The Wednesday 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

Another 216,000 Social Security Numbers Gone… Again

Welp, another accounting firm just got wrecked by hackers. Legacy Professionals LLP, a Chicago based firm with 19 partners, somehow let 216,000+ Social Security numbers slip through the cracks. Driver’s licenses, health insurance info, the whole nine yards, all stolen.

They noticed something shady back in April 2024 but told everyone, “Nah, we’re good.” Then, in November, they finally admitted, “Okay, yeah… someone did take a bunch of files.” And now, nearly a year later, victims are just getting the heads up.

This is exactly why accountants need to take cybersecurity way more seriously!

Source: Going Concern

💎 What’s poppin in accounting

Cannabis CFO Busted for Fake Millions

This cannabis CFO was caught pulling off a $4.2 million “round-trip” accounting scheme. Think of it like pretending to make money without actually selling anything.

The company recorded fake sales to make their financials look better, It’s basically like Venmo-ing your friend $100 having them send it back and then telling everyone you made a sale

The motive was likely to inflate revenue numbers impress investors and boost stock value The SEC wasn’t buying it though and now they’re going after them hard

Source: Yahoo Finance

 📊 Weekly Trend Chart

Gen Z Is Buying Homes… Wherever They Can

Gen Z isn’t waiting around for the perfect moment to buy a home. With high prices locking them out of big cities, they’re jumping into the market wherever they can afford it, think smaller towns, cheaper states, and even investment properties they rent out instead of live in.

Mortgage rates may be brutal, but Gen Z is more open to remote work and long distance investing than any generation before them. They’re prioritizing ownership over location, and it’s shaking up the housing market in unexpected ways.

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