There have been far more financial scandals than can be squeezed into Famous Frauds & Financial Failures. The stories in the book comprise only my selection of the top ten scandals. My overarching criterion for inclusion in the “club” was that the fraud or failure had to: (a) involve the financial markets—whether stocks, commodities, foreign exchange trading, and/or crypto; (b) be a hedge fund OR behaving like a hedge fund such that it has been described as a “hedge fund” (e.g., Madoff, FTX, and Enron); and (c) be primarily a U.S. scandal.
The following stories are some other notable US and non-US failures/fraudulent schemes that, in most cases, led to devastating losses by investors when they collapsed (in chronological order):
- Segantii Capital Management (2024)
- Three Arrows Capital (2022)
- The Wirecard Scandal (2020)
- Woodford Equity Income Fund (2019)
- Everest Capital (2015)
- SAC Capital Advisors (2013)
- ZeekRewards Ponzi Scheme Scandal (2012)
- Level Global (2011)
- Galleon Group (2008)
- Bear Stearns Hedge Funds (2007)
- Portus (2005)
- Bayou Funds (2005)
- Towers Financial Corporation (1993)