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Don't Fall For It: A Short History of Financial Scams Hardcover – January 2, 2020
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Learn financial and business lessons from some of the biggest frauds in history
Why does financial fraud persist? History is full of sensational financial frauds and scams. Enron was forced to declare bankruptcy after allegations of massive accounting fraud, wiping out $78 billion in stock market value. Bernie Madoff, the largest individual fraudster in history, built a $65 billion Ponzi scheme that ultimately resulted in his being sentenced to 150 years in prison. People from all walks of life have been scammed out of their money: French and British nobility looking to get rich quickly, farmers looking for a miracle cure for their health ailments, several professional athletes, and some of Hollywood’s biggest stars. No one is immune from getting deceived when money is involved. Don’t Fall For It is a fascinating look into some of the biggest financial frauds and scams ever.
This compelling book explores specific instances of financial fraud as well as some of the most successful charlatans and hucksters of all-time. Sharing lessons that apply to business, money management, and investing, author Ben Carlson answers questions such as: Why do even the most intelligent among us get taken advantage of in financial scams? What make fraudsters successful? Why is it often harder to stay rich than to get rich? Each chapter in examines different frauds, perpetrators, or victims of scams. These real-life stories include anecdotes about how these frauds were carried out and discussions of what can be learned from these events. This engaging book:
- Explores the business and financial lessons drawn from some of history’s biggest frauds
- Describes the conditions under which fraud tends to work best
- Explains how people can avoid being scammed out of their money
- Suggests practical steps to reduce financial fraud in the future
Don’t Fall For It: A Short History of Financial Scams is filled with engrossing real-life stories and valuable insights, written for finance professionals, investors, and general interest readers alike.
- Print length192 pages
- LanguageEnglish
- PublisherWiley
- Publication dateJanuary 2, 2020
- Dimensions6 x 0.9 x 9 inches
- ISBN-101119605164
- ISBN-13978-1119605164
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Editorial Reviews
From the Inside Flap
We have all heard stories of people turning their money over to fraudsters in hopes of making some quick cash. How many times have you rolled your eyes upon hearing about someone falling for the 'Nigerian Prince' scam or the latest version of the classic 'Pyramid' scheme? You may think that you would never be so gullible, but the truth is we all make mistakes with our finances. You may never get roped into a multimillion-dollar Ponzi scheme, but it's likely that, at some point, you may be tempted by the promise of easy money. Maybe the prospect of improved health or a new romance may tempt you. Fraudsters, con artists, and charlatans are everywhere and they know just how to draw you in. They prey on fear, greed, vulnerability, and desperation.
And many of them are extremely successful, right up until the time they get caught. Don't Fall for It: A Short History of Financial Scams explores some of the most sensational frauds and fraudsters in history. The goal of this book is twofold: to entertain and educate you about the world of financial scams and, more importantly, to help you make better decisions and avoid making harmful financial mistakes. Most business and finance books claim to provide the secret to success, but don't mention the importance of avoiding failures. There is much more to learn from frauds, hucksters, and scams because they show you what not to do.
This engaging book examines the most scandalous instances of financial fraud and shows you some of the individuals who got away with it for years. Each chapter examines different frauds, perpetrators, or victims of scams. These engrossing, real-life stories include discussions of how these frauds were carried out and insights on spotting the six warning signs of fraud before you become a victim.
Fraud can happen anywhere, to anyone. It's easy to think of fraud victims as unsophisticated and easy to fool, yet some of the biggest frauds in history were perpetrated against wealthy, business-savvy individuals. Financial fraud is never going to disappear. For as long as money exists, there will be people trying to cheat you out of it. Don't Fall for It will help you avoid being one of their victims.
From the Back Cover
We have all heard stories of people turning their money over to fraudsters in hopes of making some quick cash. How many times have you rolled your eyes upon hearing about someone falling for the ‘Nigerian Prince’ scam or the latest version of the classic ‘Pyramid’ scheme? You may think that you would never be so gullible, but the truth is we all make mistakes with our finances. You may never get roped into a multimillion-dollar Ponzi scheme, but it’s likely that, at some point, you may be tempted by the promise of easy money. Maybe the prospect of improved health or a new romance may tempt you. Fraudsters, con artists, and charlatans are everywhere―and they know just how to draw you in. They prey on fear, greed, vulnerability, and desperation.
And many of them are extremely successful, right up until the time they get caught. Don’t Fall for It: A Short History of Financial Scams explores some of the most sensational frauds and fraudsters in history. The goal of this book is twofold: to entertain and educate you about the world of financial scams and, more importantly, to help you make better decisions and avoid making harmful financial mistakes. Most business and finance books claim to provide the secret to success, but don’t mention the importance of avoiding failures. There is much more to learn from frauds, hucksters, and scams because they show you what not to do.
This engaging book examines the most scandalous instances of financial fraud and shows you some of the individuals who got away with it for years. Each chapter examines different frauds, perpetrators, or victims of scams. These engrossing, real-life stories include discussions of how these frauds were carried out and insights on spotting the six warning signs of fraud before you become a victim.
Fraud can happen anywhere, to anyone. It’s easy to think of fraud victims as unsophisticated and easy to fool, yet some of the biggest frauds in history were perpetrated against wealthy, business-savvy individuals. Financial fraud is never going to disappear. For as long as money exists, there will be people trying to cheat you out of it. Don’t Fall for It will help you avoid being one of their victims.
About the Author
BEN CARLSON is the Director of Institutional Asset Management at Ritholtz Wealth Management. He has spent his career helping various nonprofit, institutional, and high-net-worth clients plan and invest their money wisely. Ben is the creator of a popular financial blog and podcast and is the author of several books including A Wealth of Common Sense: Why Simplicity Trumps Complexity in Any Investment Plan and Organizational Alpha: How to Add Value in Institutional Asset Management.
Product details
- Publisher : Wiley; 1st edition (January 2, 2020)
- Language : English
- Hardcover : 192 pages
- ISBN-10 : 1119605164
- ISBN-13 : 978-1119605164
- Item Weight : 2.31 pounds
- Dimensions : 6 x 0.9 x 9 inches
- Best Sellers Rank: #1,177,135 in Books (See Top 100 in Books)
- #409 in White Collar Crime True Accounts
- #2,500 in Economic History (Books)
- #4,121 in Criminology (Books)
- Customer Reviews:
About the author
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Ben Carlson, CFA is the Director of Institutional Asset Management at Ritholtz Wealth Management. He has spent his career working with various nonprofit, institutional and high net worth clients to help them plan and invest their money wisely. He is the author of the book A Wealth of Common Sense: Why Simplicity Trumps Complexity in Any Investment Plan and is the author of the blog, A Wealth of Common Sense.
Customer reviews
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Learn more how customers reviews work on AmazonCustomers say
Customers find the book provides practical financial advice and is worth the price of an evening lecture. They describe it as an engaging, fun read that keeps them hooked until the end. The writing style is described as witty and intelligent.
AI-generated from the text of customer reviews
Customers find the book provides good financial acumen. They describe it as an engaging, practical read that increases their financial IQ. The author simplifies complex financial topics and makes them easy to understand. It covers the way people behave with money and our vulnerabilities.
"...This book also saves you from reading some long, dry book about stocks and the economy. And finally, it is just an engaging and practical book...." Read more
"...The author has a gift for simplifying complex financial topics, and making them easy to understand for non-pros...." Read more
"Ben Carlson does a great job in this book of blending head-scratchingly interesting scams, with common-sensical advice...woven together in a witty..." Read more
"...Why? It's because it covers the PEOPLE, the way people BEHAVE with money and our vulnerabilities, which will help YOU avoid the many scammers out..." Read more
Customers find the book engaging and informative. They say it's a quick read that saves them from reading long, dry books about stocks and the economy.
"A really interesting, fun-to-read and difficult to put down book that provides profiles of some of the biggest financial scams in history, here and..." Read more
"...The book is a great, quick read founded on sound research and strong financial acumen. A recommended read." Read more
"Enjoyable read. Very well written. Lots of interesting stories about scam artists and their victims. I highly recommend this book!" Read more
"Interesting but lacking..." Read more
Customers appreciate the witty and intelligent writing style.
"...The writing is engaging covering a wide range of history from early bubbles like the South Sea and British railway bubble through to present day...." Read more
"...interesting scams, with common-sensical advice...woven together in a witty and intelligent writing style...." Read more
"Enjoyable read. Very well written. Lots of interesting stories about scam artists and their victims. I highly recommend this book!" Read more
Top reviews from the United States
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- Reviewed in the United States on January 14, 2020A really interesting, fun-to-read and difficult to put down book that provides profiles of some of the biggest financial scams in history, here and abroad -- from multiple perspectives - that of the scammers, of the scammed, of psychologists, of economists. I agree that the book is pricey, but I also felt it was worth the price of an evening lecture in terms of wisdom gained. I once conversed with a group of women gathering to share experience and wisdom. The topic was the worst financial decision you ever made. I have a feeling that had we read this book as teenagers, many of those pitfalls would have been avoided -- everything from timeshares to dating services to self-improvement schemes -- average amounts lost were $5K - $20K plus. This book would be good for everything from a graduation gift to a gift for some of those successful friends you might have you do not have a sound financial background or for your family members or best friend. This book also saves you from reading some long, dry book about stocks and the economy. And finally, it is just an engaging and practical book. I know I did not waste my time or money on it.
- Reviewed in the United States on February 19, 2020I have been following Ben Carlson’s financial blog for six months and found it to be very informative and well- written. That’s how I found out about his new book. The author’s writing style is breezy and interesting. His focus on a cast of unscrupulous characters using anecdotes, stories and data for each incident makes them come alive.
Instead of focusing the book on the more recent fraudsters and scammers, the author decided to devote separate chapters to different types of frauds or scams, mostly from older times. While on the surface is may be appealing to those with a historical bent, I found the chapter content choices to be too varied or too familiar for my appetite.
While the many stories provided were noteworthy, a handful are well-known and don’t need repeating here like the South Sea Company and Charles Ponzi’s schemes. I found the recounting of Joe Granville’s antics and impact on the stock market fascinating, as I am a stock market junkie with a 60 year interest in the markets.
The ability to avoid financial scams is an essential ability for readers of all ages, especially in light of the wide availability of personal information on the Internet for a price, and the ability of criminals to exploit vulnerable intelligent individuals using this information. Therefore, any book covering those events is worthwhile from any reader’s standpoint as a learning experience to avoid a financial disaster.
No doubt that Carlson spent a great deal of time scouring the Internet and viewing articles about the overall subject matter, as well as sourcing information from many relevant books. A number of books were from the 1970s or 1980s, and a few were from the 18th and 19th centuries. Clearly, the total of 178 notes at the end of all chapters providing the material references is impressive and useful for reader follow-up.
There are wide swaths of unsavory characters that have succeeded in swindling vast fortunes from many individuals over the centuries. The most pertinent scams to me not mentioned in the book are the corporate ones such as ZZZZ Best (1987), Tyco (2002), Wordcom (2002), and Health South (2003). Stock swindler Bernard Madoff (2008) was covered in the book, while Enron was briefly mentioned in a few paragraphs. A more focused book, such as strictly focusing on the stock market or Internet-related swindles and scams would have provided investors and potential readers with a more useful and more recent education on what to look out for going forward.
More recently, the internet has allowed fraudsters to extract millions of dollars from unsuspecting individuals with scams for supposed lottery winnings, large bequests from an unknown parties in a foreign countries; email, social media and text phishing cons; incessant phone calls from the tricksters posing as IRS agents or law enforcement individuals; vacation rental properties that don’t really exist; and crypto-currency scams, among many others. Coverage of these would have been more beneficial to readers than more historical ones that no longer apply in today’s interconnected world. I realize that the author had much more material than that presented in the book, and that he could have written a number of sequels with different subject matter. It would have been more enjoyable to read about the more current frauds and scams as the first book in a series, than the mix of stories provided.
The concluding chapter on “Six Signs of Financial Fraud” was very useful for stock market investors. Similar chapters on the more current frauds with advice on how to avoid them would have made this a 5-star review.
Overall, Carlson provides a valuable look at the history of scams over the centuries and provides readers with the perspective and guidance they need to be aware of how easily they can be separated from their money. However, focusing on the more current scams and frauds would provide more value.
- Reviewed in the United States on July 24, 2020Most people cannot replicate genius in finance, but everyone can learn to avoid scams, this book shows you how. The author has a gift for simplifying complex financial topics, and making them easy to understand for non-pros. The writing is engaging covering a wide range of history from early bubbles like the South Sea and British railway bubble through to present day. Better still, Ben Carlson includes tips for what to watch out for along with the memorable stories and characters. The juxtaposition of John Law and John Blunt as type I and type II fraudsters was a particular highlight. Forewarned is forearmed
- Reviewed in the United States on March 9, 2020Ben Carlson does a great job in this book of blending head-scratchingly interesting scams, with common-sensical advice...woven together in a witty and intelligent writing style. The book is a great, quick read founded on sound research and strong financial acumen. A recommended read.
- Reviewed in the United States on May 17, 2020I like the stories. But the advice was seemingly lacking. Seem to be super brief. I wanted a little more meat.
- Reviewed in the United States on December 1, 2020This book should be required in college. There are so many scams out there all of the time and there is a scarcity of reliable well researched information on them. It also seems like the same investment and Ponzi schemes keep repeating themselves over and over again because no one learns lessons from the past because no one was taught the lesson to begin with.
There are so many other scams out there that are much harder to detect, scams like Trump University. This book did not cover those types of scams or other scams because the author of this book spent his career in finance. He has some eye-opening things to say about finance scams and what you can do to protect yourself and your assets.
- Reviewed in the United States on June 29, 2021Some fool dissed this book saying he didn't like the format, the way they author told the stories of these many scams from throughout American history.
THIS IS ONE OF THE BEST ECONOMIC BOOKS I"VE EVER READ!
Why? It's because it covers the PEOPLE, the way people BEHAVE with money and our vulnerabilities, which will help YOU avoid the many scammers out there. Just watch American Greed anytime. They're not all Bernie Madoff, but they have been around and they all follow a similar program.
- Reviewed in the United States on January 24, 2020Great book for friends family and n00bwhales
Top reviews from other countries
- StormchaserReviewed in the United Kingdom on November 19, 2022
5.0 out of 5 stars Stories of fraud/scams from different contexts
I really enjoyed reading this book. Every chapter had an interesting story/s to tell which were carefully researched. The author also included references at the end of each chapter for readers who want to dig deeper and expand. Concludes with advice on how not to be a victim of financial fraud.
- David SinclairReviewed in Canada on March 1, 2020
3.0 out of 5 stars Interesting read, but grammatical errors tarnished it a little
There were a few grammatical errors and a couple of repeated words. When I contacted the author to advise him of the errors, I was told that "no one like the grammar police". It seems that he doesn't take constructive criticism very well.
- Amazon CustomerReviewed in the United Kingdom on March 22, 2020
5.0 out of 5 stars A really interesting, concise and entertaining read!
An amazing book.
10 years working as a pharmacist in the NHS and I have never experienced anything like this regarding Covid-19.
Immensely understaffed, huge demand for prescriptions, stress and panic everywhere.
After a 10 hour shift coming home and reading your book really entertained me and also kept me sane.
It makes is clear that no one and I mean NO ONE is immune to fraud, makes you reflect and hopefully keep your wits too from these dodgy people out there.