Macy’s delayed its quarterly earnings report due to a single former employee’s intentional concealment of approximately $154 million in expenses over three years. This employee, who is no longer with the company, made erroneous accounting entries to hide small package delivery costs. While the concealed expenses were a small percentage of total delivery expenses, the errors necessitated a forensic accounting investigation and delayed the earnings report until December 11. Despite this, Macy’s maintains that the issue did not affect cash management or vendor payments.
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Elon Musk faces three proposed class-action lawsuits alleging fraud related to his America PAC. The PAC promised voters a chance to win $1 million for signing a petition, but winners were pre-selected, not chosen randomly. Plaintiffs claim they were duped into providing personal information based on this false promise. Lawsuits argue this constitutes fraud and breach of contract, irrespective of political alignment. Attorneys involved emphasize accountability for Musk’s actions, not partisan politics.
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The accounting firm that Trump hired for his media firm’s IPO has been caught red-handed, copy-and-pasting previous audits and forging dates. This firm, BF Borgers CPA PC, owned by Benjamin F. Borgers, misspelled his own name in regulatory filings, raising even more questions about their credibility. It’s baffling to think that such blatant fraudulent activities were happening right under the nose of one of the most powerful individuals in the country.
The fact that Trump, the man who claims to hire only the best, chose such a shady accounting firm speaks volumes about his own ethics and values. It’s either sheer incompetence on his part or a deliberate act of deception, either way, it reflects poorly on him.… Continue reading
As I sit here reflecting on the recent news that President Joe Biden has taken action to forgive $6.1 billion in student loan debt for over 300,000 former attendees of the now-closed Art Institutes, I can’t help but feel a mix of emotions. The Art Institutes, once a group of 50 campuses across the US, shut their doors in 2023 amidst accusations of fraud. This move by the Biden administration will bring automatic relief to those who enrolled between 2004 and 2017, even for those who have not yet applied for assistance. The forgiveness notices will be sent out this week, providing a sense of relief to so many who were burdened by the weight of student loan debt.… Continue reading
The New York Attorney General’s (AG) recent revelation that the $175 million fraud bond obtained by former President Donald Trump isn’t properly backed and should be voided is just another example of the shady dealings of this individual. The surety company used by Trump, Knight Specialty Insurance Company, is not authorized to operate in New York and has a policyholder surplus of only $138 million, significantly less than the required amount for the bond. This blatant lack of proper backing for the bond should be reason enough to invalidate it.
This whole situation reeks of deception and manipulation, with Trump once again trying to skirt the rules and buy himself more time.… Continue reading
Truong My Lan, a Vietnamese billionaire sentenced to death for a $44bn fraud, has left many stunned by the audacity and scale of her crimes. Stealing $4 billion in cash over three years is no small feat, and the logistics of handling such vast sums of money boggle the mind. How is it even possible to withdraw 108 trillion Vietnamese dong, equivalent to over $4 billion, and store it in a basement without raising any red flags?
The implications of her crimes are staggering. To steal 44 billion dollars over 11 years, with at least 2 tones of banknotes in cash over 3 years, amounts to around 2% of Vietnam’s GDP annually.… Continue reading
It is truly mind-boggling how Donald Trump continues to evade consequences for his actions, using shady tactics and loopholes to delay the inevitable. The recent $175 million bond fiasco is a perfect example of how he manipulates the system to his advantage, with little regard for the law or ethics. The fact that the insurance company behind the bond is unlicensed and has not been properly vetted should raise red flags for anyone involved in this case.
What is even more concerning is the fine print of the legal document that shifts the burden of payment back to Trump himself, essentially rendering the insurance guarantee pointless.… Continue reading
It is truly astonishing to think that Donald Trump’s properties have at least $200 million in outstanding loans, and that is simply scratching the surface of his overall debt. Reports suggest that he owes a staggering $472 million in loans, all due before the end of the year. With his total debt likely surpassing his assets, it’s no wonder he finds himself in such a precarious financial situation.
The idea of watching a notorious bully like Trump finally face the music for his years of deception and dishonesty is almost satisfying. While he may find a bailout at the last minute, the thought of his shady dealings catching up to him is something many have been waiting for.… Continue reading
The State of New York is on the brink of seizing a full list of properties owned by Donald Trump, under the diligent oversight of Letitia James. Contrary to claims of a political hit job, Judge Engoron’s ruling sheds light on the fraudulent misrepresentations woven into the financial fabric of Trump’s dealings. Witnesses testified that the banks relied on Trump’s inflated asset values, enabling him to secure loans with favorable terms he did not rightfully deserve. The penalty imposed accounts for the substantial ill-gotten gains accrued from this deception, debunking the fallacy that “no harm was done.”
The properties listed for seizure include iconic locations like Trump Tower, Mar-a-Lago, and multiple golf clubs spanning across the United States and Scotland.… Continue reading
It is absolutely mind-boggling to witness the extent of deception and dishonesty that seems to emanate effortlessly from Donald Trump. The recent revelation that he is lying to avoid paying a $464 million judgment is just another chapter in a saga of deceit that seems to define his entire existence. How does one amass such astronomical levels of wealth and still find themselves unable or unwilling to fulfill their financial obligations when called upon? In the case of Trump, it appears that lying has become his default mode of operation, a strategy to navigate through life’s challenges, legal or otherwise.
The sheer audacity of Trump’s legal team to argue that the fine is “grossly disproportional” to his offenses is truly astonishing.… Continue reading
John Q. Hosedrinker 
Matt Underwood