Fraud in the City
Posted: September 9th, 2018, 11:03 pm
https://www.thetimes.co.uk/edition/busi ... -08220xhqf
The above link from the Sunday Times Business section written by Luke Johnson, gives a very good description of how crooks get away with committing fraud in the City. He lists the clues to look for when investing one's hard-earned cash, and mentions various names e.g. Bernie Madoff who set up a huge $65bn Ponzi Scheme which sucked up money from around the world.
I have just read the excellent book 'No One Would Listen' written by Harry Markopolos. Harry discovered Madoff was a fraud and spoon-fed information to the the US Securities and Exchange Commission (SEC). The SEC were totally incompetent and allowed the fraud to grow until the financial crash of 2008 when Madoff couldn't raise any more capital. Warren Buffett says 'You only find out who's not wearing swimming trunks when the tide goes out' - how true!
I wonder how many investors are currently being scammed? The current 10 year bull market must have allowed a lot of fraudsters to concoct schemes that will fleece the trusting public.
The above link from the Sunday Times Business section written by Luke Johnson, gives a very good description of how crooks get away with committing fraud in the City. He lists the clues to look for when investing one's hard-earned cash, and mentions various names e.g. Bernie Madoff who set up a huge $65bn Ponzi Scheme which sucked up money from around the world.
I have just read the excellent book 'No One Would Listen' written by Harry Markopolos. Harry discovered Madoff was a fraud and spoon-fed information to the the US Securities and Exchange Commission (SEC). The SEC were totally incompetent and allowed the fraud to grow until the financial crash of 2008 when Madoff couldn't raise any more capital. Warren Buffett says 'You only find out who's not wearing swimming trunks when the tide goes out' - how true!
I wonder how many investors are currently being scammed? The current 10 year bull market must have allowed a lot of fraudsters to concoct schemes that will fleece the trusting public.