It rented office space. It was valued at forty-seven 

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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Zero to four thousand locations in eighteen months. 

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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episodes daily

Nobody outside a small circle of Wall Street banks 

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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Eleven and a half million documents. One hundred 

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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She sold four billion dollars worth of a 

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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The employees weren't stealing for themselves. 

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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Eleven million vehicles. Software that detected 

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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It underpinned three hundred and fifty trillion 

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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episodes daily

In private emails, Angelo Mozilo described some of 

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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Over one thousand banks failed. The bailout cost 

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.

For nearly twenty years, Russell Wasendorf Senior 

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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John Rigas built Adelphia Communications over fifty 

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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He was one of the most successful hedge fund managers 

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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Two Nobel Prize winners. A team of the most 

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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episodes daily

Goldman Sachs CEO. US Senator. Governor of New Jersey. 

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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episodes daily

It survived the Civil War, two World Wars, and the 

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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He didn't wait to be caught. On January the seventh, two thousand and nine, the chairman of one of India's largest technology companies wrote a letter to his board admitting he had falsified accounts for years. No charges. No arrest. Just a letter.

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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Every CFO he hired eventually went to prison. Richard Scrushy ran America's largest rehabilitation hospital company, hosted a Christian television programme, and presided over a two point seven billion dollar accounting fraud that required the active participation of his entire finance department.

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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It put milk in a billion homes across thirty countries. It sponsored Formula One. It was one of Italy's most beloved brands. And underneath the red and white carton was a fourteen billion euro accounting fraud held together, at the end, by a forged letter from a bank that confirmed it had sent no such letter.

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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He was fifteen when he started it in his parents' garage. He was twenty when he rang the opening bell on Wall Street. Barry Minkow built ZZZZ Best into a two hundred and eighty million dollar public company with almost no real revenue, a completely fabricated business line, and an auditor he took on a tour of a building he didn't own.

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