Financial scams & frauds: 5 lessons for investors
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What is the main topic discussed in this episode?
Property investors often talk about using debt to build wealth. In the share market, that's called gearing. With the BetaShares WealthBuilder range, investors can access moderate gearing into shares, and with the newly launched GG-BL, That means exposure to a diversified portfolio of around 1,300 global companies excluding Australia, all with no loan applications, credit checks, or margin calls. Gearing magnifies both gains and losses, so it's only suitable for investors with a very high tolerance for risk. You can learn more about the WealthBuilder range of ETFs at the BetaShares website. And don't forget to read the PDS and TMD to decide if it's right for you. BetaShares Capital Limited is the issuer.
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This podcast contains general financial advice only. That means it's not specific to you, your needs, goals or objectives. So don't act on the information until you've spoken with your financial advisor. You'll find our full disclosure, disclaimer and link to our financial services guide in the show notes. Kate, there was a party the other night and Superman didn't go. Do you know why?
Yes. You've told me that one a few times before, Owen. It was crypto night.
Okay. It was indeed.
I think my drink's better though. Okay, good. Okay. I ordered a book on scams a few months ago. It still hasn't arrived though. This is gold. Yeah. This is podcast magic right here. And this is the only two jokes that Owen and I know because we've repeated them to people many times over the last few months.
Actually, your bank interest one was pretty good. Do I remember it? You something and something bank accounts but got no interest. That's my joke. Anyway, welcome to this episode of the Australian Finance Podcast, Kate.
Where we are definitely not comedians and should never try to be so.
No, we're not. We're talking about losing money, getting scammed, getting swindled, all those fun things.
And how not to lose a billion dollars, which is a good lesson to learn.
It is indeed. Yeah, we've got a few of these TV shows going around at the moment and everyone wants to know, well, how do I avoid getting scammed? What are some of the more interesting scams that we've seen in recent times? Some of these things probably aren't even so much scams. They're more just like financial failures.
Yeah, financial failures, schemes, people that went too hard.
Yeah, they are. So there are a bunch of different shows out at the moment. Probably the one that was most interesting to us was the one based on John Cario's book, which is The Dropout, aka Bad Blood, aka Theranos.
About Elizabeth Holmes and Theranos, yeah, which I've mentioned a few times on the show before because I just caught my... Because I remember following along on Elizabeth Holmes journey, thinking that it was amazing. And I totally got sucked into the narrative. Not that I was investing in this company with all the other billionaires, but it was really fascinating. And so it was sad to find out that it didn't actually work.
Yeah, she was one of, I think she was the youngest self-made billionaire for a while. I think her personal net worth was up about like three or four billion at one time. And so what is Theranos? I think that's probably just like just real quick. What did they do?
Yeah, it was a company that claimed to revolutionize blood testing.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–9:18
2
What are some recent high-profile financial scams?
9:18–13:16
3
How did the Theranos scandal unfold?
13:16–25:42
4
What lessons can we learn from the Tinder Swindler's story?
25:42–31:16
5
What insights does the WeCrashed series provide?
31:16–31:31
Speakers
3 identifiedMore from Australian Finance Podcast
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Sounds like good money advice... But is it?