meta_pixel
Tapesearch Logo
Log in
Motley Fool Hidden Gems Investing

How a Scam Spreads

Motley Fool Hidden Gems Investing

The Motley Fool

Business, Investing

4.33.1K Ratings

🗓️ 20 August 2023

⏱️ 20 minutes

🧾️ Download transcript

Summary

A good scam works like a magic trick. There’s a beautiful, complex story being sold, but the truth is disappointingly simple. The Oman Ghana Trust Fund raised hundreds of millions of dollars. Investors hoped their money would help unlock Ghana’s inheritance and billions of dollars worth of gold. Many were sold 10-to-1, even 100-to-1 returns on this promise.  Yepoka Yeebo is the author of “Anansi’s Gold: The Man Who Looted the West, Outfoxed Washington, and Swindled the World.” Ricky Mulvey caught up with Yeebo to discuss: - How a scammer builds credibility. - The investor biases can lead someone to be defrauded. - How the money in the trust fund scam’s scheme actually disappeared. Host: Ricky Mulvey Guest: Yepoka Yeebo Producer: Deidre Woollard Engineer: Tim Sparks Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

10 to 1 returns, let alone 100 to 1 returns or a bit of a ridiculous promise.

0:06.7

But also the workings of the investment are so like complex and baroque and involve lots

0:14.3

of like gaps in knowledge.

0:16.1

You can't really put the very straight like he is going here and then coming to me this

0:21.1

way.

0:25.1

If you like a good story about a scam then I think you're going to like today's show.

0:28.6

I'm Ricky Mulvey and that's you poke a yibo.

0:30.9

The author of Anancy's Gold, the man who looted the west outfoxed Washington and swindled

0:36.4

the world.

0:37.4

It centers around John Aka Blaneza, a scammer who raised hundreds of millions of dollars

0:42.4

by telling investors that hey he just needed some funds to unlock a bank vault with billions

0:47.3

of dollars worth of gold.

0:48.5

It was the inheritance of the country of Ghana to which he was the rightful heir.

0:52.8

You may be able to guess how this played out for investors.

0:55.6

He centers around this wily coyote type figure and reveals some of the timeless qualities

0:59.8

of a fraud.

1:00.8

And how investors biases can lead folks to walk into one.

1:03.8

I enjoyed the book and the conversation, I hope you do too.

1:10.1

So this is fundamentally a story about a swindler and how people got trapped into this web

1:17.1

of lies, a scam, but to set the table can you introduce us to our man?

1:21.7

Our man is Dr. John Aka Blaneza, although he was no doctor and that wasn't his real name.

1:28.7

And between the 70s and the 90s he built hundreds of people around the world of hundreds

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from The Motley Fool, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of The Motley Fool and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2026.