The hottest Fraud Substack posts right now

And their main takeaways
Category
Top Finance Topics

One Bad Idea After Another

Can We Still Govern? • 320 implied HN points • 17 Mar 26
🇺🇸 U.S. Politics Fraud
  1. The administration is using broad, often misleading fraud claims to justify cutting Medicaid and withholding funds from blue states. Those moves risk denying care to eligible people while serving political goals.
  2. Actual data show Medicaid payment errors are low and Minnesota has been effective at controlling waste, and when fraud occurs it’s usually by large providers or organized actors, not everyday beneficiaries. This means the scare over widespread beneficiary fraud is misplaced.
  3. The fraud push looks politically motivated and hypocritical given pardons, conflicts of interest, and weakened enforcement, and it’s creating new paperwork and barriers that will reduce access to services more than stop real fraud.

At least five interesting things: Buy Local edition (#74)

Noahpinion • 17941 implied HN points • 31 Dec 25
đź’Ľ Business Fraud
  1. Reducing regulatory costs and investing in infrastructure makes it much easier for small businesses to start, compete, and find customers. This kind of "abundance" policy lowers barriers to entry and helps local economies revive.
  2. Building more market-rate or "luxury" housing lowers rents for everyone by giving high earners places to live so they don’t bid up older, affordable units. Increasing overall housing supply acts like a containment for upward pressure on rents.
  3. Tariffs have raised some prices and hurt certain industries, but the broader U.S. economy has been resilient because actual tariffs paid are much lower than headline rates due to exemptions and trade rules. Also, much of the damage from tariff shocks can appear with a year or two of delay.

Exposing and Fixing the Media’s Relationship with Shady Finance

The Save Journalism Committee • 309 implied HN points • 01 Mar 26
đź’° Finance Fraud
  1. Major newsletters accepted paid crowdfunding ads without adequate vetting or clear disclosures, which lent prestige to misleading pitches and left ordinary readers exposed to big financial losses.
  2. Crowdfunded startup markets suffer severe information asymmetry—most deals look like lemons to outside investors—so casual retail buyers are much more likely to lose money than to get rich.
  3. There are clear fixes: require plain‑English, prominent financial disclosures on fundraising pages, add stronger consumer warnings or consent steps, and either tighten or eliminate risky crowdfunding programs while publishers refuse ads they haven’t properly vetted.

Improper Payments Down from Covid-Era Highs But “Confirmed Fraud” Info Missing Amid National Scandal

OpenTheBooks Substack • 265 implied HN points • 18 Feb 26
🇺🇸 U.S. Politics Fraud
  1. Improper payments have fallen from Covid-era peaks but are still very large. Federal spending errors totaled about $186 billion in FY2025, which is higher than FY2024's $161 billion.
  2. Health programs drive most of the problem, with CMS alone accounting for more than half of FY2025's improper payments (about $96.1 billion), and other big agencies like HHS and the Pentagon also showing major losses and fraud.
  3. Transparency and compliance remain weak: the FY2025 report omitted the usual "confirmed fraud" data, many agencies have long histories of noncompliance, and recoveries are limited, although a new law should help stop payments to deceased people.

The Wall Street Journal follows my scoop on autism therapy providers taking billions from Medicaid

Unreported Truths • 39 implied HN points • 11 Mar 26
🏥 Health Politics Fraud
  1. A Medicaid reimbursement loophole let autism therapy providers bill extremely high hourly rates, which made state spending on these services skyrocket in a short time.
  2. Companies were able to charge far more than they paid frontline therapists, creating huge profits that translated into significant personal wealth for some owners.
  3. Even after states tightened reimbursement rules, low training requirements and legal billing structures leave the system vulnerable to costly, potentially abusive practices even when services are technically provided.
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Tucker and Ben Shapiro Pegged By Con Man Prostitute with Sham Story

Bulwark+ • 10141 implied HN points • 07 Sep 23
🇺🇸 U.S. Politics Fraud
  1. A convicted fraudster made uncorroborated claims about Barack Obama involving crack and gay activities.
  2. The accuser's background includes a lengthy arrest record and a history of lying, casting doubt on the credibility of the claims.
  3. The claims lack corroborating evidence or witnesses, failing a lie detector test, making them flimsy and unreliable.

On Crypto Crashes and Fake Money

The Future, Now and Then • 211 implied HN points • 06 Feb 26
đź”® Crypto Fraud
  1. The reported $2 trillion crypto 'loss' mostly reflects falling market prices, not actual dollars moving somewhere else, because many crypto valuations were speculative rather than real wealth.
  2. Speculative tokens masquerading as assets can be used as collateral and tied into the real financial system, so when prices fall they can expose scams and create contagion across lenders and counterparties.
  3. This crash may partly reflect rich backers diverting capital (for example into AI), which reduces buyers-of-last-resort; prolonged low prices could reveal systemic cracks unless big players choose to prop the market back up.

Fraud, Distortion, and Truth in Science

Sensible Medicine • 4540 implied HN points • 17 Jan 24
🔬 Science Fraud
  1. Fraud in science is a serious problem, but the bigger issue is the lack of commitment to doing high-quality work.
  2. Many scientific conclusions lack truth and usefulness due to flawed methodologies and inadequate controls.
  3. The scientific field is filled with low credibility studies and a focus on personal gain rather than truth and welfare.

Welcome Back, Wells Fargo!

TK News by Matt Taibbi • 4266 implied HN points • 02 Jul 25
đź’° Finance Fraud
  1. Wells Fargo has a long history of financial misconduct, many of which have resulted in significant penalties and settlements. Despite this, they have now been released from a seven-year growth restriction imposed by the Federal Reserve.
  2. The bank has faced multiple lawsuits and fines for wrongdoing, including illegal fees, overcharging customers, and unauthorized account openings. These actions highlight a pattern of exploitation and a lack of trustworthiness.
  3. Despite being part of the 'Too Big to Fail' club, Wells Fargo's release from federal sanctions raises concerns about whether they have truly changed. Many believe their past behavior suggests they may continue questionable practices in the future.

IMPACT: After HEALTH CARE un-covered’s Reporting, Medicare Profiteer Shuts Down

HEALTH CARE un-covered • 659 implied HN points • 17 Jun 24
🏥 Health Politics Fraud
  1. A health insurance company known for misleading advertising has shut down after reports revealed their shady practices. This is good news for Medicare and its beneficiaries.
  2. The government made new rules to protect seniors from aggressive marketing tactics that this company used. These changes likely contributed to the company's downfall.
  3. Even though the company is gone, there's still a problem with how commissions are set up, which may still push seniors towards less beneficial Medicare plans.

A Quick Warning

Story Club with George Saunders • 74 implied HN points • 03 Feb 26
đź“° News Fraud
  1. A scam is impersonating a public figure by sending fake emails from a Gmail account; if you get one, don’t reply and delete it.
  2. Official messages will only come from the Story Club account, so treat emails from other accounts as illegitimate.
  3. The person is fine and plans to share more updates on Sunday.

A Billion-Dollar Fraud In Plain Sight

Where's Your Ed At • 10237 implied HN points • 01 Nov 23
đź’° Finance Fraud
  1. Gemini's
  2. Earn
  3. program misled customers into investing in risky lender Genesis Capital.
  4. The NY Attorney General filed a significant fraud suit against Gemini, Genesis, and Digital Currency Group for misleading customers and covering up losses.
  5. The Winklevoss twins actively deceived customers, putting billions of dollars into an unstable lender and reaping profits while customers faced losses.

Problems at Pheton Holdings (PTHL)

The Bear Cave • 886 implied HN points • 29 Jul 25
đź’° Finance Fraud
  1. Pheton Holdings' stock may be manipulated by overseas scammers. They spread false rumors about a potential acquisition to boost the stock price.
  2. These scams often lead to dramatic stock crashes, with some stocks dropping up to 90% after the rumors are proven false.
  3. Investors should be cautious and pay attention to warning signs, especially when it comes to unverified news about company acquisitions.

Problems in Chinatown

The Bear Cave • 583 implied HN points • 17 Jul 25
đź’° Finance Fraud
  1. Chinese stock scams have targeted U.S. investors for years, leading to huge financial losses. These scams often involve boosting the value of fake companies before selling off shares at a profit.
  2. The FBI has reported a big increase in complaints about stock fraud in 2025, showing more people are getting tricked. Scammers use social media and WhatsApp to lure people into investing in fake stocks.
  3. Even after a stock crashes, scammers impersonate authorities like the SEC to exploit victims further. They promise to help people recover losses but just end up scamming them again.

Fraud in Asia

Asian Century Stocks • 668 implied HN points • 24 Jan 24
đź’° Finance Fraud
  1. Tan & Robinson's book on Asian financial statement analysis is a key resource for spotting fraud and misrepresentation in Asia.
  2. Watch out for companies with high margins, poor cash flows, fast-growing balance sheets, and complex corporate structures with frequent related party transactions.
  3. High-profile short-seller reports should be taken seriously when assessing potential fraud in companies.

HHS Open data is here. They will pay you if you find fraud.

Steve Kirsch's newsletter • 8 implied HN points • 15 Feb 26
🏥 Health Politics Fraud
  1. HHS has released aggregated monthly Medicaid claims data that anyone can download and analyze using tools like Google BigQuery and the Medicaid Data Explorer.
  2. A federal whistleblower program offers up to a 30% bounty for recoveries when people report Medicare/Medicaid fraud through the FinCEN whistleblower portal.
  3. The claims data shows about a fourfold increase in high‑level emergency ambulance transports (A0433) and in EEG code 95812 across many states, suggesting either a real rise in severe emergencies or potential billing anomalies that merit investigation.

The Greatest Crypto Heist You Never Heard of

DeFi Education • 739 implied HN points • 06 Sep 23
đź”® Crypto Fraud
  1. Ruja Ignatova is the mastermind behind the OneCoin scam, which defrauded investors out of over $4 billion. She has been on the run from authorities since 2017 and was added to the FBI's most wanted list.
  2. The OneCoin scheme was not a real cryptocurrency and was designed to deceive thousands of investors. Ignatova and her co-conspirators manipulated the value of OneCoin and profited from the scam.
  3. Despite numerous arrests of her partners in crime, Ignatova remains elusive, and her whereabouts are still unknown. Investigators believe she might still be alive and living off the money she stole.

A data-driven insight into German transfer fraud: 7.594 cases

Altay's Blog • 1 HN point • 30 Sep 24
đź’° Finance Fraud
  1. Many people in Germany lose money to transfer fraud each year because scammers trick them into thinking their payments are safe. They use methods like fake online shops to steal money without delivering any products.
  2. Scammers often use tricks to hide their identities, like opening bank accounts under fake names or recruiting unsuspecting people to help. These tactics make it hard for banks to catch them right away.
  3. There are rules called Know-Your-Customer (KYC) that banks must follow to verify customer identities. When these rules are not strong, it can lead to more fraud, but better KYC practices can help reduce these scams.

Fraudulent Businesses Paid The Equivalent Of The GDP Of Somalia

QTR’s Fringe Finance • 39 implied HN points • 01 Jan 26
🇺🇸 U.S. Politics Fraud
  1. Reports allege massive fraud by sham businesses—especially daycare centers—siphoning large amounts of taxpayer money while services and children were unaccounted for.
  2. Elected officials responded with partisan defensiveness and rhetoric, and some were accused of avoiding direct answers about who enabled the fraud instead of pursuing accountability.
  3. Community members and advocates say people are harmed and are demanding criminal investigations and prosecutions so those responsible are held to account.

Zelle Thinks I’m Pablo Escobar

QTR’s Fringe Finance • 60 implied HN points • 09 Dec 25
đź’° Finance Fraud
  1. Banks and payment apps like Zelle often flag and freeze tiny transfers, treating normal gifts as suspicious and disrupting everyday use of money.
  2. The system focuses on policing ordinary users because they’re easy targets, while wealthy actors evade scrutiny through complex methods like shell companies and art deals.
  3. Keeping some control outside the banking system—cash, gold, or decentralized options like bitcoin—helps prevent an algorithm or bank from freezing your finances.

The Trial of Sam Bankman-Fried

DeFi Education • 519 implied HN points • 09 Oct 23
đź”® Crypto Fraud
  1. Sam Bankman-Fried's trial is focusing on accusations of fraud that led to big losses for FTX customers. It's important to pay attention to how the trial unfolds, especially the testimonies from key witnesses.
  2. People often trusted centralized exchanges like FTX instead of managing their own crypto safely. Understanding cognitive biases can help investors avoid making the same mistakes in the future.
  3. Investing in crypto without learning about it can lead to serious losses. Gaining knowledge and understanding the technology is key to making smart investments and avoiding scams.

Social Security for 200-Year-Olds?

OpenTheBooks Substack • 272 implied HN points • 07 Jun 25
🇺🇸 U.S. Politics Fraud
  1. There are huge discrepancies in the numbers of old people listed in the Social Security database, creating confusion and concern. Some figures, like those stating millions are aged over 100 or even 200, seem unbelievable.
  2. Major efforts are being made to clean up the Social Security records, with millions of potentially obsolete numbers being removed. This process aims to prevent fraud and ensure accurate records.
  3. The Social Security Administration has been criticized for lacking transparency and not providing clear data about its beneficiaries. This makes it difficult for taxpayers to understand how funds are being managed.

Weird People Of History: Sam Israel

Thing of Things • 216 implied HN points • 31 Jan 24
đź’ľ History Fraud
  1. Sam Israel was involved in a Ponzi scheme and engaged in insider trading.
  2. He learned from his father that connections were more important than hard work.
  3. Despite his illegal activities, Sam Israel managed to deceive both auditors and regulators.

FTX is Coming for Customer Assets

DeFi Education • 399 implied HN points • 13 Sep 23
đź”® Crypto Fraud
  1. FTX filed for bankruptcy in November 2022, which affected many customers. It was a significant moment for the cryptocurrency world.
  2. A lot of money has been spent on legal fees since then, which reduces what could be given back to customers. This makes the situation worse for those who lost money.
  3. FTX recently released a lengthy presentation about their progress since filing for bankruptcy, likely to keep customers informed.

THE LADY WITH HYPNOTIC EYES

Reflections on "Going Down Tobacco Road" and Investing • 334 implied HN points • 06 Jun 23
đź’ľ History Fraud
  1. Cassie Chadwick was a skilled con artist who defrauded people through various schemes and multiple identities.
  2. She managed to borrow large sums of money by claiming to be Andrew Carnegie's illegitimate daughter, forging promissory notes, and exploiting people's reluctance to question Carnegie.
  3. Her extravagant lifestyle and fraudulent activities eventually led to her downfall, imprisonment, and death at the age of 50.

Problems at Sezzle (SEZL)

The Bear Cave • 443 implied HN points • 02 Jan 25
đź’° Finance Fraud
  1. Sezzle is a payment platform that allows customers to buy now and pay later, but there are concerns about its roles in facilitating fraud and illegal businesses.
  2. Some online pharmacies using Sezzle have been found to sell unapproved or counterfeit drugs, leading to consumer complaints about quality and delivery issues.
  3. Regulatory actions against companies like Google and past illegal activities show the serious risks and penalties involved in dealing with rogue online pharmacies.

Dingus of the week: Anyone who bought Hawk Tuah girl’s memecoin

Men Yell at Me • 402 implied HN points • 13 Dec 24
đź”® Crypto Fraud
  1. Memecoins are just digital coins that have no real value and are mostly a gamble. People are getting hurt financially by investing in them.
  2. Many young people feel disappointed by traditional paths like college and stable jobs, so they turn to risky internet ventures like memecoins in hopes of success.
  3. Trust in systems is declining as they seem to keep failing us. This creates a culture where people are tempted to follow questionable advice for quick gains.

$200 Billion in Bank Scams

DeFi Education • 739 implied HN points • 20 Sep 22
đź”® Crypto Fraud
  1. The banking industry has a long history of fraud and scandals, with $200 billion in fines paid for various crimes like money laundering and market manipulation. This shows that big banks often get away with serious misconduct.
  2. Critics argue that crypto is a hotbed for crime, but it's clear that traditional banks have also facilitated illegal activities repeatedly without facing serious consequences. This double standard highlights the need for fair scrutiny of both systems.
  3. DeFi (decentralized finance) offers solutions to prevent manipulation and enhance transparency. Technologies like blockchain could potentially do a better job of reducing financial crimes compared to traditional banks.

Stunning SBA7(a) Fraud May Be Largest In Agency's History. Why Isn't Anyone Talking About It?

Fintech Business Weekly • 89 implied HN points • 03 Aug 25
đź’° Finance Fraud
  1. A major fraud scheme linked to the SBA 7(a) loan program involved a company called WaterStation, which is accused of running a Ponzi scheme and taking millions in loans that weren't properly secured.
  2. Lenders, including UniBank and Celtic Bank, allegedly knew or should have known about the fraudulent activities but continued to provide loans, causing severe financial harm to investors.
  3. The fallout from this fraud has led to numerous lawsuits, with victims struggling to repay loans for machines that mostly did not exist, highlighting serious issues in the oversight of loans by the SBA.

'Science Fictions' by Stuart Ritchie is a stupid, confused book, polluted with ideology

Heterodox STEM • 85 implied HN points • 23 Jul 25
🔬 Science Fraud
  1. The book highlights major issues in science, like fraud and poor management, but also fails to address the real problems caused by centralization and prestige within scientific institutions.
  2. There's a strong critique of being selectively skeptical about certain scientific areas while promoting others without question, suggesting a bias in the author's approach.
  3. A call for a new role of science critics is made, emphasizing the need for independent reviewers who can help evaluate and communicate scientific ideas better.

More Problems at B. Riley (RILY)

The Bear Cave • 653 implied HN points • 15 Feb 24
đź’° Finance Fraud
  1. The Bear Cave has raised concerns about B. Riley's ties and financial exposure to an accused fraudster, Brian Kahn, as well as regulatory and disclosure issues at the company.
  2. Short seller Marc Cohodes referred to B. Riley as the "biggest pound-for-pound financial fraud" he has seen.
  3. New evidence presented by The Bear Cave includes a potential departure of B. Riley's audit engagement partner, contradicting statements about a loan to Brian Kahn, and engagement of outside counsel by B. Riley's auditor in response to concerns.

YPF: the laundromat of the century

BowTiedMara - Geoarbitrage & Mobility Assets • 157 implied HN points • 02 Jun 23
🌍 World Politics Fraud
  1. YPF, the national oil company of Argentina, was involved in a massive financial fraud through expropriation and private dealings.
  2. A small group of politicians and businessmen profited billions from YPF without investing their own money.
  3. Despite clear irregularities and financial loopholes, those involved in the scandal are unlikely to face prosecution or jail time for receiving billions at the taxpayer's expense.

Water Station Founder, ex-Jefferies Manager Indicted In Alleged SBA-Linked Ponzi Scheme

Fintech Business Weekly • 59 implied HN points • 17 Aug 25
đź’° Finance Fraud
  1. Two individuals linked to Water Station, a company involved in a Ponzi scheme, have been indicted for fraud. They allegedly took in $270 million from investors while misusing funds meant for legitimate business.
  2. Victims of the Synapse bankruptcy may face a long wait for any compensation, as the process to determine payouts is complicated and time-consuming. It could take nearly two years to see any money return to affected users.
  3. Evolve Bank has a new CEO who claims the bank has acted responsibly amid challenges stemming from the Synapse situation. However, comments made by the CEO have raised questions about the bank's actual conduct during the crisis.

Exposing the Fraudsters

The Radar • 39 implied HN points • 23 Apr 24
🇺🇸 U.S. Politics Fraud
  1. Fraud has historically preceded major meltdowns, causing social unrest, economic collapses, and political instability.
  2. Fraud is widespread in everyday life, not just as criminal acts but in various forms of intentional misrepresentation.
  3. Dishonesty and fraud, both large and small, have become normalized in society, but individuals have the power to shift towards honesty and transparency to curb fraudulent behavior.

The human x-ray scientists

The Quack Doctor • 9 HN points • 12 Jul 24
đź’ľ History Fraud
  1. Albert and William Grant claimed extraordinary abilities as 'Human X-Ray' scientists, including diagnosing diseases and growing new internal organs.
  2. Despite their claims, the brothers faced scrutiny and criticism after several deaths occurred under their unconventional treatments.
  3. The story sheds light on the desperation of patients seeking hope where traditional medicine offered little to no cure, showcasing the vulnerability and trust of those in the face of incurable diseases.

Substack Live coming up in half an hour!

Daniel Pinchbeck’s Newsletter • 2 implied HN points • 06 Feb 26
đź”® Crypto Fraud
  1. There’s a Substack Live event today at 2 pm EST featuring David Z. Morris.
  2. David Z. Morris is an investigative technology and finance journalist and the author of Stealing the Future, and he’s known for exposing major crypto and corporate frauds and for creating the Crypto Crooks podcast.
  3. Liminal News is reader-supported and is asking readers to subscribe to receive new posts and support the work.

Crazy Science Idea: Tell People Something Is Possible When You Actually Have No Clue

Atlas of Wonders and Monsters • 593 implied HN points • 03 Aug 23
🔬 Science Fraud
  1. Sometimes telling people something is possible, even if you're unsure, can lead to faster progress in finding solutions.
  2. Encouraging the pursuit of crazy ideas, even if they may not be true, can spark innovation and breakthroughs.
  3. Distorting facts slightly to make crazy ideas seem less crazy could potentially inspire more discovery and creativity.

Science Fictions links for January 2024

Science Fictions • 248 implied HN points • 28 Jan 24
🔬 Science Fraud
  1. Bad science continues to be published despite scandals and fraud being uncovered.
  2. AI tools hold promise for scientific research but there are challenges in implementation and potential overclaiming.
  3. Evidence of unethical practices like journal bribery and scientific fraud highlight ongoing issues in the scientific community.

We’re Not Curing Cancer Here, Guys

Common Sense with Bari Weiss • 204 implied HN points • 22 Feb 24
🏥 Health Politics Fraud
  1. Transparency of raw data in medical research is crucial to uncovering fraud, as many papers only present summaries hiding potential malpractice.
  2. In medical research, the data presented in scientific papers is akin to a curated dating profile, showing only a portion of the actual work done.
  3. Calls for greater transparency, such as making all raw data available when publishing medical research, are crucial to combat fraud and encourage accountability in the field.