billion dollars. Its CEO sold the company the 

trademark for the word We, borrowed money from it, 

appointed his wife as a succession consultant, 

and declared his mission was to elevate the world's 

consciousness. Then the IPO prospectus was published 

and the public markets asked a simple question.

This episode of Dark Money: True Crime Finance goes 

inside WeWork — how a genuine business became a 

story worth forty-seven billion dollars and then 

forty-four million, what SoftBank lost, and why 

the people who bore the real cost of the collapse 

were not the billionaire founder.

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A NASDAQ IPO at four point five billion dollars. 

Analyst coverage calling it the most exciting food 

and beverage story in China. And three hundred and 

ten million dollars in sales that an eighty-nine 

page anonymous report revealed had never happened.

This episode of Dark Money: True Crime Finance goes 

inside Luckin Coffee — how phantom corporate customers 

were used to inflate revenue figures, how a team 

of investigators sat outside coffee shops counting 

customers to prove the numbers were wrong, and 

how the regulatory fallout changed the rules for 

every Chinese company listed on American exchanges.

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had heard of Archegos Capital Management before 

it collapsed. Within forty-eight hours it had lost 

twenty billion dollars, triggered ten billion in 

bank losses, and contributed to the eventual demise 

of one of Europe's oldest financial institutions.

This episode of Dark Money: True Crime Finance goes 

inside Archegos — how Bill Hwang used total return 

swaps to build a one hundred billion dollar position 

without triggering standard disclosure requirements, 

why the banks that provided his leverage had no 

idea how exposed they were, and what happens when 

the margin call comes and nobody can answer it.

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and forty-three politicians. Twelve current and 

former heads of state. A single anonymous source 

who handed the German newspaper Suddeutsche Zeitung 

the architecture of the offshore financial world 

that the wealthy had been using for decades to 

make their money invisible.

This episode of Dark Money: True Crime Finance goes 

inside the Panama Papers — how Mossack Fonseca built 

an empire of shell companies and nominee directors, 

what the documents revealed about presidents and 

prime ministers, and why the most disturbing 

conclusion of the whole investigation was how much 

of it was entirely legal.

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cryptocurrency that had no blockchain. No coin. 

Just a database her company controlled. Then in 

two thousand and seventeen she boarded a plane 

in Sofia and was never seen again. Ruja Ignatova 

is on the FBI most wanted list. She has not been found.

This episode of Dark Money: True Crime Finance goes 

inside OneCoin — the largest cryptocurrency fraud 

in history, how a multilevel marketing structure 

spread it to millions of victims across Africa, 

Asia, Eastern Europe, and Latin America, and why 

some of those victims still believe in it today.

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They were opening fake accounts to hit sales targets 

set by a management system that punished failure 

and rewarded numbers — real or invented. Three point 

five million unauthorised accounts. Fees charged 

to customers who had no idea they existed. And a 

bank that called itself a community institution 

while mining its own customers for quota points.

This episode of Dark Money: True Crime Finance goes 

inside the Wells Fargo scandal — how a corporate 

sales culture produced fraud at industrial scale 

without a single mastermind, what eight is great 

actually meant, and why three billion dollars in 

fines still didn't feel like enough.

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when an emissions test was running and switched 

into compliance mode — then switched back the 

moment the test ended, pumping out up to forty 

times the legal limit of nitrogen oxide. The 

defeat device was not a rogue piece of code. 

It was a corporate decision.

This episode of Dark Money: True Crime Finance goes 

inside the Volkswagen emissions scandal — how one 

of the world's largest automakers engineered a 

deliberate deception of regulators across multiple 

countries, what thirty billion dollars in fines 

and settlements looks like, and what the gap 

between the test and the real world costs the 

people breathing the air.

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dollars in financial contracts worldwide — mortgages, 

student loans, credit cards, corporate debt. And for 

years, traders at major banks were manipulating it 

over emails that talked about champagne, favours, 

and being a big boy. Done.

This episode of Dark Money: True Crime Finance goes 

inside the LIBOR scandal — how the most important 

benchmark in global finance was rigged by traders 

requesting specific numbers as personal favours, 

what nine billion dollars in fines actually meant 

for the banks involved, and why the rate that 

everyone used could not be trusted.

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his own mortgage products as toxic. As the most 

dangerous product in existence. He kept selling 

them anyway — to millions of American homeowners 

and to the investors who bought securities backed 

by those loans. Nobody told those investors what 

the CEO was writing in private.

This episode of Dark Money: True Crime Finance goes 

inside Countrywide Financial — how America's largest 

mortgage lender built its business on products its 

own founder privately knew were dangerous, what 

the emails proved, and why nobody went to prison 

while millions of Americans lost their homes.

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taxpayers one hundred and sixty-four billion dollars. 

More than a thousand industry insiders were convicted 

and sent to prison. It was the largest fraud wave 

in American financial history — and most people 

today cannot name a single person involved.

This episode of Dark Money: True Crime Finance goes 

inside the savings and loan crisis — how deregulation 

and deposit insurance created a perfect incentive 

for looting, what Charles Keating did with Lincoln 

Savings, how five US senators got caught in the 

middle, and why the lessons were forgotten in time 

for two thousand and eight to be even worse.

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episodes every Monday and Wednesday.

intercepted letters from his bank, altered the 

balance figures in Photoshop, and submitted the 

forged documents to regulators as genuine. Two 

hundred and fifteen million dollars in client funds 

was missing. When electronic verification finally 

bypassed his post office box, he drove to the 

company car park and wrote a confession.

This episode of Dark Money: True Crime Finance goes 

inside Peregrine Financial Group — one of the most 

methodical one-man frauds in American regulatory 

history, the scanner and the Photoshop subscription 

that made it possible, and the note that ended it.

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years from a single cable franchise into one of 

America's largest companies. Then it emerged that 

he and his sons had been treating it as a personal 

bank account — two point three billion dollars 

borrowed, a golf course built, a town that had 

built its economy around a family now watching 

that family led away in handcuffs.

This episode of Dark Money: True Crime Finance goes 

inside Adelphia — the family fraud that destroyed 

a cable empire, sent a seventy-eight year old founder 

to federal prison, and became one of the defining 

corporate scandals of the summer of two thousand 

and two.

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in the world. He was also, according to federal 

prosecutors, the centre of the most extensive insider 

trading network in Wall Street history. And the FBI 

had it all on tape.

This episode of Dark Money: True Crime Finance goes 

inside the Galleon Group investigation — how the FBI 

applied wiretap techniques from organised crime 

prosecutions to financial crime for the first time, 

what the recordings revealed, and how twenty-one 

people including a Goldman Sachs board member and 

a McKinsey partner were convicted alongside Raj 

Rajaratnam.

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mathematically gifted traders in the world. A model 

that was supposed to be infallible. And leverage 

ratios so extreme that when Russia defaulted on its 

debt in 1998, the entire global financial system 

came within days of seizing up.

This episode of Dark Money: True Crime Finance goes 

inside Long-Term Capital Management — how a hedge 

fund built on genius and certainty accumulated one 

hundred and twenty-five billion dollars in exposure, 

how the Federal Reserve organised a private sector 

bailout in a single weekend, and what happens when 

the smartest people in the room are wrong all at once.

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Jon Corzine had one of the most impressive resumes 

in American finance and politics. Then he ran a 

commodities brokerage, made a catastrophic bet on 

European debt, and one point six billion dollars 

in customer funds went missing.

This episode of Dark Money: True Crime Finance goes 

inside the collapse of MF Global — how customer 

accounts that were legally untouchable were used to 

meet margin calls, why farmers and small traders 

couldn't access their money for years, and how nobody 

went to prison.

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Great Depression. It took a single accounting 

manoeuvre — used deliberately, repeatedly, and with 

full knowledge of senior management — to bring it 

down in a weekend. Repo 105 was not a rogue trade. 

It was a decision.

This episode of Dark Money: True Crime Finance goes 

inside the collapse of Lehman Brothers — how fifty 

billion dollars was temporarily removed from the 

balance sheet each quarter to make the firm look 

healthier than it was, what the auditors signed off 

on, and why the failure of one bank cost the global 

economy twenty-two trillion dollars.

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This episode of Dark Money: True Crime Finance goes inside the Satyam scandal how one point four billion dollars in cash that didn't exist nearly destroyed India's technology sector, and why Ramalinga Raju decided to confess before anyone asked.

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This episode of Dark Money: True Crime Finance goes inside HealthSouth the fraud, the acquittal that shocked prosecutors, and the conviction that finally followed.

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This episode of Dark Money: True Crime Finance goes inside Parmalat Europe's Enron, and the fraud that wiped out the savings of thousands of ordinary Italian investors.

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This episode of Dark Money: True Crime Finance goes inside the most audacious teenage fraud in stock market history. Subscribe for new episodes every daily

This episode of Dark Money: True Crime Finance goes inside Bre-X Minerals the greatest mining fraud in history, the salted core samples that fooled the world, and the death that has never been fully explained.

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This episode of Dark Money: True Crime Finance goes inside Tyco International and the systematic corporate looting that turned a celebrated CEO into a convicted felon.

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This episode of Dark Money: True Crime Finance goes inside Wirecard how journalists and short sellers spent years raising alarms while regulators investigated the people asking questions instead of the company, and how the COO disappeared and has not been found since.

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This episode of Dark Money: True Crime Finance goes inside Stanford Financial Group —the offshore Ponzi scheme that targeted Latin American savers and the regulatory failure that let it run for years.

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This episode of Dark Money: True Crime Finance follows the 1MDB scandal from Kuala Lumpur to the Bahamas, through Goldman Sachs, and all the way to a Mediterranean superyacht.

We examine how grand corruption operates at a national scale and who helps it happen.

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The victims received about twenty-five cents for 

every dollar stolen from them. Jordan Belfort is 

still on the speaking circuit.

This episode of Dark Money: True Crime Finance goes 

inside the real Stratton Oakmont — the Long Island 

boiler room that defrauded fifteen hundred ordinary 

Americans of over two hundred million dollars through 

pump and dump penny stock schemes. We follow the FBI 

investigation, the cooperation deal, the sentence, 

and the second career built on the back of the crime. 

And we ask the question the movie never did — 

what happened to the people he stole from?

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He invented a financial crime so perfectly replicable 

that over a century later it still carries his name. 

And he died in a charity hospital in Brazil with 

seventy-five dollars to his name.

This episode of Dark Money: True Crime Finance goes 

back to the original — Charles Ponzi, the international 

reply coupon scheme, and the summer of nineteen twenty 

when a line of investors stretched around the block 

in Boston to hand over their savings. We examine why 

his scheme still works in identical form a hundred 

years later and what it says about the oldest 

weakness in human financial behaviour.

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episodes daily

And it was uncovered not by the SEC, not by Wall Street 

analysts, not by the auditors — but by a vice president 

of internal audit working alone at night after hours 

because she couldn't look the other way.

This episode of Dark Money: True Crime Finance goes 

inside WorldCom — how CEO Bernie Ebbers and CFO Scott 

Sullivan hid eleven billion dollars in fraudulent 

expenses, how seventeen thousand employees lost 

their jobs and their retirement savings, and how 

Cynthia Cooper's decision to keep digging changed 

American corporate law forever.

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episodes every Monday and Wednesday.

and the Great Depression. It took one twenty-eight 

year old trader with a secret account and a bad 

bet on the Kobe earthquake to bring it down in 

a single weekend.

This episode of Dark Money: True Crime Finance goes 

inside the collapse of Barings Bank and the story 

of Nick Leeson — how account eighty-eight-eight-eight 

hid losses for nearly three years, how the Kobe 

earthquake triggered the final spiral, and why 

Britain's oldest merchant bank was sold for 

a single pound. We examine the catastrophic 

oversight failures that made the whole thing possible.

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episodes every Monday and Wednesday.

millions to charity. He was on the cover of Forbes. 

And he stole eight billion dollars from the customers 

who trusted him with their money.

This episode of Dark Money: True Crime Finance goes 

inside the collapse of FTX and the rise and fall of 

Sam Bankman-Fried — how the world's second-largest 

crypto exchange evaporated in seventy-two hours, 

why customer funds were being used to fund a 

competing trading firm, and what effective altruism 

has to do with one of the largest financial frauds 

in American history.

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episodes every Monday and Wednesday.

nine billion dollars. She put her blood testing machines 

into Walgreens stores across America. And the machines 

didn't work.

This episode of Dark Money: True Crime Finance goes 

inside Theranos and Elizabeth Holmes — Silicon Valley's 

most audacious fraud. We follow the story from the 

founding myth to the fake Edison machine to the Wall 

Street Journal investigation that unravelled everything, 

and examine the patients who made real medical decisions 

based on test results that were never accurate.

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episodes every Monday and Wednesday.

company six years in a row. Its CEO was on the covers 

of business magazines. Its stock hit ninety dollars 

a share. And almost none of it was real.

This episode of Dark Money: True Crime Finance goes 

inside Enron — the Houston energy giant that used 

mark-to-market accounting and hundreds of fake offshore 

entities to inflate profits by eleven billion dollars. 

We follow the money from Jeffrey Skilling's arrival 

to Andy Fastow's shadow empire to the morning twenty 

thousand employees showed up for work and found out 

their retirement savings were gone.

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episodes every Monday and Wednesday.

with him. Charities trusted him with their entire 

endowments. For forty years, Bernie Madoff ran the 

largest investment fraud in human history — and nobody 

who could stop it did anything about it.

This episode of Dark Money: True Crime Finance goes 

inside the Madoff Ponzi scheme from the ground up. 

How sixty-five billion dollars vanished, how one analyst 

spent nine years filing warnings with the SEC and was 

ignored every time, and how a single week in 2008 

brought the whole thing down. We follow the money, 

name the victims, and examine the psychology of the 

most audacious fraudster who ever lived.

Subscribe to Dark Money: True Crime Finance for new 

episodes every Monday and Wednesday. If you're 

fascinated by financial crime, corporate fraud, and 

the psychology of greed — this is your show.