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| famous frauds in history: Fraud Edward J. Balleisen, 2018-12-18 A comprehensive history of fraud in America, from the early nineteenth century to the subprime mortgage crisis In America, fraud has always been a key feature of business, and the national worship of entrepreneurial freedom complicates the task of distinguishing salesmanship from deceit. In this sweeping narrative, Edward Balleisen traces the history of fraud in America—and the evolving efforts to combat it—from the age of P. T. Barnum through the eras of Charles Ponzi and Bernie Madoff. This unprecedented account describes the slow, piecemeal construction of modern institutions to protect consumers and investors—from the Gilded Age through the New Deal and the Great Society. It concludes with the more recent era of deregulation, which has brought with it a spate of costly frauds, including corporate accounting scandals and the mortgage-marketing debacle. By tracing how Americans have struggled to foster a vibrant economy without encouraging a corrosive level of cheating, Fraud reminds us that American capitalism rests on an uneasy foundation of social trust. |
| famous frauds in history: Tangled Webs James B. Stewart, 2011-04-19 Bestselling author James B. Stewart's newsbreaking investigation of our era's most high-profile perjurers, revealing the alarming extent of this national epidemic. Our system of justice rests on a simple proposition: that witnesses will raise their hands and tell the truth. In Tangled Webs, James B. Stewart reveals in vivid detail the consequences of the perjury epidemic that has swept our country, undermining the very foundation of our courts. With many prosecutors, investigators, and participants speaking for the first time, Tangled Webs goes behind the scene of the trials of media and homemaking entrepreneur Martha Stewart; top White House political adviser Lewis Scooter Libby; home-run king Barry Bonds; and Wall Street money manager Bernard Madoff. The saga of Martha Stewart's conviction captured the nation, but until now no one has answered the most basic question: Why would Stewart risk prison, put her entire empire in jeopardy, and lie repeatedly to government investigators to save a few hundred thousand dollars in stock gains? Moreover, how exactly was the notoriously meticulous Stewart brought down? Drawing on the accounts of then-deputy attorney general James Comey and U.S. Attorney Patrick Fitzgerald, Stewart sheds new light on the Libby investigation, making clear how far into the White House the Valerie Plame CIA scandal extended, and why Libby took the fall. In San Francisco, Giants home-run king Barry Bonds faces trial due to his testimony before a grand jury investigating the use of illegal steroids in sports. Bonds was warned explicitly that the only crime he faced was perjury. Stewart unlocks the story behind the mounting evidence that he nonetheless lied under oath. Bernie Madoff's Ponzi scheme is infamous, but less well known is how he eluded detection for so long in the face of repeated investigations. Of the four he is the only one who has admitted to lying. The perjury outbreak is symptomatic of a broader breakdown of ethics in American life. It isn't just the judicial system that relies on an honor code: Academia, business, medicine, and government all depend on it. Tangled Webs explores the age-old tensions between greed and justice, self-interest and public interest, loyalty and duty. At a time when Americans seem hungry for moral leadership and clarity, Tangled Webs reaffirms the importance of truth. |
| famous frauds in history: History of Greed David E. Y. Sarna, 2010-07-30 The “greater fool” theory of economics states that it’s possible to make money by buying paper (securities), whether overvalued or not, and later, selling it at a profit because there will always be an even greater fool willing to pay the higher price. Many described in this book profited by peddling such worthless junk to foolish investors. But for some people—Bernie Madoff, Norman Hsu, Sholam Weiss, and “Crazie Eddie” Antar, aka the “Darth Vader of Capitalism”—overvalued securities were not enough. Outright fraud was their way of life. History of Greed is the compelling inside story of the names you know—Charles Ponzi, Baron Rothschild, Lou Pearlman—and the names you don’t—Isaac Le Maire, the world’s first “naked” short-seller. It’s also our story—why we ignore the lessons of the past and fall prey, most every time, to the promise of easy money. For thousands of years, alchemists unsuccessfully tried to turn worthless base metals into gold. Where science failed at turning nothing into something, business succeeded. Sometimes we praise the creators of derivatives, collateral debt obligations, subprime mortgages, credit default swaps, or auction rate securities as Wall Street’s new financial wizards, the creators of “magic paper.” Other times, we vilify and prosecute them as scam artists. Sometimes, it’s hard to tell who is who. History of Greed reveals the inside secrets of how the markets really work, and how scam artists abuse them to gain an unfair edge or to outright steal. It describes how luftgescheft (“air business”), wizardry, dishonesty, and fraud are used to swindle people. Along with a comprehensive bibliography, History of Greed also details: 400 years of financial fraud—from everyday fraud to the odd and unusual Accounting fraud (phantom sales), stock option fraud (backdating), auction rate securities, hedge fund fraud, Ponzi schemes, promotion fraud (pump-and-dump scams), and money laundering How to detect fraudulent schemes How government regulation only fixes yesterday’s problems If it’s too good to be true, it probably is. If they say you can’t lose, you probably will. History of Greed shows that there really is no such thing as a free lunch, while also detailing how not to become the “greater fool.” |
| famous frauds in history: Lying for Money Dan Davies, 2021-03-09 An entertaining, deeply informative explanation of how high-level financial crimes work, written by an industry insider who’s an expert in the field. The way most white-collar crime works is by manipulating institutional psychology. That means creating something that looks as much as possible like a normal set of transactions. The drama comes later, when it all unwinds. Financial crime seems horribly complicated, but there are only so many ways you can con someone out of what’s theirs. In Lying for Money, veteran regulatory economist and market analyst Dan Davies tells the story of fraud through a genealogy of financial malfeasance, including: the Great Salad Oil swindle, the Pigeon King International fraud, the fictional British colony of Poyais in South America, the Boston Ladies’ Deposit Company, the Portuguese Banknote Affair, Theranos, and the Bre-X scam. Davies brings new insights into these schemes and shows how all frauds, current and historical, belong to one of four categories (“long firm,” counterfeiting, control fraud, and market crimes) and operate on the same basic principles. The only elements that change are the victims, the scammers, and the terminology. Davies has years of experience picking the bones out of some of the most famous frauds of the modern age. Now he reveals the big picture that emerges from their labyrinths of deceit and explains how fraud has shaped the entire development of the modern world economy. |
| famous frauds in history: The Con Men Leo Gough, 2013-08-27 Financial fraud, whether large or small is a persistent feature of the financial markets. If you scratch the surface of the investment world you’ll find a continuous stream of major financial scandals which are almost unbelievable in the sheer scale of their subterfuge. The Con Men shines a spotlight on some of these gargantuan frauds from the last 25 years. It questions how these men did it, why they did it, how there were able to get away with it, proposes strategies and tactics so that the reader can avoid being swindled. The full text downloaded to your computer With eBooks you can: search for key concepts, words and phrases make highlights and notes as you study share your notes with friends eBooks are downloaded to your computer and accessible either offline through the Bookshelf (available as a free download), available online and also via the iPad and Android apps. Upon purchase, you'll gain instant access to this eBook. Time limit The eBooks products do not have an expiry date. You will continue to access your digital ebook products whilst you have your Bookshelf installed. |
| famous frauds in history: Hoax Edward Steers (Jr.), 2013-03-07 Investigates six of history's biggest frauds, looking at how the hoaxes were carried out and what continued belief in them reveals about society's understanding of history. |
| famous frauds in history: Don't Fall For It Ben Carlson, 2020-01-02 Learn financial and business lessons from some of the biggest frauds in history Why does financial fraud persist? History is full of sensational financial frauds and scams. Enron was forced to declare bankruptcy after allegations of massive accounting fraud, wiping out $78 billion in stock market value. Bernie Madoff, the largest individual fraudster in history, built a $65 billion Ponzi scheme that ultimately resulted in his being sentenced to 150 years in prison. People from all walks of life have been scammed out of their money: French and British nobility looking to get rich quickly, farmers looking for a miracle cure for their health ailments, several professional athletes, and some of Hollywood’s biggest stars. No one is immune from getting deceived when money is involved. Don’t Fall For It is a fascinating look into some of the biggest financial frauds and scams ever. This compelling book explores specific instances of financial fraud as well as some of the most successful charlatans and hucksters of all-time. Sharing lessons that apply to business, money management, and investing, author Ben Carlson answers questions such as: Why do even the most intelligent among us get taken advantage of in financial scams? What make fraudsters successful? Why is it often harder to stay rich than to get rich? Each chapter in examines different frauds, perpetrators, or victims of scams. These real-life stories include anecdotes about how these frauds were carried out and discussions of what can be learned from these events. This engaging book: Explores the business and financial lessons drawn from some of history’s biggest frauds Describes the conditions under which fraud tends to work best Explains how people can avoid being scammed out of their money Suggests practical steps to reduce financial fraud in the future Don’t Fall For It: A Short History of Financial Scams is filled with engrossing real-life stories and valuable insights, written for finance professionals, investors, and general interest readers alike. |
| famous frauds in history: Famous Phonies Brianna DuMont, 2014-11-04 Amazing true stories about Shakespeare, Hiawatha, Homer, George Washington, and more. If you like to think of Shakespeare only as a brilliant bard, or prefer only to know Pythagoras by his math skills, then you might want to put this book down. Seriously. Because this book is about to change your idea of history. But if you like a little controversy, or want to impress your parents and friends with some little-known tidbits of historical drama, then Famous Phonies: Legends, Fakes, and Frauds Who Changed History is for you. Over the centuries, plenty of scandals, swindles, and skeletons have passed under history’s radar and missed out on being included in your textbook. (We’re looking at you, George “I cannot tell a lie” Washington.) Some of the biggest names in history can be found between these pages—and the light isn’t flattering. These figures are lucky that prime-time TV and all-access internet didn’t exist in Ancient Greece, Renaissance Europe, medieval England, or Revolutionary America, or else they could have kissed their sterling reputations goodbye. Famous Phonies: Legends, Fakes, and Frauds Who Changed History explores the underbelly of history, making you question everything you thought you knew about history’s finest. Follow the fake lives of these twelve history-changers to uncover the fabrications of the famous and the should-be-famous! So, if you can handle it, take a peek at inside. Some of the famous “phonies” covered in this book include: George Washington Pythagoras Hiawatha Gilgamesh Confucius Major William Martin William Shakespeare Pope Joan Homer Prester John Huangdi The Turk |
| famous frauds in history: Ponzi's Scheme Mitchell Zuckoff, 2006-01-10 It was a time when anything seemed possible–instant wealth, glittering fame, fabulous luxury–and for a run of magical weeks in the spring and summer of 1920, Charles Ponzi made it all come true. Promising to double investors’ money in three months, the dapper, charming Ponzi raised the “rob Peter to pay Paul” scam to an art form. At the peak of his success, Ponzi was raking in more than $2 million a week at his office in downtown Boston. Then his house of cards came crashing down–thanks in large part to the relentless investigative reporting of Richard Grozier’s Boston Post. A classic American tale of immigrant life and the dream of success, Ponzi’s Scheme is the amazing story of the magnetic scoundrel who launched the most successful scheme of financial alchemy in modern history. |
| famous frauds in history: Firepower Gerard Ryle, 2010-10-08 A magic pill that cuts fuel consumption and reduces emissions ...... that was the miracle promised by Tim Johnsto' s company, Firepower. Everyone believed him; prime ministers and presidents, doctors and diplomats, business leaders and sporting heroe - even ASIC the corporate watch do - went along with the myth. Millions of shares were sold to i... |
| famous frauds in history: Frankensteins of Fraud Joseph T. Wells, 2000-01-01 From the notorious Charles Ponzi to controversial junk-bond king Michael Milken, the latest book from award-winning author Joseph Wells profiles the ten most monstrous fraudsters of the 20th century. Wells, described as the country's foremost anti-fraud expert by ABC's NightLine, has written scores of articles and six other books on commercial crime topics. |
| famous frauds in history: Billion Dollar Whale Bradley Hope, Tom Wright, 2018-09-18 Named a Best Book of 2018 by the Financial Times and Fortune, this thrilling (Bill Gates) New York Times bestseller exposes how a modern Gatsby swindled over $5 billion with the aid of Goldman Sachs in the heist of the century (Axios). Now a #1 international bestseller, Billion Dollar Whale is an epic tale of white-collar crime on a global scale (Publishers Weekly), revealing how a young social climber from Malaysia pulled off one of the biggest heists in history. In 2009, a chubby, mild-mannered graduate of the University of Pennsylvania's Wharton School of Business named Jho Low set in motion a fraud of unprecedented gall and magnitude--one that would come to symbolize the next great threat to the global financial system. Over a decade, Low, with the aid of Goldman Sachs and others, siphoned billions of dollars from an investment fund--right under the nose of global financial industry watchdogs. Low used the money to finance elections, purchase luxury real estate, throw champagne-drenched parties, and even to finance Hollywood films like The Wolf of Wall Street. By early 2019, with his yacht and private jet reportedly seized by authorities and facing criminal charges in Malaysia and in the United States, Low had become an international fugitive, even as the U.S. Department of Justice continued its investigation. Billion Dollar Whale has joined the ranks of Liar's Poker, Den of Thieves, and Bad Blood as a classic harrowing parable of hubris and greed in the financial world. |
| famous frauds in history: The Little Black Book of Scams Industry Canada, Competition Bureau Canada, 2014-03-10 The Canadian edition of The Little Black Book of Scams is a compact and easy to use reference guide filled with information Canadians can use to protect themselves against a variety of common scams. It debunks common myths about scams, provides contact information for reporting a scam to the correct authority, and offers a step-by-step guide for scam victims to reduce their losses and avoid becoming repeat victims. Consumers and businesses can consult The Little Black Book of Scams to avoid falling victim to social media and mobile phone scams, fake charities and lotteries, dating and romance scams, and many other schemes used to defraud Canadians of their money and personal information. |
| famous frauds in history: Handbook of Frauds, Scams, and Swindles Serge Matulich, 2017-07-27 It has been said that scammers and swindlers often display characteristics commonly attributed to good leadership. These include setting a vision, communicating it clearly, and motivating others to follow their lead. But when these skills are used by unconscionable people to satisfy greed, how can the average person recognize that foul play is afoo |
| famous frauds in history: A Deal with the Devil Blake Ellis, Melanie Hicken, 2020-07-21 “A personal how-to guide for investigative journalists, a twisted tale of a scam of huge proportions, and a really good read” (Bethany McLean, author of The Smartest Guys in the Room), this spellbinding true story follows a pair of award-winning CNN investigative journalists as they track down the mysterious psychic at the center of an international scam that stole tens of millions of dollars from the elderly and emotionally vulnerable. While investigating financial crimes for CNN Money, Blake Ellis and Melanie Hicken were intrigued by reports that elderly Americans were giving away thousands of dollars to mail-in schemes. With a little digging, they soon discovered a shocking true story. Victims received personalized letters from a woman who, claiming amazing psychic powers, convinced them to send money in return for riches, good health, and good fortune. The predatory scam had been going on unabated for decades, raking in more than $200 million in the United States and Canada alone—with investigators from all over the world unable to stop it. And at the center of it all—an elusive French psychic named Maria Duval. Based on the five-part series that originally appeared on CNN’s website in 2016 and was seen by more than three million people, A Deal with the Devil picks up where the series left off as Ellis and Hicken reveal more bizarre characters, follow new leads, close in on Maria Duval, and connect the dots in an edge-of-your-seat journey across the US to England and France. A Deal with the Devil is a fascinating, thrilling search for the truth that will suck you “deep into the heart of a labyrinthine investigation that raises bigger questions about greed, manipulation, and the desperate hunger to believe” (Megan Abbott, author of You Will Know Me). |
| famous frauds in history: The Book of Charlatans Jamāl al-Dīn ʿAbd al-Raḥīm al-Jawbarī, 2020-11-10 Uncovering the professional secrets of con artists and swindlers in the medieval Middle East The Book of Charlatans is a comprehensive guide to trickery and scams as practiced in the thirteenth century in the cities of the Middle East, especially in Syria and Egypt. The author, al-Jawbarī, was well versed in the practices he describes and may well have been a reformed charlatan himself. Divided into thirty chapters, his book reveals the secrets of everyone from “Those Who Claim to be Prophets” to “Those Who Claim to Have Leprosy” and “Those Who Dye Horses.” The material is informed in part by the author’s own experience with alchemy, astrology, and geomancy, and in part by his extensive research. The work is unique in its systematic, detailed, and inclusive approach to a subject that is by nature arcane and that has relevance not only for social history but also for the history of science. Covering everything from invisible writing to doctoring gemstones and quack medicine, The Book of Charlatans opens a fascinating window into a subculture of beggars’ guilds and professional con artists in the medieval Arab world. A bilingual Arabic-English edition. |
| famous frauds in history: The Diamond Necklace Countess De La Motte, 2023-07-18 This gripping memoir tells the true story of a scandal that rocked the French court in the 18th century. It is a must-read for fans of historical true crime. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant. |
| famous frauds in history: The Wizard of Lies Diana B. Henriques, 2011-04-26 An impressive, meticulously reported postmortem. . . . The Wizard of Lies is the definitive book on what Madoff did and how he did it. —Bloomberg Businessweek Who was Bernie Madoff, and how did he pull off the biggest Ponzi scheme in history? This question has long fascinated people, about the New York financier who swindled his friends, relatives, and other investors out of $65 billion. And in The Wizard of Lies, Diana B. Henriques of the New York Times has written the definitive and bestselling account of the man and his scheme, drawing on unprecedented access and more than one hundred interviews, including Madoff’s first interviews for publication following his arrest. Henriques provides vivid details from the lawsuits and government investigations that explode the myths that have come to surround the story, and in a revised and expanded epilogue, she unravels the latest legal developments. A true-life financial thriller—and now a major HBO film starring Robert De Niro and Michelle Pfeiffer—The Wizard of Lies contrasts Madoff’s remarkable rise on Wall Street with dramatic scenes from his accelerating slide toward self-destruction. It is also the most complete account of the heartbreaking personal disasters and landmark legal battles triggered by Madoff’s downfall—the suicides, business failures, fractured families, shuttered charities—and the clear lessons this timeless scandal offers to Washington, Wall Street, and Main Street. |
| famous frauds in history: Fraud of the Century Roy Jr. Morris, 2007-11-01 In this major work of popular history and scholarship, acclaimed historian and biographer Roy Morris, Jr, tells the extraordinary story of how, in America’s centennial year, the presidency was stolen, the Civil War was almost reignited, and Black Americans were consigned to nearly ninety years of legalized segregation in the South. The bitter 1876 contest between Ohio Republican governor Rutherford B. Hayes and New York Democratic governor Samuel J. Tilden is the most sensational, ethically sordid, and legally questionable presidential election in American history. The first since Lincoln’s in 1860 in which the Democrats had a real chance of recapturing the White House, the election was in some ways the last battle of the Civil War, as the two parties fought to preserve or overturn what had been decided by armies just eleven years earlier. Riding a wave of popular revulsion at the numerous scandals of the Grant administration and a sluggish economy, Tilden received some 260,000 more votes than his opponent. But contested returns in Florida, Louisiana, and South Carolina ultimately led to Hayes’s being declared the winner by a specially created, Republican-dominated Electoral Commission after four tense months of political intrigue and threats of violence. President Grant took the threats seriously: he ordered armed federal troops into the streets of Washington to keep the peace. Morris brings to life all the colorful personalities and high drama of this most remarkable—and largely forgotten—election. He presents vivid portraits of the bachelor lawyer Tilden, a wealthy New York sophisticate whose passion for clean government propelled him to the very brink of the presidency, and of Hayes, a family man whose Midwestern simplicity masked a cunning political mind. We travel to Philadelphia, where the Centennial Exhibition celebrated America’s industrial might and democratic ideals, and to the nation’s heartland, where Republicans waged a cynical but effective “bloody shirt” campaign to tar the Democrats, once again, as the party of disunion and rebellion. Morris dramatically recreates the suspenseful events of election night, when both candidates went to bed believing Tilden had won, and a one-legged former Union army general, “Devil Dan” Sickles, stumped into Republican headquarters and hastily improvised a devious plan to subvert the election in the three disputed southern states. We watch Hayes outmaneuver the curiously passive Tilden and his supporters in the days following the election, and witness the late-night backroom maneuvering of party leaders in the nation's capital, where democracy itself was ultimately subverted and the will of the people thwarted. Fraud of the Century presents compelling evidence that fraud by Republican vote-counters in the three southern states, and especially in Louisiana, robbed Tilden of the presidency. It is at once a masterful example of political reporting and an absorbing read. |
| famous frauds in history: Plastic Fantastic Eugenie Samuel Reich, 2009-05-12 Discusses the scientific scandal that arose when researchers at Bell Laboratories discovered that wunderkind physicist Jan Hendrik Schön falsified his data to prove that he had discovered a simpler way to make transistors, which would have drastically improved energy technology. |
| famous frauds in history: The Great Betrayal David L. Phillips, 2018-11-29 The twentieth century saw dramatic changes in the once Kurd-dominated Kirkuk region of Iraq. Despite having repeatedly relied on the Kurdish population of Iraq for military support, on three occasions the United States have abandoned their supposed allies in Kirkuk. The Great Betrayal provides a political and diplomatic history of the Kirkuk region and its international relations from the 1920s to the present day. Based on first-hand interviews and previously unseen sources, it provides an accessible account of a region at the very heart of America's foreign policy priorities in the Middle East. In September 2017, Iraqi Kurdistan held an independence referendum, intended to be a starting point on negotiations with the Iraqi Government in Baghdad on the terms of a friendly divorce. Though the US, Turkey, and Iran opposed it, the referendum passed with 93% of the vote. Rather than negotiate, Iraq's Prime Minister Heider al-Abadi issued an ultimatum and then attacked the region. Iraq's Kurdish population have been abandoned, once again, by their supposed allies in the US. In this book, David L. Phillips reveals the failings of America's policies towards Kirkuk and the devastating effects of betraying an ally. |
| famous frauds in history: Madoff Talks: Uncovering the Untold Story Behind the Most Notorious Ponzi Scheme in History Jim Campbell, 2021-04-27 “The authoritative source on one of history's most notorious Ponzi schemes.”—Fortune The definitive, in-depth account of the spectacular rise and fall of Bernie Madoff—and the greatest Ponzi scheme of all time―featuring new, exclusive, never-before-published details from Madoff himself No name is more synonymous with the evils of Wall Street than Bernie Madoff. Arrested for fraud in 2008—during the depths of the global financial crisis—the 70-year-old market maker, investment advisor, and former chairman of the NASDAQ had orchestrated the largest Ponzi scheme in world history, fleecing thousands of investors across the globe to the tune of $65 billion. To this day, questions remain: Why did he do it? How did he get away with it for so long? What did his family know? Who is the elusive Bernie Madoff? In Madoff Talks, author Jim Campbell presents the most comprehensive, insider account of the Madoff saga to date. Based on exclusive interviews with all the players—the Madoff family and their associates, the Wall Street wheelers and dealers, the army of lawyers, analysts, and investigators, the victims of the scheme, and Bernie Madoff himself—the book reveals: what motivated a respected financier to commit such a massive fraud—and why he thought he could get away with it how Madoff managed to keep the scheme hidden in plain sight—despite numerous SEC investigations the shocking failures of Wall Street oversight—and how it could happen again the true scale of the investment losses―and the victims’ ongoing fight for justice what Ruth Madoff and the rest of the family knew—and how it shattered their lives Madoff Talks features the first, and likely only, interviews with Ruth Madoff and defense attorney Ira Sorkin, for which Bernie waived attorney-client privilege, as well as never-before-published details from the author’s personal communications with Bernie Madoff in prison. A vivid, powerful piece of investigative reporting, the book takes us behind the headlines to show the full human cost of Madoff’s crimes, and offers a cogent analysis of the reforms necessary to prevent it from happening again. Meticulously researched and relentlessly riveting, Madoff Talks is the full story of an American tragedy. |
| famous frauds in history: Charles Ponzi and the Ponzi Scheme Charles River Editors, 2019-09-05 *Includes pictures *Includes a bibliography for further reading I went looking for trouble, and I found it. - Charles Ponzi Though few people are familiar with the story of his life, Charles Ponzi's name is almost instantly recognizable thanks to the famous financial scandal named after him. This is somewhat ironic because, while his last name has become synonymous with financial scandal and many recognize how a Ponzi scheme works, some have argued that Ponzi really did not know what he was doing while it was taking place. When reading many of the books and articles written about him, it does seem as though Ponzi believed he would be able to pay back his investors at one point or another. In fact, the scheme that Ponzi created was not a new one - it was historically known as robbing Peter to pay Paul - but Ponzi became famous for it because he was able to create a scam in this way on a massive scale. When he was finally caught, it led to the investigation and collapse of several estates and banks, and Massachusetts subsequently found itself in a banking crisis. Moreover, one of the most interesting aspects of the affair is that people from many different social backgrounds and classes were affected by Ponzi's scandal. He took money from teenagers who had savings as low as $20, and he also took millions from New York City's elite. Ponzi's scheme involved scamming investors by promising them a bigger return on their investments than was actually possible. Every investor's money would just be put into a large pool to pay back past investors, and while Ponzi was hardly the first person to engage in such a scheme, the 1920s were ripe for this kind of financial conning. The Roaring Twenties became famous for frivolity, flappers, and Prohibition. Famously depicted in F. Scott Fitzgerald's The Great Gatsby, life after World War I in America was a time of great spending, and people believed that it as possible for them to make great fortunes, no matter what their social background was. The rich wanted to be richer, and the poor believed that they could also attain a quick rags-to-riches story. This kind of climate was ripe for individuals such as Ponzi to make their mark on history, for better and worse. Charles Ponzi and the Ponzi Scheme: The History and Legacy of 20th Century America's Most Famous Con Artist looks at the elaborate fraud designed by one of America's most notorious criminals. Along with pictures and a bibliography, you will learn about Ponzi like never before. |
| famous frauds in history: A Treasury of Deception Michael Farquhar, 2005-05-31 We may say that honesty is the best policy, but history—to say nothing of business, politics, and the media—suggests otherwise. In this infinitely citable book, the author of two bestselling treasuries of scandal recounts some of the greatest deceptions of all time. With what forged document did the Vatican lay claim to much of Europe? Who wrote Hitler’s diaries? Why do millions still believe the vague doggerel that Nostradamus passed off as prophecy? Organizing his material by theme (con artists, the press, military trickery, scientific fraud, imposters, great escapes, and more), Michael Farquhar takes in everything from the hoodwinking of Hitler to Vincent “the Chin” Gigante’s thirty-year crazy act. A Treasury of Deception is a zestful, gossipy exposé—and celebration—of mendacity. A Treasury of Deception also includes: Ten tricksters from scripture Ten great liars in literature Ten egregious examples of modern American doublespeak Ten classic deceptions from Greek mythology |
| famous frauds in history: Historians in Trouble Jon Wiener, 2007-04-01 Examines the various history scandals of the last few years, arguing that media spectacles end careers, only when powerful groups outside he profession demand punishment, and that such campaigns typically come from the right rather than the left. |
| famous frauds in history: Forgery and Impersonation in Imperial China Mark McNicholas, 2016-03-29 Across eighteenth-century China a wide range of common people forged government documents or pretended to be officials or other agents of the state. This examination of case records and law codes traces the legal meanings and social and political contexts of small-time swindles that were punished as grave political transgressions. |
| famous frauds in history: Natural Cures "they" Don't Want You to Know about Kevin Trudeau, 2004 Self-Help |
| famous frauds in history: Big Dirty Money Jennifer Taub, 2021-09-28 “Blood-boiling…with quippy analysis…Taub proposes straightforward fixes and ways everyday people can get involved in taking white-collar criminals to task.”—San Francisco Chronicle How ordinary Americans suffer when the rich and powerful use tax dodges or break the law to get richer and more powerful—and how we can stop it. There is an elite crime spree happening in America, and the privileged perps are getting away with it. Selling loose cigarettes on a city sidewalk can lead to a choke-hold arrest, and death, if you are not among the top 1%. But if you're rich and commit mail, wire, or bank fraud, embezzle pension funds, lie in court, obstruct justice, bribe a public official, launder money, or cheat on your taxes, you're likely to get off scot-free (or even win an election). When caught and convicted, such as for bribing their kids' way into college, high-class criminals make brief stops in minimum security Club Fed camps. Operate the scam from the executive suite of a giant corporation, and you can prosper with impunity. Consider Wells Fargo & Co. Pressured by management, employees at the bank opened more than three million bank and credit card accounts without customer consent, and charged late fees and penalties to account holders. When CEO John Stumpf resigned in shame, the board of directors granted him a $134 million golden parachute. This is not victimless crime. Big Dirty Money details the scandalously common and concrete ways that ordinary Americans suffer when the well-heeled use white collar crime to gain and sustain wealth, social status, and political influence. Profiteers caused the mortgage meltdown and the prescription opioid crisis, they've evaded taxes and deprived communities of public funds for education, public health, and infrastructure. Taub goes beyond the headlines (of which there is no shortage) to track how we got here (essentially a post-Enron failure of prosecutorial muscle, the growth of too big to jail syndrome, and a developing implicit immunity of the upper class) and pose solutions that can help catch and convict offenders. |
| famous frauds in history: Bernie Madoff, the Wizard of Lies Diana B. Henriques, 2011-08-18 Based on award-winning reporter Diana Henriques' unprecedented access to Madoff, including extensive correspondence and his first interviews for publication since his arrest, Bernie Madoff, The Wizard of Lies is the ultimate true-life financial thriller. |
| famous frauds in history: The Mark Inside Amy Reading, 2013-02-26 In 1919, Texas rancher J. Frank Norfleet lost everything he had in a stock market swindle—twice. But instead of slinking home in shame, he turned the tables on the confidence men. Armed with a revolver and a suitcase full of disguises, Norfleet set out to capture the five men who had conned him, allowing himself to be ensnared in the con again and again to gather evidence on his enemies. Through the story of Norfleet’s ingenious reverse-swindle, Amy Reading reveals the fascinating mechanics behind the big con—an artful performance targeted to the most vulnerable points of human nature—and invites you into the crooked history of a nation on the hustle, constantly feeding the hunger and the hope of the mark inside. |
| famous frauds in history: The Confidence Game Maria Konnikova, 2017-01-10 It’s a startling and disconcerting read that should make you think twice every time a friend of a friend offers you the opportunity of a lifetime.” —Erik Larson, #1 New York Times bestselling author of Dead Wake and bestselling author of Devil in the White City Think you can’t get conned? Think again. The New York Times bestselling author of Mastermind: How to Think Like Sherlock Holmes explains how to spot the con before they spot you. “[An] excellent study of Con Artists, stories & the human need to believe” –Neil Gaiman, via Twitter A compelling investigation into the minds, motives, and methods of con artists—and the people who fall for their cons over and over again. While cheats and swindlers may be a dime a dozen, true conmen—the Bernie Madoffs, the Jim Bakkers, the Lance Armstrongs—are elegant, outsized personalities, artists of persuasion and exploiters of trust. How do they do it? Why are they successful? And what keeps us falling for it, over and over again? These are the questions that journalist and psychologist Maria Konnikova tackles in her mesmerizing new book. From multimillion-dollar Ponzi schemes to small-time frauds, Konnikova pulls together a selection of fascinating stories to demonstrate what all cons share in common, drawing on scientific, dramatic, and psychological perspectives. Insightful and gripping, the book brings readers into the world of the con, examining the relationship between artist and victim. The Confidence Game asks not only why we believe con artists, but also examines the very act of believing and how our sense of truth can be manipulated by those around us. |
| famous frauds in history: Cyril Burt Nicholas John Mackintosh, 1995 Widely regarded as Britain's most eminent educational psychologist, Sir Cyril Burt (1883-1971) was, within five years of his death, publicly denounced as a fraud who had fabricated data to show that intelligence is inherited. This volume contains seven contributions examining Burt's work and concluding that both Burt's defenders and accusers missed crucial evidence. Annotation copyright by Book News, Inc., Portland, OR |
| famous frauds in history: Snakes in Suits, Revised Edition Dr. Paul Babiak, Dr. Robert D. Hare, 2019-08-13 Revised and updated with the latest scientific research and updated case studies, the business classic that offers a revealing look at psychopaths in the workplace—how to spot their destructive behavior and stop them from creating chaos in the modern corporate organization. Over the past decade, Snakes in Suits has become the definitive book on how to discover and defend yourself against psychopaths in the office. Now, Dr. Paul Babiak and Dr. Robert D. Hare return with a revised and updated edition of their essential guide. All of us at some point have—or will—come into contact with psychopathic individuals. The danger they present may not be readily apparent because of their ability to charm, deceive, and manipulate. Although not necessarily criminal, their self-serving nature frequently is destructive to the organizations that employ them. So how can we protect ourselves and our organizations in a business climate that offers the perfect conditions for psychopaths to thrive? In Snakes in Suits, Hare, an expert on the scientific study of psychopathy, and Babiak, an industrial and organizational psychologist and a leading authority on the corporate psychopath, examine the role of psychopaths in modern corporations and provide the tools employers can use to avoid and deal with them. Together, they have developed the B-Scan 360, a research tool designed specifically for business professionals. Dr. Babiak and Dr. Hare reveal the secret lives of psychopaths, explain the ways in which they manipulate and deceive, and help you to see through their games. The rapid pace of today’s corporate environment provides the perfect breeding ground for these snakes in suits and this newly revised and updated classic gives you the insight, information, and power to protect yourself and your company before it’s too late. |
| famous frauds in history: Annual Report of the SEC. United States. Securities and Exchange Commission, 1935 |
| famous frauds in history: A Culture of Corruption Daniel Jordan Smith, 2010-12-16 E-mails proposing an urgent business relationship help make fraud Nigeria's largest source of foreign revenue after oil. But scams are also a central part of Nigeria's domestic cultural landscape. Corruption is so widespread in Nigeria that its citizens call it simply the Nigerian factor. Willing or unwilling participants in corruption at every turn, Nigerians are deeply ambivalent about it--resigning themselves to it, justifying it, or complaining about it. They are painfully aware of the damage corruption does to their country and see themselves as their own worst enemies, but they have been unable to stop it. A Culture of Corruption is a profound and sympathetic attempt to understand the dilemmas average Nigerians face every day as they try to get ahead--or just survive--in a society riddled with corruption. Drawing on firsthand experience, Daniel Jordan Smith paints a vivid portrait of Nigerian corruption--of nationwide fuel shortages in Africa's oil-producing giant, Internet cafés where the young launch their e-mail scams, checkpoints where drivers must bribe police, bogus organizations that siphon development aid, and houses painted with the fraud-preventive words not for sale. This is a country where 419--the number of an antifraud statute--has become an inescapable part of the culture, and so universal as a metaphor for deception that even a betrayed lover can say, He played me 419. It is impossible to comprehend Nigeria today--from vigilantism and resurgent ethnic nationalism to rising Pentecostalism and accusations of witchcraft and cannibalism--without understanding the role played by corruption and popular reactions to it. Some images inside the book are unavailable due to digital copyright restrictions. |
| famous frauds in history: The Pig Book Citizens Against Government Waste, 2013-09-17 The federal government wastes your tax dollars worse than a drunken sailor on shore leave. The 1984 Grace Commission uncovered that the Department of Defense spent $640 for a toilet seat and $436 for a hammer. Twenty years later things weren't much better. In 2004, Congress spent a record-breaking $22.9 billion dollars of your money on 10,656 of their pork-barrel projects. The war on terror has a lot to do with the record $413 billion in deficit spending, but it's also the result of pork over the last 18 years the likes of: - $50 million for an indoor rain forest in Iowa - $102 million to study screwworms which were long ago eradicated from American soil - $273,000 to combat goth culture in Missouri - $2.2 million to renovate the North Pole (Lucky for Santa!) - $50,000 for a tattoo removal program in California - $1 million for ornamental fish research Funny in some instances and jaw-droppingly stupid and wasteful in others, The Pig Book proves one thing about Capitol Hill: pork is king! |
| famous frauds in history: Financial Shenanigans Howard M. Schilit, 2002-03-22 Techniques to uncover and avoid accounting frauds and scams Inflated profits . . . Suspicious write-offs . . . Shifted expenses . . . These and other dubious financial maneuvers have taken on a contemporary twist as companies pull out the stops in seeking to satisfy Wall Street. Financial Shenanigans pulls back the curtain on the current climate of accounting fraud. It presents tools that anyone who is potentially affected by misleading business valuationsfrom investors and lenders to managers and auditorscan use to research and read financial reports, and to identify early warning signs of a company's problems. A bestseller in its first edition, Financial Shenanigans has been thoroughly updated for today's marketplace. New chapters, data, and research reveal contemporary shenanigans that have been known to fool even veteran researchers. |
| famous frauds in history: The North Pole: Its Discovery in 1909 Under the Auspices of the Peary Arctic Club Robert Edwin Peary, 1986 It may not be inapt to liken the attainment of the North Pole to the winning of a game of chess, in which all the various moves leading to a favorable conclusion had been planned in advance, long before the actual game began. It was an old game for me—a game which I had been playing for twenty-three years, with varying fortunes. Always, it is true, I had been beaten, but with every defeat came fresh knowledge of the game, its intricacies, its difficulties, its subtleties, and with every fresh attempt success came a trifle nearer; what had before appeared either impossible, or, at the best, extremely dubious, began to take on an aspect of possibility, and, at last, even of probability. Every defeat was analyzed as to its causes in all their bearings, until it became possible to believe that those causes could in future be guarded against and that, with a fair amount of good fortune, the losing game of nearly a quarter of a century could be turned into one final, complete success. It is true that with this conclusion many well informed and intelligent persons saw fit to differ. But many others shared my views and gave without stint their sympathy and their help, and now, in the end, one of my greatest unalloyed pleasures is to know that their confidence, subjected as it was to many trials, was not misplaced, that their trust, their belief in me and in the mission to which the best years of my life have been given, have been abundantly justified. But while it is true that so far as plan and method are concerned the discovery of the North Pole may fairly be likened to a game of chess, there is, of course, this obvious difference: in chess, brains are matched against brains. In the quest of the Pole it was a struggle of human brains and persistence against the blind, brute forces of the elements of primeval matter, acting often under laws and impulses almost unknown or but little understood by us, and thus many times seemingly capricious, freaky, not to be foretold with any degree of certainty. For this reason, while it was possible to plan, before the hour of sailing from New York, the principal moves of the attack upon the frozen North, it was not possible to anticipate all of the moves of the adversary. Had this been possible, my expedition of 1905-1906, which established the then farthest north record of 87° 6´, would have reached the Pole. But everybody familiar with the records of that expedition knows that its complete success was frustrated by one of those unforeseen moves of our great adversary—in that a season of unusually violent and continued winds disrupted the polar pack, separating me from my supporting parties, with insufficient supplies, so that, when almost within striking distance of the goal, it was necessary to turn back because of the imminent peril of starvation. When victory seemed at last almost within reach, I was blocked by a move which could not possibly have been foreseen, and which, when I encountered it, I was helpless to meet. And, as is well known, I and those with me were not only checkmated but very nearly lost our lives as well. But all that is now as a tale that is told. This time it is a different and perhaps a more inspiring story, though the records of gallant defeat are not without their inspiration. And the point which it seems fit to make in the beginning is that success crowned the efforts of years because strength came from repeated defeats, wisdom from earlier error, experience from inexperience, and determination from them all. |
| famous frauds in history: A Million Little Pieces James Frey, 2004-05-11 NATIONAL BESTSELLER • A gripping memoir about the nature of addiction and the meaning of recovery from a bold and talented literary voice. “Anyone who has ever felt broken and wished for a better life will find inspiration in Frey’s story.” —People “A great story.... You can't help but cheer his victory.” —Los Angeles Times Book Review By the time he entered a drug and alcohol treatment facility, James Frey had taken his addictions to near-deadly extremes. He had so thoroughly ravaged his body that the facility’s doctors were shocked he was still alive. The ensuing torments of detoxification and withdrawal, and the never-ending urge to use chemicals, are captured with a vitality and directness that recalls the seminal eye-opening power of William Burroughs’s Junky. But A Million Little Pieces refuses to fit any mold of drug literature. Inside the clinic, James is surrounded by patients as troubled as he is—including a judge, a mobster, a one-time world-champion boxer, and a fragile former prostitute to whom he is not allowed to speak—but their friendship and advice strikes James as stronger and truer than the clinic’s droning dogma of How to Recover. James refuses to consider himself a victim of anything but his own bad decisions, and insists on accepting sole accountability for the person he has been and the person he may become—which runs directly counter to his counselors' recipes for recovery. James has to fight to find his own way to confront the consequences of the life he has lived so far, and to determine what future, if any, he holds. It is this fight, told with the charismatic energy and power of One Flew over the Cuckoo's Nest, that is at the heart of A Million Little Pieces: the fight between one young man’s will and the ever-tempting chemical trip to oblivion, the fight to survive on his own terms, for reasons close to his own heart. |
| famous frauds in history: Fakes, Forgeries, and Frauds Nancy Moses, 2020-02-15 A fascinating read about fakes, forgeries, and frauds. What’s real? What’s fake? Why do we care? In this time of false news and fake science, these questions are more important than ever. Fakes, Forgeries, and Frauds goes beyond the headlines, tweets, and blogs to explore the true nature of authenticity and why it means so much today. This book delivers nine fascinating true stories that introduce the fakers, forgers, art authenticators, and others that populate this dark world. Examples include: Shakespeare—How an enterprising teenager in the 1790s faked Shakespeare and duped Literary London. Rembrandt—How art history, connoisseurship, and science are re-shaping our view of what Rembrandt painted and how the canvas changed over time. Relics—Was Saint Cecilia, the patron saint of music, a real Roman teenager who was martyred 1,800 years ago in the same place where her church stands today? Jackson Pollock—How do experts pick out the real Pollocks from the thousands of fakes? Nuremberg—How repeated reconstructions of medieval Nuremburg—including one by Adolf Hitler—show how historic preservation became a tool for propaganda. Fakes, Forgeries, and Frauds also raises provocative questions about the meaning of reality. What happens when spiritual truth conflicts with historic fact? Can an object retain its essence when most of it was replaced? Why did some art patrons value an excellent copy more than the original? Why do we find fakes so eternally fascinating, and forgers such appealing con artists? Fakes, Forgeries, and Frauds is a full-color book with 30 color photos. It shows that reality, exemplified by discrete physical objects, is actually mutable, unsettling, and plainly weird. Readers discover things that are less than meets the eye—and might even reconsider what’s real, what’s fake, and why they should care. |
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