Great frauds in history

Great frauds in history: the Pigeon King’s Ponzi scheme
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Great frauds in history: the Pigeon King’s Ponzi scheme

Pigeon-fancier Arlan Galbraith claimed to have created a new breed of elite racing pigeon, but his Ponzi scheme defrauded investors of over £200m.
23 Sep 2020
Great frauds in history: Martin Grass’s debt binge
Martin Grass © Bradley C. Bower/Bloomberg via Getty Images
Investment strategy

Great frauds in history: Martin Grass’s debt binge

AS CEO of pharmacy chain Rite Aid. Martin Grass borrowed heavily to fund a string of acquisitions, then cooked the books to manage the debt, inflating…
16 Sep 2020
Great frauds in history: how Joyti De-Laurey became “the Picasso of con artists”
Joyti De-Laurey © Graeme Robertson/Getty Images
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Great frauds in history: how Joyti De-Laurey became “the Picasso of con artists”

Joyti De-Laurey forged the signatures of her bosses at Goldman Sachs and started writing cheques to herself. Over many years, she netted £4.3m.
10 Sep 2020
Great frauds in history: crypto-queen Ruja Ignatova and her “bitcoin killer”
Ruja Ignatova © Paul Hampartsoumian/Shutterstock
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Great frauds in history: crypto-queen Ruja Ignatova and her “bitcoin killer”

Ruja Ignatova convinced punters to put up to $12bn into her worthless "OneCoin" cryptocurrency – then disappeared with the loot.
27 Aug 2020
Great frauds in history: the Fauntleroy embezzlement
Tokyo © Getty images
People

Great frauds in history: the Fauntleroy embezzlement

Henry Fauntleroy's embezzlement Berners Street Bank cost his clients their fortunes and Fauntleroy his life.
18 Aug 2020
Great frauds in history: Billy McFarland – the man behind the Fyre Festival
People

Great frauds in history: Billy McFarland – the man behind the Fyre Festival

Around 5,000 people paid Billy McFarland up to $100,000 each to attend the lavish Fyre Festival on a Caribbean island. They arrived to find accommodat…
5 Aug 2020
Great frauds in history: Joe Nacchio’s insider trading
People

Great frauds in history: Joe Nacchio’s insider trading

Joe Nacchio, CEO of telecoms firm Qwest, was convicted of 19 counts of insider trading in 2007 and served four years in prison.
30 Jul 2020

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Great frauds in history: Tino De Angelis’ salad-oil scam
Investment strategy

Great frauds in history: Tino De Angelis’ salad-oil scam

Anthony “Tino” De Angelis decided to corner the market in soybean oil and borrowed large amounts of money secured against the salad oil in his company…
22 Jul 2020
Great frauds in history: Gerard Lee Bevan’s dangerous debts
Investment strategy

Great frauds in history: Gerard Lee Bevan’s dangerous debts

Gerard Lee Bevan bankrupted a stockbroker and an insurer, wiping out shareholders and partners alike.
15 Jul 2020
Great frauds in history: the bank that cooked the books
Investment strategy

Great frauds in history: the bank that cooked the books

When loans made by the City of Glasgow Bank turned bad, its management falsified the balance sheet, overstated its gold reserves and issued false stat…
6 Jul 2020
Great frauds in history: Nick Leeson – the man who broke Barings Bank
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Great frauds in history: Nick Leeson – the man who broke Barings Bank

"Rogue trader" Nick Leeson’s losses cost his employer, Barings Bank, an estimated £860m, plunging it into bankruptcy.
1 Jul 2020
Great frauds in history: Nevin Shapiro’s groceries scam
Investment strategy

Great frauds in history: Nevin Shapiro’s groceries scam

Nevin Shapiro's "grocery diverting" business was in reality nothing more than a Ponzi scheme.
24 Jun 2020
Great frauds in history: Nicholas Cosmo and the big gambles that turned sour
People

Great frauds in history: Nicholas Cosmo and the big gambles that turned sour

Nicholas Cosmo conned 4,000 investors out of a total of $195m.
17 Jun 2020
Great frauds in history: Arthur Nadel’s day-trading scam
Investment strategy

Great frauds in history: Arthur Nadel’s day-trading scam

When failed lawyer Arthur Nadel's hedge fund collapsed, it claimed to have $350m in assets. But it had just $500,000 in the bank.
10 Jun 2020
Great frauds in history: Jean-Pierre van Rossem's money-making machine
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Great frauds in history: Jean-Pierre van Rossem's money-making machine

Jean-Pierre van Rossem told investors he had a supercomputer able to make money by predicting market movements. He didn't.
3 Jun 2020
Great frauds in history... Lee B. Farkas’s dodgy mortgages
People

Great frauds in history... Lee B. Farkas’s dodgy mortgages

Lee Bentley Farkas transformed TBW into one of the largest mortgage brokers in the US – his fraud is reckoned to have cost around €3bn.
20 May 2020
Great frauds in history: the downfall of Ferdinand Ward – the "Napoleon of finance"
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Great frauds in history: the downfall of Ferdinand Ward – the "Napoleon of finance"

Ferdinand Ward launched a Ponzi-style scheme based on fictitious government contracts, bringing down the Marine National Bank.
14 May 2020
Great frauds in history: OPM Leasing Services
People

Great frauds in history: OPM Leasing Services

Childhood friends Mordecai Weissman and Myron Goodman siphoned off huge amounts of money from their company to spend on mansions, a private jet and a …
6 May 2020
Great frauds in history: Allen Chan of Sino-Forest
People

Great frauds in history: Allen Chan of Sino-Forest

Allen Chan fooled many investors by falsifying the accounts of his Canadian-listed Chinese forestry company.
29 Apr 2020
Great frauds in history: Ronnie Ewton’s ruinous punt on rates
Investment strategy

Great frauds in history: Ronnie Ewton’s ruinous punt on rates

Ex life-insurance salesman Ronnie Ewton's bet on interest rates cost investors millions and led to the collapse of an American savings bank.
21 Apr 2020
Great frauds in history: Philip Musica AKA "Dr Coster"
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Great frauds in history: Philip Musica AKA "Dr Coster"

On the surface “Dr Coster” appeared to be a successful businessman, but in reality he was skimming money from his medical supplies company.
8 Apr 2020
Great frauds in history: Jack Clark’s nursing homes
Investment strategy

Great frauds in history: Jack Clark’s nursing homes

Jack Clark invented sales, inflated profits and produced fraudulent accounts at his chain of nursing homes to swindle investors out of hundreds of mil…
31 Mar 2020