Ben Carlson - Don't Fall For It

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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.
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
is filled with engrossing real-life stories and valuable insights, written for finance professionals, investors, and general interest readers alike.

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18 Index

19 End User License Agreement

List of Tables

1 Chapter 8Table 8.1

List of Illustrations

1 Chapter 5Figure 5.1 Bad Brad’s Reported Hedge Fund Returns

Guide

1 Cover

2 Table of Contents

3 Introduction Introduction The most instructive, indeed the only method of learning to bear with dignity the vicissitude of fortune, is to recall the catastrophe of others . — Polybius In 2008, a self-employed handyman named Fred Haines was wandering around Wichita’s Dwight D. Eisenhower airport in search of a Nigerian man carrying two chests full of cold hard cash. After asking around and waiting for an hour or so he finally realized the $64 million inheritance he was promised in an email from Nigeria wasn’t walking off an airplane. Over a period from 2005 to 2008, Haines mortgaged his home three times in hopes that forking over six figures of cash would be enough to help him receive a seven-figure inheritance from Africa. It’s hard to believe the Nigerian Prince scam could be so effective but some people just want to believe these things could be true. Haines claims the first email he received did come off as some sort of joke or scam. Nevertheless, he was intrigued as the person on the other end of his correspondence promised Haines he was owed tens of millions of dollars of an inheritance that rightfully belonged to him. The scammers told Haines his money was being moved from country to country but they needed money along the way to grease the wheels of international law that were overseeing the movement of his funds. The scammers said at one point that the money had gone from Nigeria to Egypt to England to New York and once again back to Nigeria. Haines claims to have tried to get back the money after he sent it, but after going so deep down this rabbit hole he had convinced himself it couldn’t be a scam. “It got to the point where they were showing me that the president of Nigeria had sent me a letter. It had his picture on it and everything,” Haines said. “I looked it up on the computer to see what the Nigerian president looked like, and it was him.” Then there was the email he received from Robert Mueller, Director of the FBI at the time, and a man who is now widely known for conducting an investigation of some sort on the 45 th President of the United States. The subject line of this email read:

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Introduction

The most instructive, indeed the only method of learning to bear with dignity the vicissitude of fortune, is to recall the catastrophe of others .

— Polybius

In 2008, a self-employed handyman named Fred Haines was wandering around Wichita’s Dwight D. Eisenhower airport in search of a Nigerian man carrying two chests full of cold hard cash. After asking around and waiting for an hour or so he finally realized the $64 million inheritance he was promised in an email from Nigeria wasn’t walking off an airplane.

Over a period from 2005 to 2008, Haines mortgaged his home three times in hopes that forking over six figures of cash would be enough to help him receive a seven-figure inheritance from Africa. It’s hard to believe the Nigerian Prince scam could be so effective but some people just want to believe these things could be true. Haines claims the first email he received did come off as some sort of joke or scam. Nevertheless, he was intrigued as the person on the other end of his correspondence promised Haines he was owed tens of millions of dollars of an inheritance that rightfully belonged to him. The scammers told Haines his money was being moved from country to country but they needed money along the way to grease the wheels of international law that were overseeing the movement of his funds.

The scammers said at one point that the money had gone from Nigeria to Egypt to England to New York and once again back to Nigeria. Haines claims to have tried to get back the money after he sent it, but after going so deep down this rabbit hole he had convinced himself it couldn’t be a scam. “It got to the point where they were showing me that the president of Nigeria had sent me a letter. It had his picture on it and everything,” Haines said. “I looked it up on the computer to see what the Nigerian president looked like, and it was him.”

Then there was the email he received from Robert Mueller, Director of the FBI at the time, and a man who is now widely known for conducting an investigation of some sort on the 45 thPresident of the United States. The subject line of this email read:

Subject: Fred Haines, Code B-Dog

The text showed a picture of Mueller in the top left-hand corner and was littered with grammatical errors. It read:

I receive your email and for your good and successful of operation of your account, I will advise you to look for the fee and send to them you can see that your funds is available, and everything is clear no trick on it. Looks for some one [sic] and borrow then promise to pay in three days.

You may be shocked to learn FBI Director Robert Mueller didn’t actually send an email to a man in Kansas about a secret inheritance from a Nigerian prince. This was, in fact, a fake. The problem was Haines had already gone too far to give up at that point, so he held out a glimmer of hope the money was still coming. “Those Nigerians know how to talk,” was his explanation for getting caught up in this fantasy. Luckily, Haines was able to recover $110,000 of what he lost in a settlement with Western Union, but others haven’t been so lucky. [1]

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