The Thursday Lowdown ⬇️

If you're new around here, every day I share the 4-5 best accounting insights I saw in the past 24 hours.

I scroll. so you don't have to.

💎 WTF of the Day

Movie Producer Turned Accountant Busted for $12M Fraud

David Raymond Brown, a former LA accountant, just got popped for allegedly running a $12M Ponzi-style fraud. Prosecutors say he stole from indie film budgets and billed fake COVID tests — then blew the cash on Teslas, a G-Wagon, a pool, private school tuition, and even $70K on surrogacy.

He allegedly faked his IMDb résumé, hid lawsuits, and shuffled money between victims to keep the scam alive. Now he’s facing 21 federal counts and could spend decades in prison.

Source: justice.gov

💎 What’s poppin in accounting

Grant Thornton Fires Assistants for Cheaper Offshore Replacements

Grant Thornton UK axed most of its secretaries and PAs, shifting the work to its India arm. Partners are reportedly “embarrassed,” but private equity math is simple, cut local jobs, offshore the work, juice margins.

Insiders say anywhere from 40 to 100 roles are gone. Officially, GT claims the move isn’t tied to Cinven, the PE giant that bought a majority stake last year… but let’s be real this is exactly what happens when Wall Street meets spreadsheets.

Source: Financial Times

 📊 Weekly Trend Chart

Housing Market Just Flipped on Its Head

For the first time in decades, new homes are cheaper than old ones. In July, fresh builds sold for $404K vs. $422K for existing homes. Builders are drowning in inventory, cutting prices, and dangling mortgage perks just to move units.

Meanwhile, existing homeowners are locked into pandemic-era rates and refusing to sell. The result, a frozen, upside down market that’s crushing builders and confusing buyers.

#😂 

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