Are the chickens coming home to roost?
In January, 2022, Theranos founder Elizabeth Holmes was convicted on four counts of defrauding investors. Last Friday, she was sentenced to 11 years and 3 months in prison.
And then there’s FTX. Need we say more?
John Ray, who served as the Enron liquidator, was appointed to oversee the end of FTX. There could be up to a million creditors, but who knows? Ray says the disarray is the worst he’s seen. Controls and records are non-existent. Expense reports were sometimes approved by emoji. A visualization of the FTX balance sheet may be of some help in understanding this unraveling.
Photo by Zoe Schaeffer on Unsplash.
On the Lighter Side
Today is “Cranberry Relish Day” (2 minute audio). Tomorrow is “Eat a Cranberry Day.” Here’s an authentic source.
Side dishes often make the meal on Thanksgiving. Here are the favorite casseroles in every state.
You may need some inspiration to clean out the refrigerator after the holiday. Here are some ideas for Thanksgiving leftovers.
If you’re tired of turkey, try something new. Among Esquire’s 40 Best New Restaurants are Her Place and Roxanne in Philadelphia, Sweet Amalia’s in Newfield, New Jersey, and multiple New York and Brooklyn venues.
Always Follow the Money
FTX has overshadowed several other financial stories worth considering. Disclosure of an internal investigation concerning internal controls at Unisys led to a significant drop in the company’s stock price. An audit at electric scooter company Bird revealed two years of overstated revenue in their financial statements. Later the same day, Bird said it may not have sufficient funds to continue. At a local level, millions of dollars have allegedly been stolen from a Florida HOA by current and former board members. Due diligence and forensic accounting are essential tools for financial success.
If you need to know where the money’s gone, the experienced forensic accounting professionals at Asterion can help.
FYI
The Philadelphia Economy League has issued a new report on inflation in the Philadelphia area.
Tomorrow, 11/23, is Fibonacci Day.
Trends We’re Watching
California filed a lawsuit against multiple companies over “forever” chemicals in the water.
What’s Puzzling Us
How—and why—does a beverage idea like this get to market?
A pair of Birkenstocks worn by Steve Jobs sold at auction for more than $200,000.
What Doesn’t Surprise Us At All
What goes up must come down, Carvana edition.
No, your eyes aren’t failing. Movies scenes are getting harder to see because digital cameras make everything darker.
Thread Recommendations
You can take beautiful hikes in Philadelphia and New York, as well as in other cities across the country.
Audio Files
Weird Al Yankovic is having a moment. In addition to a wacky biopic, his food songs have been ranked from worst to best.
Spotlight on Forensics
Asterion has extensive experience in the provision of forensic and dispute consulting services, including: Damage Analyses, Intellectual Property, Forensic Bankruptcy, Forensic Investigations and Valuation. Our professionals are experienced financial and economic experts that have qualified and testified in Federal, state and local courts across the United States, as well as international arbitrations.