Episode 54: Financial Scandals and Cons

In 1920, Charles Ponzi started the Ponzi scheme which promised a 50% return on investments after 90 days. After a few successful months, his luck ran out as new investments dried and Ponzi came under the radar of investigators.  Victor Lustig conned two buyers and sold a national monument. The two biggest corporate bankruptcies in the United States came about due to Accounting Fraud. The 1MDB moeny laundering happened at the highest levels of government, in Malaysia.