Oh My Fraud

• Meet the Professor Who Blew the Whistle on Stock Options Backdating

  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.SponsorsRoutable - http://ohmyfraud.promo/routableBluebook - http://ohmyfraud.promo/bluebookBuy Erik's New Book https://www.amazon.com/gp/product/B0DV4BLF8J?tag=randohouseinc7986-20Connect with Erik Liehttps://eriklie.com/https://www.linkedin.com/in/erik-lie-627a7351 Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CEDownload the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appQuestions? Need help? Email [email protected] WITH CALEBTwitter: https://twitter.com/cnewquistLinkedIn: 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] 

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• The Belgian Waffle

  A scrappy Flemish speech recognition company tries to put its hometown on the global tech map.SponsorsRoutable - http://ohmyfraud.promo/routableBluebook - http://ohmyfraud.promo/bluebook(00:00) - A Pie to the Face (01:00) - Welcome to Oh My Fraud (06:00) - Welcome to Flanders, Belgium (07:30) - Meet the Founders: Jo Lernout and Pol Hauspie (09:30) - The Dream of Voice Recognition (15:12) - Going Public in a Crowded Market (17:42) - Creating the Flanders Language Valley (21:42) - Gaston Bastiaens and His Wine Cellar Wager (26:23) - Microsoft's $45 Million Investment (29:23) - The Philosophy of Pie Throwing (30:53) - Explosive Growth and Suspicious Numbers (32:53) - Dragon Systems and Dictaphone Acquisitions (35:23) - The Korean Revenue Mystery (38:23) - Wall Street Journal Starts Digging (42:18) - "I Lied About Everything" (43:48) - The Resignation and Bankruptcy (47:48) - The SEC Reveals the Fraud (49:48) - Criminal Convictions and Symbolic Justice (50:48) - Lessons Learned: Fake It Till You Make It (52:18) - What Happened to the Technology (53:48) - Closing Thoughts HOW TO EARN FREE CPEIn 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.https://www.earmark.app/Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appCONNECT WITH CALEBLinkedIn: https://www.linkedin.com/in/calebnewquist/Email us at [email protected]: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]

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• The Price of Loyalty: Insights with Kim Sutherland of LexisNexis Risk Solutions

  Kim Sutherland has 14 different email addresses. She doesn’t suggest you do the same, but she does think a lot about fraud in her job as the Global Head of Fraud & Identity at LexisNexis Risk Solutions. As a follow-up to the last episode, Caleb and Kim discuss the various dimensions and the growing prevalence of reward point / loyalty fraud. SponsorsRoutable - http://ohmyfraud.promo/routable(00:00) - Introduction and CPE Opportunity (00:26) - Meet Kimberly Sutherland from LexisNexis (01:43) - Listener Reviews and Feedback (04:07) - Conversation with Kimberly Sutherland Begins (06:06) - Understanding Loyalty Points and Fraud (22:13) - Synthetic Identity Fraud (29:57) - Insider Threats in Loyalty Programs (32:26) - Imagining Fraud to Prevent It (34:39) - Detection and Prevention Strategies (36:20) - Understanding Digital Risk (42:45) - Fraud Databases and Shared Intelligence (45:24) - Responding to Fraud Incidents (53:57) - The Role of Government in Fraud Prevention (59:49) - Future of Fraud and Prevention Technologies (01:02:01) - Ongoing Challenges in Identity Verification (01:03:39) - Conclusion and Credits HOW TO EARN FREE CPEIn 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.https://www.earmark.app/Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appLearn More About LexisNexishttps://risk.lexisnexis.com/ CONNECT WITH KIMLinkedIn: https://www.linkedin.com/in/ksutherland365 CONNECT WITH CALEBLinkedIn: https://www.linkedin.com/in/calebnewquist/Email us at [email protected]

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• Points Taken

  Rewarding customer loyalty is probably as old as commerce. These days, consumers accumulate hundreds, thousands, sometimes even millions of points that can be used to acquire everything from their favorite drink, to airline tickets, or simply pay a balance on a credit card. The fact that these rewards have an intrinsic value is something many easily forget about, making them a great target for fraud.SponsorsRoutable - http://ohmyfraud.promo/routableHOW TO EARN FREE CPEIn 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.https://www.earmark.app/Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appCONNECT WITH CALEBLinkedIn: https://www.linkedin.com/in/calebnewquist/Sources:The lucrative business of airline loyalty schemes [AFR]A History of US Airline Deregulation [Travel Insider via Wayback Machine, accessed on Aug 29, 2025]Alaska Airlines miles stolen: What to do if your account is hacked [Fox13 Seattle]Alaska Airlines customers complain of possible hack after miles stolen from accounts [KIRO 7]Check your mileage plans! (Mine was hacked) [r/AlaskaAirlines]Mileage Account Hacked [r/AlaskaAirlines]My Southwest Rapid Rewards account was hacked: How I got my points back [The Points Guy]My AAdvantage account was hacked: Here's what happened and how you can protect yourself [The Points Guy]Largest Employer by State 2025 [World Population Review]Sam’s Club [Wikipedia]Rewards Points Scheme Nets Arrest; More Sac County Victims Likely [Folsom Times]

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• Embezzlement Set to Cruz Control

  Following her sudden resignation, the longtime treasurer of a small Arizona county faces questions about her time in office.SponsorsRoutable - http://ohmyfraud.promo/routable(00:00) - An Unexpected Resignation (01:07) - Welcome to Oh My Fraud (03:23) - Listener Mail and Fraud Discussion (08:23) - Santa Cruz County Background (09:50) - Liz Gut Far's Career and Sudden Resignation (10:50) - Investigation and Initial Findings (16:34) - Massive Embezzlement Uncovered (17:17) - Legal Actions and Allegations (24:58) - Fraud Techniques and Cover-Up (29:55) - Criminal Charges and Court Proceedings (40:12) - Lessons Learned and Conclusion HOW TO EARN FREE CPEIn 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.https://www.earmark.app/Download the app:Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.appCONNECT WITH CALEBLinkedIn: https://www.linkedin.com/in/calebnewquist/Sources:Santa Cruz County’s Industry Clusters [SantaCruzCenter.org]County Treasurer Elizabeth Gutfahr resigns [Nogales International]Unrecorded money transfers trigger FBI investigation on former Santa Cruz Co. treasurer [News4Tucson]County Tells School, Fire Districts That Over $4 Million Has Disappeared [Patagonia Regional Times]County BOS, SEFD, Sonoita School District Release Statements on Missing Funds [Patagonia Regional Times]Supervisors Told $39.4 Million in County Funds Is Missing [Patagonia Regional Times]Report sheds light on Santa Cruz Co. Treasurer's alleged theft of $39 million [KGUN]A Santa Cruz County official is accused of stealing $39M. A lawmaker wants tighter controls [Arizona Republic]Santa Cruz County v. Elizabeth Gutfahr, et al.U.S. v. Elizabeth GutfahrFormer Arizona Elected Official Pleads Guilty to Embezzlement of More than $38M of County Funds [DOJ]Former Santa Cruz County Treasurer Sentenced to 10 Years in Prison for Stealing Over $38 Million in County Funds [DOJ]“One of the dumbest…crimes in Arizona state history” [KGUN]Email us at [email protected]

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