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.
"In today's regulatory environment, it's virtually impossible to violate the rules."
Bernard Madoff, 2008. Sentenced to 150 years in prison, June 2009 for running a $65 billion Ponzi scheme
"We don't break the law."
Kenneth Lay, CEO of Enron, 2001. Died in 2006 while awaiting sentencing for fraud
'No one will find me to have knowingly committed fraud.'
Bernard Ebbers, CEO of WorldCom, 2002. Sentenced to 25 years in prison, July 2005, for fraud
"I will die and go to hell if it is a Ponzi scheme. It's no Ponzi scheme."
R. Allen Stanford, CEO Stanford Financial Group, 2009. Sentenced to 110 years in prison for running a $7billion Ponzi scheme, June 2012
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 is a wry look at some of the biggest names in the investment world and the frauds they have committed. Fast-paced and witty, it unpicks the financial scandals of the last few years and tells us what we need to know to protect our money in the face of greed, betrayals and lies. It offers up valuable lessons we can use to protect our investment, by answering the crucial questions:
· Who are the fraudsters?
· Why do frauds and mega-frauds happen?
· Why are there more frauds during market booms?
· Why can't the regulators stop them?
· How can I protect myself without overpaying for phoney protection?
