadent-nigerian-scammer-hushpuppi-for-100s-of-millions-in-cybercrime-n603192

In a remote area of Papua, a box of instant noodles costs 2 grams of gold ---
https://www.thejakartapost.com/news/2020/07/03/in-a-remote-area-of-papua-a-box-of-instant-noodles-costs-2-grams-of-gold.html
Jensen Comment
This illustrates how markets get complicated when remote tribes have increased demand for goods (think cell phones and instant noodles) manufactured far away. Either they must have something to trade (e.g., gold or other natural resources) or they must be subsidized by central governments. It's harder and harder for tribes on earth to maintain hunter/gatherer economies in part because they want more from life. Although Covid-19 is not a deadly pandemic such tribes are vulnerable to some truly deadly pandemics evidenced in history. Disease protections of their remoteness no longer apply.

Three First NBC Executives Indicted For Fraud against Failed $5 Billion Bank ---
https://www.justice.gov/usao-edla/pr/three-first-nbc-executives-indicted-fraud-against-failed-5-billion-bank
 

How to Mislead With Statistical Rules of Thumb

‘Dog years’ just a myth: New formula shows us how old Fido really is in human years ---
https://www.studyfinds.org/dog-years-just-a-myth-science-shows-us-how-old-fido-really-is-in-human-years/
 

How to Mislead With Statistics

Americans putting off traditional goals like marriage, having kids for financial security ---
https://www.studyfinds.org/americans-replacing-traditional-goals-like-marriage-having-kids-with-financial-security/

Jensen Comment
I'm sure financial security is a causal factor to things like staying single and not having children. However, the biggest causal factor, in my opinion, is reliable birth control. Back in the 1950s many people got married in order to have better sexual relationships. Or they got married when unexpected babies were suddenly on the way. Now marriage does not much change a couple's sexual relationship for the better since in both cases they're living together. And pregnancy is less frequently unexpected since birth control is more reliable.

It's not politically correct to say this, but equal opportunity in education and employment also contributes to changing goals for marriage and having babies. Think of obstacles created when one person in a partnership wants a better job thousands of miles away. Having said this I'm all in favor of reducing the local and global population growth. And I'm all in favor of equal opportunity in marriage and careers.

How to Mislead With Statistics

Surprising study: Urban density doesn’t cause more COVID-19 infections, even promotes lower death rates ---
https://www.studyfinds.org/surprising-study-urban-density-doesnt-cause-more-covid-19-infections-even-promotes-lower-death-rates/

Crowded city streets, subways, and buses have been considered the most likely places to become infected with COVID-19 over the past few months. Surprisingly, however, a new study from the Johns Hopkins Bloomberg School of Public Health concludes that densely populated spaces aren’t actually linked to higher infection rates.

Even more confounding, the study’s analysis indicates that crowded, dense locations are associated with lower coronavirus death rates.

In all, COVID-19 infection and death rates were assessed across 913 U.S. metropolitan counties. After researchers accounted for additional factors like race and education, the population density within each county was not significantly linked to infection rates. As mentioned, denser counties, as opposed to more rural, sprawling areas with smaller populations, were associated with lower death rates. The study’s authors speculate this is because denser, urban areas often offer better healthcare services.

Instead, higher coronavirus infection and death rates seem to be linked to a metropolitan area’s size, not its density. So, cities that are very big and stretch across multiple counties that are “tightly linked together through economic, social, and commuting relationships” appear to be most at risk of high coronavirus infection rates

Continued in Article

Jensen Comment
I think the issues is are more complicated than density (think population per square mile). For example, the above study concludes that density does not contribute to infection rates. Could it be that the most dense populations vary in terms of lifestyles. Think of New York City for example. It's extremely common for workers to move out of NYC when they retire. And if they retire in a another dense area like Miami their lifestyles change because they are no longer commuting daily over long distances by public transportation to get to and from jobs. The public indoor places of Manhattan and San Francisco are crowded many hours of each day relative to the public indoor places of Miami and Houston.