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Have You Been Scammed Before? Check This Famous ’80s Scam Quiz and Find Out!

What was the main financial scandal involving Ivan Boesky?

Insider trading

Ponzi scheme

Money laundering

Tax evasion

Ivan Boesky was involved in insider trading during the 1980s, making millions by trading on confidential information about corporate mergers and acquisitions. He was eventually caught and became a symbol of Wall Street greed.

What savings and loan crisis was Michael Milken linked to?

Lincoln Savings

Hibernia Bank

Sunbelt Savings

Beverly Hills S&L

Michael Milken was linked to the Lincoln Savings and Loan scandal, which involved high-risk investments that led to the collapse of the savings institution. This crisis cost taxpayers billions and highlighted widespread corruption.

Which company did Charles Keating lead during his scandal?

Lincoln Savings

Merrill Lynch

Salomon Brothers

Drexel Burnham

Charles Keating was the chairman of Lincoln Savings and Loan Association, which collapsed due to risky investments and fraudulent activities. His actions were central to the savings and loan crisis of the late 1980s.

What was the infamous financial fraud involving the BCCI?

Embezzlement

Insider trading

Money laundering

Ponzi scheme

The Bank of Credit and Commerce International (BCCI) was involved in extensive money laundering activities. It was used for illicit activities, including tax evasion and support of terrorism, leading to its eventual closure in 1991.

Who was convicted in the Wedtech scandal?

Mario Biaggi

Charles Keating

Ivan Boesky

Michael Milken

Mario Biaggi, a U.S. Congressman, was convicted in the Wedtech scandal. Wedtech Corporation secured government contracts through bribery and political corruption, and Biaggi was found guilty of accepting bribes in exchange for favors.

What fraudulent activity was uncovered in the ESM Government Securities case?

Ponzi scheme

Insider trading

Tax evasion

Money laundering

ESM Government Securities was involved in a Ponzi scheme, where they misappropriated funds from clients to pay returns to earlier investors. This scam led to the bankruptcy of several savings and loans institutions.

Which company’s CEO was involved in the Leasco fraud case?

Time Inc.

CBS

Leasco

Texaco

Leasco Data Processing Equipment Corporation was involved in a fraudulent scheme where the CEO, Saul Steinberg, manipulated stock prices and financial statements to create the illusion of profitability and growth.

What kind of fraud was Drexel Burnham Lambert famous for?

Insider trading

Tax evasion

Embezzlement

Junk bond fraud

Drexel Burnham Lambert was infamous for junk bond fraud, orchestrated by Michael Milken. They were involved in high-yield bond trading that often led to the collapse of companies and significant financial losses.

What type of scandal was the ZZZZ Best case?

Tax evasion

Insider trading

Accounting fraud

Ponzi scheme

ZZZZ Best was involved in an accounting fraud scandal. The company, led by Barry Minkow, fabricated financial statements and fake revenue to deceive investors and inflate the stock price.

Who was the key figure in the EF Hutton check kiting scandal?

Robert Freeman

Charles Keating

Michael Milken

Barry Minkow

Robert Freeman, a senior executive at EF Hutton, was a key figure in the check kiting scandal. The firm manipulated the timing of check deposits to inflate their financial position, resulting in legal penalties and reputational damage.

What was the major scandal involving the firm Drexel Burnham Lambert?

Insider trading

Tax evasion

Junk bond fraud

Embezzlement

Drexel Burnham Lambert was known for junk bond fraud, primarily orchestrated by Michael Milken. The firm engaged in risky high-yield bond trading, leading to significant financial losses and the eventual collapse of several companies.

Who was involved in the Guinness share-trading fraud?

Gerald Ronson

Ivan Boesky

Michael Milken

Barry Minkow

Gerald Ronson was a key figure in the Guinness share-trading fraud. The scandal involved manipulating the price of Guinness shares to facilitate a takeover, resulting in several high-profile convictions for financial misconduct.

Which scandal was John Gutfreund associated with?

Salomon Brothers scandal

Lincoln Savings crisis

BCCI fraud

Wedtech scandal

John Gutfreund, the CEO of Salomon Brothers, was involved in a scandal where the firm submitted false bids to buy U.S. Treasury securities. This led to regulatory changes and his resignation from the firm.

What illegal activity did Barry Minkow engage in?

Accounting fraud

Tax evasion

Insider trading

Embezzlement

Barry Minkow was involved in accounting fraud with his company, ZZZZ Best. He fabricated financial statements and inflated company revenue to deceive investors and inflate the stock price.

What was the scam behind the European Kings Club?

Ponzi scheme

Insider trading

Tax evasion

Embezzlement

The European Kings Club was a Ponzi scheme where investors were promised high returns on their investments. In reality, the returns were paid using the capital of new investors, leading to significant financial losses when the scheme collapsed.

Who was implicated in the Toyota Lobby scandal in Japan?

Shin Kanemaru

John Gutfreund

Gerald Ronson

Michael Milken

Shin Kanemaru, a Japanese politician, was implicated in the Toyota Lobby scandal. The scandal involved illegal donations from companies, including Toyota, to political figures, leading to widespread political corruption.

Which company was at the center of the Oscar Wyatt scandal?

Coastal Corporation

Lincoln Savings

Drexel Burnham

ESM Securities

Oscar Wyatt, the CEO of Coastal Corporation, was involved in the scandal regarding the United Nations’ Oil-for-Food Program. He was found guilty of paying illegal kickbacks to the Iraqi government to secure oil contracts.

What type of fraud was the PTL Club scandal?

Tax evasion

Accounting fraud

Ponzi scheme

Insider trading

The PTL Club, led by televangelist Jim Bakker, was involved in accounting fraud. The organization misused funds raised from donors and failed to deliver promised returns, leading to financial and legal troubles for Bakker.

Which scandal involved the Bank of Boston?

Money laundering

Insider trading

Ponzi scheme

Accounting fraud

The Bank of Boston was involved in a money laundering scandal where it failed to report large cash transactions, violating federal laws. The scandal led to increased scrutiny and regulatory changes in the banking industry.

Who was the central figure in the Equity Funding scandal?

Stanley Goldblum

John Gutfreund

Barry Minkow

Gerald Ronson

Stanley Goldblum was the central figure in the Equity Funding scandal, which involved creating fake insurance policies and inflating company assets. The fraud was discovered in the early 1970s, leading to one of the largest financial collapses of the time.

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