Great frauds in history

Great frauds in history: Meyer Blinder's Blind ’em & Rob ’em
Meyer Blinder
People

Great frauds in history: Meyer Blinder's Blind ’em & Rob ’em

Meyer Blinder’s brokerage firm cold-called unsuspecting punters and pumped shares in fraudulent shell companies while stiffing them with huge commiss…
1 Dec 2020
Great frauds in history: John MacGregor’s dodgy loans
Investment strategy

Great frauds in history: John MacGregor’s dodgy loans

When the Royal British Bank fell on hard times, founder John MacGregor started falsifying the accounts and paying dividends out of capital. The bank f…
22 Nov 2020
Great frauds in history… William Strahan’s stolen bonds
William Strahan
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Great frauds in history… William Strahan’s stolen bonds

Eton-educated William Snow, AKA William Strahan, inherited a huge fortune and joined the family bank. On the face of it he was a pillar of respectable…
18 Nov 2020
Great frauds in history: Carlton Cushnie’s befuddling Ponzi scheme
Carlton Cushnie
People

Great frauds in history: Carlton Cushnie’s befuddling Ponzi scheme

Carlton Cushnie set up a finance company which was valued at an estimated £230m, but made only one trade finance loan in its existence, which actually…
28 Oct 2020
Great frauds in history: the Independent West Middlesex Fire and Life Assurance Company's early Ponzi scheme
Investment strategy

Great frauds in history: the Independent West Middlesex Fire and Life Assurance Company's early Ponzi scheme

The Independent West Middlesex Fire and Life Assurance Company (IWM) offered annuities and life insurance policies at rates that proved too good to be…
21 Oct 2020
Great frauds in history: Farrow’s Bank
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Great frauds in history: Farrow’s Bank

Thomas Farrow set up his eponymous bank in 1901, offering high interest rates to small savers. After falsifying the accounts and collapsing the bank, …
7 Oct 2020
Great frauds in history: Alan Bond’s debt-fuelled empire
Investment strategy

Great frauds in history: Alan Bond’s debt-fuelled empire

Alan Bond built an empire that encompassed brewing, mining, television on unsustainable amounts of debt, which led to his downfall and imprisonment.
1 Oct 2020
Cover of MoneyWeek magazine issue no 1022, Friday 23 October 2020

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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
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”
People

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”
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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
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: Alexander Fordyce and shorting the East India Company
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Great frauds in history: Alexander Fordyce and shorting the East India Company

Alexander Fordyce's disastrous shorting of the East India Company led to him bankrupting the private bank in which he was a partner.
12 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
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
People

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
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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