The hottest Fraud Substack posts right now

And their main takeaways
Category
Top Finance Topics

SBF is a fraud. But he was never the problem [Finance Fridays]

Technology Made Simple • 79 implied HN points • 24 Dec 22
💰 Finance Fraud
  1. The Crypto Industry is plagued by frauds like SBF, but the root problem runs much deeper and extends beyond just cryptocurrencies.
  2. Mainstream media plays a significant role in perpetuating misinformation and misleading narratives, contributing to the success of individuals like SBF.
  3. To protect oneself from falling for scams, it's essential to critically evaluate products, look beyond social proof, and consider the utility and legitimacy of investment opportunities.

NEW: Rep. Khanna, Rep. Pocan and I go after Medicare Advantage in The Nation

HEALTH CARE un-covered • 139 implied HN points • 28 Dec 22
🇺🇸 U.S. Politics Fraud
  1. Medicare Advantage plans are designed to benefit insurance company shareholders rather than patients. This means they may prioritize profit over providing quality care.
  2. Patients on Medicare Advantage often need prior approval from insurers before getting treatment. This can delay care and make it harder to get necessary services.
  3. Real Medicare allows patients to see almost any doctor or hospital without needing referrals. In contrast, Medicare Advantage plans have stricter networks that can limit choices.

Lawfare or Rule of Law

David Friedman’s Substack • 179 implied HN points • 12 Mar 24
🇺🇸 U.S. Politics Fraud
  1. In our legal system, the idea of rule of law versus lawfare hinges on whether prosecution depends on the severity of crimes and quality of evidence or on personal agendas of law enforcers.
  2. Civil cases such as the one involving Trump being sued for inflated property values show how legal actions can have significant financial consequences, even without direct harm.
  3. Charges against Trump related to election interference bring up the debate of what actions should be considered criminal in the political realm and the potential threats to the democratic system.

"Anonymous" Crypto Debit Card Startup Sues BaaS Platform, Ex-Evolve Partner Solid

Fintech Business Weekly • 66 implied HN points • 15 Dec 24
💰 Finance Fraud
  1. Fraud and scams are becoming bigger issues for businesses compared to individuals. Companies need better tools to protect themselves from these threats.
  2. Many fintech companies are raising significant funding, which shows growth in the industry. Some are also getting ready for potential IPOs in the coming years.
  3. There's a legal battle between a crypto debit card company and its banking partner. It highlights the risks and challenges in the fintech sector, especially in compliance and service delivery.
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How SMS Fraud Works and How to Guard Against It

Mindful Musings • 206 HN points • 28 Feb 23
🕹 Technology Fraud
  1. Understanding how SMS fraud works involves premium phone numbers, gaming for profit, and exploiting vulnerabilities in services.
  2. Protecting against SMS fraud can involve measures like obfuscating endpoints, blocking sketchy IPs, and implementing rate-limiting on SMS sending.
  3. Twilio has the potential to offer SMS fraud protection using data on fraudulent numbers and carriers.

It Was All a Lie!

Anxiety Addiction & Ascension • 39 implied HN points • 17 Oct 22
📰 News Fraud
  1. Pfizer admitted to never testing if their vaccine prevented transmission of the virus, undermining the foundation of lockdowns and mandates put in place.
  2. The narrative pushed by pharmaceutical companies and governments about vaccines preventing transmission was a lie, causing far-reaching consequences like economic damage and societal division.
  3. There is a call for spreading awareness about the truth, holding accountable those responsible for the deceit, and uniting against the injustice inflicted by the manipulation of information.

Genapsys Lawsuit!

ASeq Newsletter • 21 implied HN points • 04 Feb 25
💼 Business Fraud
  1. A lawsuit is happening involving Genapsys, and it claims the company engaged in serious fraud. This includes manipulating scientific data and misleading investors about its technology and financial health.
  2. The lawsuit highlights issues within the biotech industry, where some companies might exaggerate their capabilities or results. This has made investors more cautious and skeptical of bold claims.
  3. Internal documents suggest the CEO directed employees to present false information during due diligence. This raises questions about trust and honesty in biotech business practices.

Last Month’s $83.3 Million Civil Jury Verdict Against Donald Trump in Federal Court Raises Historically Serious National Security Concerns

Proof • 60 implied HN points • 02 Feb 24
🇺🇸 U.S. Politics Fraud
  1. Donald Trump faces serious legal and financial challenges, including an $83.3 million civil jury verdict against him.
  2. There are doubts about Trump's claims of having $400 million in liquid assets to pay off judgments against him.
  3. The concern over Trump's financial situation and potential debt raises national security concerns.

Vax Populi: Vaccines, Autism, and RFK, Jr.

Skeptic • 72 implied HN points • 22 Jun 23
🏥 Health & Wellness Fraud
  1. Robert F. Kennedy, Jr. has been misled by fraudulent science regarding vaccines and autism
  2. There is a replication crisis in science due to factors like pressure to publish, data manipulation, and fraud
  3. The anti-vaxxer movement is based on unsubstantiated claims, leading to risks for public health and the spread of preventable diseases

Illumina: RICO Investment Trust

Nongaap Investing • 52 implied HN points • 30 Sep 23
💰 Finance Fraud
  1. The GRAIL stake is structured inside a fraudulent REIT, allowing for hidden ownership.
  2. The REIT scheme enables transactions that are a key part of Illumina's deals.
  3. The disclosures point to complex connections among companies facilitated by this REIT structure.

What Fraudulent Vaccine Card Schemes Reveal About America.

Silent Lunch, The David Zweig Newsletter • 35 implied HN points • 22 Jan 24
🏥 Health Politics Fraud
  1. Vaccine mandates during the pandemic were a departure from past policies, impacting civil liberties and public health.
  2. Media narratives linking anti-vax sentiment to right-wing ideologies were misleading, with cases revealing diverse political backgrounds of fraudsters.
  3. Enforcement resources on vaccine card fraud raise concerns about priorities over healthcare crimes of greater magnitude.

The card payments you use every day are stunting economic growth - it's time for an upgrade

Building The Future of Payments by Mike Kelly • 1 HN point • 21 Jun 24
💰 Finance Fraud
  1. Card payments are outdated and inefficient, hindering economic growth by increasing costs, slowing transactions, and exposing to fraud.
  2. Card transaction fees act as a hidden sales tax, increasing prices for everyone and placing burdens on local businesses.
  3. Moving beyond traditional card systems to modern payment methods can lead to improved user experiences, reduced fees, and increased economic growth.

Barbara Fried’s 'The Trial of Sam Bankman-Fried'

SBF’s Substack • 1 implied HN point • 04 Nov 25
🔮 Crypto Fraud
  1. The writer looks at the trial from two angles: as an experienced legal professional and as a parent directly affected by the case.
  2. She brings long experience as a Stanford law professor, which informs the legal analysis and lends credibility to her observations.
  3. Although the current piece focuses on legal perspectives, she indicates she may later write about the personal, lived experience of being a parent during these events.

Illumina: Fraud by Omission

Nongaap Investing • 32 implied HN points • 18 May 23
💼 Business Fraud
  1. Fraud by omission is a significant concern in the case of Illumina insiders and their financial windfall on Grail.
  2. By omitting material facts, Illumina insiders potentially misled investors and reaped undisclosed financial windfalls.
  3. The use of cost method accounting instead of equity method accounting may be seen as a form of fraud by omission, allowing for undisclosed financial benefits.

Lawyers, Coins and Money

Malt Liquidity • 5 implied HN points • 12 Oct 23
💰 Finance Fraud
  1. During the trial of Sam Bankman-Fried and Alameda Research, evidence pointed towards potential fraud and mismanagement of funds, shifting the focus from trading competence to potential fraudulent activities.
  2. The testimony of key witnesses, Gary Wang and Caroline Ellison, revealed damning details about the misuse of customer funds, false financial statements, and manipulation within the organization.
  3. The trial shed light on the complex dynamics involving a hypercompetent coder, a junior trader, and a manipulative leader, emphasizing the need for accountability and transparency in the financial sector.

How common is scientific fraud?

More is Different • 4 implied HN points • 05 Aug 23
🔬 Science Fraud
  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.

Unity Bank Fraud: An Unfolding Story Of Nigerian Corporate Malfeasance

westafricaweekly • 3 implied HN points • 02 Dec 23
💼 Business Fraud
  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 America's Most Inspirational Brand Sold Its Soul to the Devil

funnybusiness • 2 HN points • 13 Jul 21
💼 Business Fraud
  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.

Book Review: Science Fictions

Symbolic Capital(ism) • 0 implied HN points • 06 Jan 21
🔬 Science Fraud
  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 Fraud
  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.

Warning: Michael Elkouby is a Fraud

startupdreams • 0 implied HN points • 11 Mar 24
💼 Business Fraud
  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.

Hard wired to deceive?

Musings on Markets • 0 implied HN points • 23 Dec 08
💰 Finance Fraud
  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 Fraud
  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.

130-Year-Old German Bank To Offer Bitcoin Services

Daily Digest • 0 implied HN points • 01 Feb 24
💰 Finance Fraud
  1. A 130-year-old German bank partners with a Bitcoin firm, showing growing acceptance of cryptocurrencies in traditional banking.
  2. UK police seize $1.8 billion in Bitcoin as part of an investigation into investment fraud.
  3. Binance launches an inscription marketplace to cater to the increasing interest in digital assets.

Valkyrie is 1st Bitcoin ETF to Diversify Custody

Daily Digest • 0 implied HN points • 02 Feb 24
💰 Finance Fraud
  1. Valkyrie becomes first Bitcoin ETF to diversify custody, spreading holdings across different custodians.
  2. U.S. lawmakers challenge SEC's crypto policy of listing cryptocurrencies on balance sheets, calling it overreaching.
  3. Three individuals charged in connection with a $400 million FTX hack linked to a SIM swap attack.

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

RegAlert • 0 implied HN points • 14 Dec 22
💰 Finance Fraud
  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.

Viết tiếp về Paypal-made-in-VN

Thái | Hacker | Kỹ sư tin tặc • 0 implied HN points • 10 Oct 07
🕹 Technology Fraud
  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
  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.