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No this is not about Matt Levine's hilarious send ups of the latest fraud. However, fraud may be even more common that we know. Anyone want to buy a German manufacturer of pipes and fittings? No?

Dyck, A., Morse, A. & Zingales, L. How pervasive is corporate fraud?. Rev Account Stud (2023).
https://doi.org/10.1007/s11142-022-09738-5

"Our evidence suggests that in normal times only one-third of corporate frauds are detected. We estimate that on average 10% of large publicly traded firms are committing securities fraud every year, with a 95% confidence interval of 7%-14%. Combining fraud pervasiveness with existing estimates of the costs of detected and undetected fraud, we estimate that corporate fraud destroys 1.6% of equity value each year, equal to $830 billion in 2021."

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