NEW 2026 COURSE AVAILABLE
AI Sector Hallucinations
With Instructors
Anthony Scilipoti
Veritas President and CEO
and
Ben Butler
Special Situations Analyst
AI will change the world. Whether investors profit is a very different question.
We are offering an exclusive forensic accounting training session built on our experience in the dot-com bubble that will take you to 2023, when we first identified early warning signs of stress beneath the AI boom. Since then, growth has been supported by increasingly complex structures that place greater weight on accounting judgment and interpretation.
In this seminar, attendees will learn about our proven Forensic Accounting Framework and key questions that are transferable across any sector, market, and point in the cycle.
Hosted by our CEO, Anthony Scilipoti, and Special Situations Analyst Ben Butler, the seminar will distill reported information to uncover the economic substance of the AI sector's performance, specifically:
• Separating business innovation from accounting innovation to assess earnings and cash flow quality and durability.
• Understanding the flammable items identified: Customer concentration, demand normalization, counterparty risk, and financing dependence.
• How circular financing works: Supplier-funded demand and the leakage of investing cash flows into operating results.
• Evaluate the impact of accounting choices on reported results, including depreciation lives in the face of shortening product cycles, ASC 606 (contra-revenue risk) and ASC 321 (equity accounting vs inter-company profit recognition).
• Understanding off-balance-sheet exposures: SPVs, VIEs, leases, guarantees, and purchase obligations.
We will use company disclosures from:
• Meta Platforms Inc. (NYSE: META)
• NVIDIA Corp. (Nasdaq: NVDA)
• CoreWeave Inc. (Nasdaq: CRWV)
• OpenAI (Private)
• Microsoft Corp. (Nasdaq: MSFT)
AI Sector Hallucinations
Webinar
Thursday, March 5, 2026
2:00-4:00 PM ET
(1.5 hours presentation and 30 minutes for questions)
With Anthony Scilipoti and Ben Butler
$799
All attendees will receive access to replays and slides via our website.
Group Rates
Please contact sales for group rates and customized private training.
Veritas Clients
Current Veritas clients may contact us directly to receive access.
Training Testimonials
100% of participants have told us they would take another Veritas course.
"I love their passion and how they dig into the details."
"The instructors are very engaging and they make accounting interesting!"
"Become an expert in finding out the bombs."
"A great tool for what to look out for."
"It helps study certain aspects of financial history that are sure to repeat themselves."
"I now feel more comfortable screening for, recognizing and calling out red flags."
"Good for key takeaways you can apply to your investment process without being too time-consuming."
More customized and group training options
We can tailor courses for groups and organizations. We can discuss specific sectors or companies of interest and adapt our curriculum to your organization's investment or business needs.
Other modules that we've delivered to clients in the past:
1. Reading Financial Statements like a Forensic Accountant
2. Avoiding the Bombs
3. Acquisition Accounting: Explosive Growth or Ticking Time Bomb?
4. Understanding Stock Option Accounting
5. Understanding & Using Non-GAAP Metrics
6. Flammable Items
7. Ethics in Accounting
Each module varies from 1.0 to 4.0 hours
Instructors
Anthony Scilipoti
FCPA, FCA, CPA (Illinois)
President & CEO, Partner
Co-Founder
Anthony and his partners founded Veritas Investment Research in 2000. He is a Fellow Chartered Public Accountant, a Fellow Chartered Accountant, a Certified Public Accountant (Illinois) and a member of the Association of Certified Fraud Examiners. He is a licensed portfolio manager. Anthony has been very active in accounting standard-setting since 2003.
Anthony has also served as a member of the Ontario Securities Commission's Continuous Disclosure Advisory Committee since 2006. In 2019, Anthony was appointed to the Board of the Capital Markets Advisory Committee of the International Accounting Standards Board, recently serving as Chair of the Committee. He is also a former member of the Canadian Accounting Standards Board, the CICA's Emerging Issues Committee, and was the Chair of CPA Canada's Users Advisory Committee.
Benjamin Butler
CFA, CPA
Investment Analyst
Special Situations
Ben is an Investment Analyst in the Utilities & Infrastructure Sector and Special Situations. Prior to joining Veritas, he worked as an Investment Associate at CIBC Wood Gundy and in the assurance group at BDO. He graduated from Wilfrid Laurier University with a Bachelor of Arts in Economics and Accounting. Ben finished his Chartered Financial Analyst designation in 2024, as well as his Chartered Professional Accountant designation in 2022, while at Veritas.