The hottest Fraud Substack posts right now

And their main takeaways
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Top Finance Topics

Unity Bank Fraud: An Unfolding Story Of Nigerian Corporate Malfeasance

westafricaweekly • 3 implied HN points • 02 Dec 23
💼 Business Fraud Banking Regulation Corporate Governance Financial system
  1. The former chairman of Unity Bank in Nigeria orchestrated a massive financial scandal involving billions of naira in non-performing loans and a dubious loan portfolio sale.
  2. The scandal involved regulatory malpractice, compliance fraud, and the misuse of bank funds by insiders, leading to severe financial harm to the bank and potential systemic risks.
  3. Despite clear regulatory violations, the bank's management, auditors, and regulators failed to take appropriate action, highlighting a need for thorough investigations and accountability measures.

How common is scientific fraud?

More is Different • 4 implied HN points • 05 Aug 23
🔬 Science Fraud Data Biomedical
  1. Scientific fraud is more common than many realize, with notable cases surfacing across various fields.
  2. Fraud in research can range from fabricating data to using improper methods, and can have serious consequences for science and public health.
  3. Studies show that rates of fraud vary between fields, with a significant portion of researchers admitting to engaging in questionable research practices.

How America's Most Inspirational Brand Sold Its Soul to the Devil

funnybusiness • 2 HN points • 13 Jul 21
💼 Business Fraud Acquisitions
  1. Chicken Soup for the Soul Entertainment ($CSSE) is a separate public entity from the original privately-owned Chicken Soup for the Soul brand, with questionable practices including alleged stock promotion and self-dealing by CEO Bill Rouhana.
  2. CSSE's CEO, Bill Rouhana, has a history of involvement in failing companies like MCEG and Winstar, displaying a pattern of fraud allegations, self-dealing, and misleading financial disclosures.
  3. CSSE's acquisitions, like Screen Media and Sonar Entertainment, appear to be overvalued assets, contributing to the company's mounting financial losses and debt, along with insider selling signaling lack of confidence in the company's future.

Warning: Michael Elkouby is a Fraud

startupdreams • 0 implied HN points • 11 Mar 24
💼 Business Fraud Legal action
  1. The author shares a personal experience about Michael Elkouby being a fraud, mentioning how he failed to repay a loan despite promises and agreements.
  2. Michael Elkouby's repayment promises kept getting delayed, causing the author to consider legal action to recover the loan.
  3. The author advises caution in dealing with Michael Elkouby and encourages reaching out for more information or reference checks to avoid falling victim to potential fraud.
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Viết tiếp về Paypal-made-in-VN

Thái | Hacker | Kỹ sư tin tặc • 0 implied HN points • 10 Oct 07
🕹 Technology Banking Fraud Regulations Government Policies
  1. One of the main challenges for e-payment companies in Vietnam is convincing banks to connect with them, often due to technology and product limitations.
  2. Unlike foreign e-payment companies that focus on credit card payments, Vietnamese e-payment companies prefer transactions through ATM cards linked to bank accounts.
  3. The lack of regulations in Vietnam regarding fraud liability in non-credit card payments creates challenges, leading e-payment companies to explore intermediary solutions like PayPal's model.

PureCycle Technologies: The Nikola of Recycling

funnybusiness • 0 implied HN points • 16 Aug 21
💰 Finance Fraud Short selling Investing ESG Stock Market
  1. PureCycle Technologies executives failed to address critical allegations and instead doubled down on their ambitious projections.
  2. Insiders of PureCycle Technologies increased their pay-outs and could potentially sell 100% of their shares before the company generates any revenue, raising concerns about their commitment to long-term success.
  3. Red flags have been identified in the business model of PureCycle Technologies, including questionable supply chain agreements, unproven technology, and unrealistic rapid expansion plans.

Book Review: Science Fictions

Symbolic Capital(ism) • 0 implied HN points • 06 Jan 21
🔬 Science Bias Fraud Hype
  1. The scientific enterprise faces issues like bias, fraud, negligence, and hype that hinder knowledge building and lead to negative consequences.
  2. Scientists often struggle with careerism, which can influence them to commit fraud, exaggerate findings, or neglect opposing evidence.
  3. Proposed solutions to the problems in science include individual vigilance against biases, institutional and cultural reforms, and increased collaboration to transcend individual limitations.

Accounting Fraud

Musings on Markets • 0 implied HN points • 07 Jan 09
💼 Business Corporate Governance Investor Relations Regulatory Compliance Corporate Governance Accounting Fraud Investment Risk management
  1. Self-interest is often more powerful than accountability in companies. When people face conflicts, they usually prioritize their own benefits.
  2. Good corporate governance is important to prevent fraud. Having a board that asks smart questions can help keep management honest.
  3. New accounting rules won't stop fraud. Companies often find ways to cheat around regulations, so being skeptical can save investors from losses.

Hard wired to deceive?

Musings on Markets • 0 implied HN points • 23 Dec 08
💰 Finance Investing Fraud Psychology Behavioral Finance Ethics Investment Fraud Behavioral Economics Psychology Risk management
  1. Larger brains in primates, including humans, are linked to higher chances of deceit. So, you might be more at risk of being misled by smart investors.
  2. We tend to lie often and it's a normal habit. This means that investment pitches can be filled with half-truths.
  3. People feel guilty about lying but that doesn't stop them from doing it again. Getting away with a lie encourages more lying.

To Madoff or not to Madoff?

Musings on Markets • 0 implied HN points • 16 Dec 08
💰 Finance Investing Fraud Markets Returns Investing Fraud Market Analysis Returns
  1. Madoff ran a Ponzi scheme by using money from new investors to pay returns to older ones. This scheme only worked as long as new money kept coming in.
  2. Investors should not just focus on how much money was made, but also understand how those returns were achieved. It's important to know the strategy and risks involved.
  3. Asking the right questions about an investment helps spot problems. Madoff had no clear investment strategy, which should have raised red flags for investors.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/004

RegAlert • 0 implied HN points • 14 Dec 22
💰 Finance Regulatory Banking Fraud Compliance
  1. Central Bank of Nigeria warns against illegal activities by Money Transfer Operators (MTOs) in Nigeria, emphasizing the need to make payments in US Dollars as per regulations.
  2. Banks found supporting unlicensed MTOs in terminating payments in Naira instead of US Dollars will face sanctions, as per the circular TED/FEM/PUB/FPC/01/004.
  3. Reminder for banks and MTOs to pay out diaspora remittance proceeds only in US Dollars and follow the guidelines for International Money Transfer Operations.