The Daily Lowdown - July 10 2025

July 10, 2025

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

Ernst & Young Sued for $1.4B Over Missed Fraud

Ernst & Young is being sued for $1.4 billion after allegedly missing years of fraud at Bridging Finance, a Toronto lender that managed over $2 billion before collapsing in 2021.

The lawsuit, filed by PwC, claims EY gave clean audits from 2014 to 2020 while Bridging hid bad loans, inflated assets, and collected fake fees. Two execs were already found guilty of fraud and banned from Ontario’s markets.

Over 26,000 investors were impacted. PwC has recovered about $698 million so far, with more to come. EY says it stands by its work and will fight the case in court.

💎 What’s poppin in accounting

Platform Accounting Expands Into Chicago

Platform Accounting Group just added Madison Street Advisors (formerly McCormick Tax Group) to its growing roster, expanding its reach into downtown Chicago and the broader Midwest.

Madison Street brings deep expertise in IRS disputes, audit defense, and tax planning. The move gives clients more resources while still keeping the local, boutique firm feel. Platform has nearly 1,000 employees across 16 states and says it’s doubled in size every year for a decade, all while keeping turnover low.

 📊 Weekly Trend Chart

Jack Dorsey Just Built a Messaging App With No Internet

Jack Dorsey, the cofounder and former CEO of Twitter, spent his July 4th weekend building Bitchat, a new messaging app that runs entirely on Bluetooth. No Wi-Fi, no cell service, no phone number.

It uses nearby phones to pass messages in a mesh network, fully encrypted and offline. It’s Dorsey’s latest experiment in decentralized tech, and a reminder that Bluetooth, now 31 years old, is still powering billions of devices a year.

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