Great frauds in history

Visit/investments/investment-strategy/600742/great-frauds-in-history-robert-vescos-dubious-schemes
Investment strategy

Great frauds in history: Robert Vesco’s dubious schemes

Robert Vesco looted IOS, a Swiss fund of funds, and the funds it ran by having them invest in a web of banks and shell companies that he himself owned…
5 Feb 2020
Visit/investments/investment-strategy/600706/great-frauds-in-history-bcci-agha-hasan-abedis-dodgy-bank
Investment strategy

Great frauds in history: BCCI – Agha Hasan Abedi’s dodgy bank

To all appearances, BCCI – set up by Agha Hasan Abedi – was a legitimate bank. But it was a haven of crooks and criminals, and went bankrupt owing inv…
27 Jan 2020
Visit/investments/investment-strategy/600661/great-frauds-in-history-sergey-mavrodis-ponzi-scheme
Investment strategy

Great frauds in history: Sergey Mavrodi’s Ponzi scheme

Sergey Mavrodi turned his computer import business into a financial investment scheme and plundered hundreds of millions of dollars.
23 Jan 2020
Visit/520446/great-frauds-in-history-reed-slatkins-investment-club
Investment strategy

Great frauds in history: Reed Slatkin’s Investment Club

Reed Slatkin studied with Scientology's founder L. Ron Hubbard and became an ordained minister in the cult 1975. He used his position to set up an unl…
13 Jan 2020
Advertisement
Visit/519832/great-frauds-in-history-john-rigas-and-adelphia
Founder of Adelphia Accused of Conspiracy
Investment strategy

Great frauds in history: John Rigas and Adelphia

John Rigas and his family embezzled at least $1bn from their company, Adelphia, wiping out shareholders.
20 Dec 2019
Visit/519573/great-frauds-in-history-joel-steinger-and-the-mutual-benefits-corporation
Investment strategy

Great frauds in history: Joel Steinger and the Mutual Benefits Corporation

Joel Steinger and the Mutual Benefits Corporation specialised in selling viaticals, shares in the life-insurance policies of the terminally ill.
16 Dec 2019
Advertisement
Visit/519277/great-frauds-in-historytakafumi-horie-and-livedoor
Investment strategy

Great frauds in history: Takafumi Horie and Livedoor

Takafumi Horie used Enron-style dummy partnerships to inflate the revenue and operating profits of his company Livedoor.
11 Dec 2019
Visit/518437/great-frauds-in-history-richard-whitney-and-the-white-knights-pensions-raid
Investment strategy

Great frauds in history: Richard Whitney and the White Knight’s pensions raid

Richard Whitney went from being the “White Knight” of Wall Street and president of the New York Stock Exchange to a convicted embezzler.
27 Nov 2019

Subscribe to MoneyWeek

Become a smarter, better informed investor with MoneyWeek.
Visit/518105/great-frauds-in-history-lord-kylsant-and-rmspc
Investment strategy

Great frauds in history: Lord Kylsant and RMSPC

Owen Philipps, AKA Lord Kylsant, manipulated the account of the Royal Mail Steam Packet Company (RMSPC), leaving the company's shareholders with nothi…
20 Nov 2019
Advertisement
Visit/517742/great-frauds-in-history-jerry-dominellis-ponzi-scheme
Investment strategy

Great frauds in history: Jerry Dominelli’s Ponzi scheme

J. David “Jerry” Dominelli's classic Ponzi fraud cheated investors out of $80m in the 1980s.
13 Nov 2019
Visit/517347/great-frauds-in-history-byrraju-ramalinga-raju-and-satyam
Investment strategy

Great frauds in history: Byrraju Ramalinga Raju and Satyam

Byrraju Ramalinga Raju boosted the share price of his company by inflating profits, cash flows and assets, creating false bank statements, customer in…
6 Nov 2019
Visit/516985/great-frauds-in-history-victor-jacobowitzs-phoney-account
Investment strategy

Great frauds in history: Victor Jacobowitz’s phony account

Victor Jacobowitz fiddled the inventory records of his health and beauty products business and defrauded investors out of €177m.
30 Oct 2019
Visit/516721/great-frauds-in-history-albert-grant
Investment strategy

Great frauds in history: Albert Grant

Albert Grant made his money buying worthless companies and using fraud, hype and manipulation to sell them to the public at vastly inflated prices.
23 Oct 2019
Visit/516344/great-frauds-in-history-james-whitaker-wright
Investment strategy

Great frauds in history: James Whitaker Wright

James Whitaker Wright's London and Globe Company acquired various mining companies, fiddled the accounts and defrauded investors out of millions.
16 Oct 2019
Advertisement
Visit/515710/great-frauds-in-history-prescott-jernegans-gold-hoax
Investment strategy

Great frauds in history: Prescott Jernegan’s gold hoax

Prescott Jernegan claimed to be able to extract gold from seawater. He couldn't, of course. But he persuaded an awful lot of people that he could
2 Oct 2019
Visit/515350/great-frauds-in-history-harry-marks-and-his-dodgy-tips
Investment strategy

Great frauds in history: Harry Marks and his dodgy tips

Harry Marks used his position as the owner of a financial newspaper to con investors into putting their savings into a non-existent gold mine.
25 Sep 2019
Visit/514984/great-frauds-in-history-tsuyoshi-kikukawa-and-olympus
Investment strategy

Great frauds in history: Tsuyoshi Kikukawa and Olympus

Tsuyoshi Kikukawa who served as managing director, president and chairman of Japanese camera maker Olympus, hid $1.7bn of losses in the firm.
18 Sep 2019
Visit/514409/great-frauds-in-history-robert-brennans-boiler-room
Investment strategy

Great frauds in history: Robert Brennan’s boiler room

Robert Brennan used high-pressure techniques to sell worthless penny shares to unwitting investors, defrauding them of more than $300m.
10 Sep 2019
Visit/514015/great-frauds-in-history-john-sadleir
Investment strategy

Great frauds in history: John Sadleir

John Sadleir’s multiple deceptions destroyed the Tipperary Joint Stock Bank, ruining its shareholders and forcing many into bankruptcy.
4 Sep 2019
Visit/513723/great-frauds-in-history-ernest-terah-hooley
Investment strategy

Great frauds in history: Ernest Terah Hooley

Ernest Terah Hooley employed every trick in the book to get the public to buy shares in his firms at inflated prices.
27 Aug 2019
Advertisement
Visit/513314/great-frauds-in-history-hannu-kailajarvi
Investment strategy

Great frauds in history: Hannu Kailajärvi

Kailajärvi claimed to have discovered a way to make huge returns from foreign-currency trading. For a fee, investors could join the club.
20 Aug 2019
Visit/512729/great-frauds-in-history-marc-dreier
Investment strategy

Great frauds in history: Marc Dreier

Investors who trusted their money to ex-lawyer Marc Dreier found themselves $400m out of pocket.
13 Aug 2019
Visit/512249/great-frauds-in-history-jordan-belfort-and-stratton-oakmont
Investment strategy

Great frauds in history: Jordan Belfort and Stratton Oakmont

Jordan Belfort followed the traditional “boiler room” model of using high-pressure sales techniques to sell shares in dubious companies to investors.
7 Aug 2019
Visit/511836/great-frauds-in-history-adelheid-luise-spitzeder
Investment strategy

Great frauds in history: Adelheid Luise Spitzeder

Adelheid Luise Spitzeder operated a classic Ponzi scheme in the 19th century, and conned 32,000 people out of £152m
31 Jul 2019
Visit/511310/great-frauds-in-history-gregor-macgregor
Investment strategy

Great frauds in history: Gregor MacGregor

Gregor MacGregor's dodgy scheme selling bonds in a fictional Latin American utopia saw his investors lose all their money while he retired to Venezuel…
24 Jul 2019
Advertisement
Visit/510835/great-frauds-in-history-walter-forbes
Investment strategy

Great frauds in history: Walter Forbes

Walter Forbes manipulated his company earnings created $500m of fictitious profits and ended up wiping $14bn from the value of his company's share and…
17 Jul 2019
Advertisement
Visit/510153/great-frauds-in-history-george-hudson
Investment strategy

Great frauds in history: George Hudson

George Hudson, known as the "Railway King", stung his victims with a double-edged fraud – embezzlement and false accounting.
10 Jul 2019
Visit/509779/great-frauds-in-history-louis-jay-pearlman
Investment strategy

Great frauds in history: Louis Jay Pearlman

Louis Jay Pearlman conned £300m out of his victims, among them boy bands the Backstreet Boys and ‘N Sync.
3 Jul 2019
Visit/509377/great-frauds-in-history-jabez-spencer-balfour
Investment strategy

Great frauds in history: Jabez Spencer Balfour

Jabez Spencer Balfour built the largest building society in the land and swindled its depositors out of millions.
26 Jun 2019
Visit/509014/great-frauds-in-history-sarah-howe
Investment strategy

Great frauds in history: Sarah Howe

Sarah Howe defrauded thousands of women through her "Ladies’ Deposit Company" in the late 19th century.
17 Jun 2019
Visit/508563/great-frauds-in-history-clarence-hatry
Investment strategy

Great frauds in history: Clarence Hatry

Clarence Hatry started out as an insurance clerk, but the fraud he perpetrated rattled markets across the globe.
12 Jun 2019
Visit/507993/great-frauds-in-history-horatio-bottomley
Investment strategy

Great frauds in history: Horatio Bottomley

Horatio Bottomley – twice elected to Parliament and once considered for a cabinet post – was also a swindler and an embezzler.
5 Jun 2019
Visit/507465/great-frauds-in-history-stanley-goldblum
Investment strategy

Great frauds in history: Stanley Goldblum

Stanley Goldblum's insurance fraud cost investors $300m and reinsurance companies $1.8bn
29 May 2019
Visit/507033/great-frauds-in-history-cortes-randell
Investment strategy

Great frauds in history: Cortes Randell

Everything was going well for Cortes Randell until US investment magazine Barron's starting probing.
22 May 2019
Visit/506530/great-frauds-in-history-quentin-thomas-wiles-and-miniscribe
Investment strategy

Great frauds in history: Quentin Thomas Wiles and MiniScribe

Quentin Thomas Wiles was jailed for three years after falsifying data to mask the fact that he had failed to turn around a bankrupt company.
13 May 2019
Visit/506162/great-frauds-in-history-calisto-tanzi-and-parmalat
Investment strategy

Great frauds in history: Calisto Tanzi and Parmalat

Calisto Tanzi systematically falsifying dairy company Parmalat’s financial statements, using complex derivatives and subsidiaries to hide the total am…
7 May 2019
Visit/505757/great-frauds-in-history-robert-maxwell
Investment strategy

Great frauds in history: Robert Maxwell

Robert Maxwell looted millions from the pension fund of the Mirror Group, wiping out shareholders and condemning pensioners to poverty.
30 Apr 2019
Advertisement
Visit/505385/great-frauds-in-history-albert-dunlap-chainsaw-al
Investment strategy

Great frauds in history: Albert Dunlap – “Chainsaw Al”

Albert Dunlop gained a reputation for turning around companies – until his methods were found out.
23 Apr 2019
Visit/505039/great-frauds-in-history-ivar-kruger
Investment strategy

Great frauds in history: Ivar Kruger

Swedish match magnate Ivar Kruger built what looked like a profitable business – but it was all a deception. Matthew Partridge explains.
17 Apr 2019
Visit/504590/great-frauds-in-history-samuel-israel-and-bayou-group
Investment strategy

Great frauds in history: Samuel Israel and Bayou Group

Samuel Israel's investment returns weren't all that they appeared to be as investors learnt to their cost.
8 Apr 2019
Visit/503978/great-frauds-in-history-bernard-ebbers-and-worldcom
Investment strategy

Great frauds in history: Bernard Ebbers and WorldCom

In 1998, WorldCom was the world's second-biggest telephone company. At its peak, it had a market cap of $186bn, and its founder, Bernard Ebber, had an…
3 Apr 2019
Visit/503711/great-frauds-in-history-crazy-eddie-antar
Investment strategy

Great frauds in history: Crazy Eddie Antar

Eddie Antar and his relatives set up discount electronics store, fiddled the books and lost investors millions.
27 Mar 2019
Visit/503445/great-frauds-in-history-asil-nadir-and-polly-peck
Investment strategy

Great frauds in history: Asil Nadir and Polly Peck

Asil Nadir systematically falsified the books of his company, Polly Peck, exaggerating profits and sales and making off with millions of pounds of inv…
20 Mar 2019
Visit/503094/great-frauds-in-history-zzzz-best
Investment strategy

Great frauds in history: ZZZZ Best

ZZZZ Best was a carpet-cleaning company set up in 1982 by 16-year-old Barry Minkow, who would use it to run a Ponzi scheme that netted millions.
13 Mar 2019
Visit/502747/great-frauds-in-history-theranos-and-the-millennial-madoff
Investment strategy

Great frauds in history: Theranos and the millennial Madoff

Matthew Partridge explains the scam behind Theranos, a fake blood-testing company that raised $700m from investors.
6 Mar 2019
Visit/502500/great-frauds-in-history-the-collapse-of-enron
Investment strategy

Great frauds in history: the collapse of Enron

Enron was energy company that was expanding aggressively, says Matthew Partridge. And the management was fiddling the finances.
27 Feb 2019
Visit/502188/great-frauds-in-history-the-bre-x-gold-mining-scandal
Investment strategy

Great frauds in history: the Bre-X gold-mining scandal

Matthew Partridge looks at what we can learn from the Bre-X gold mining scandal that cost investors $75m.
20 Feb 2019
Visit/501820/great-frauds-in-history-stanfords-great-bank-bond-heist
Investment strategy

Great frauds in history: Stanford’s great bank-bond heist

Matthew Partridge looks the fraud perpetrated by Robert Allen Stanford, which netted him $7bn from certificates of deposit.
13 Feb 2019
Visit/501389/great-frauds-in-history-madoffs-scam
Investment strategy

Great frauds in history: Madoff’s scam

Matthew Partridge looks at Bernie Madoff's $64bn fraud scheme.
1 Feb 2019