How a Scam Spreads
Motley Fool Hidden Gems Investing
The Motley Fool
4.3 • 3.1K Ratings
🗓️ 20 August 2023
⏱️ 20 minutes
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Summary
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| 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 |
... |
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