For a nonfiction read, you really can't do better than Bad Blood: Secrets and Lies in a Silicon Valley Startup written by John Carreyrou. Elizabeth Holmes and Theranos had the levels of audacity in real life that you don't often see even in the most outlandish white collar crime stories, which is what makes it so interesting in my opinion. Nothing about the company worked and yet Elizabeth Holmes kept doubling down and succeeding until the scam was uncovered by the author. Highly recommend this for any fans of white collar crime.
If you've seen the movie, you should most definitely read Can You Ever Forgive Me?: Memoirs of a Literary Forger written by Lee Israel. Forgery is, in my opinion, one of the most interesting types of white collar crimes due to the sheer amount of skill that needs to go into it. While the person portrayed in the book is no one's idea of a hero, I find her unrepentant attitude interesting and something to root for despite the crimes committed.
The best book depends on whether you want a help book to avoid it, true crime stories in non-fiction, or a fictionized book based on a true story. My favorite is Catch Me If You Can. It's a good thriller that shows how someone crafty can fool anyone into believing pretty much anything. It contains some true elements but is also probably exaggerated of the conman's exploits. Even so, it's a fascinating read.
If you're a fan of books about 'bad money' stuff, I highly recommend reading "Money Men" by Dan McCrum. This relatively recent book was published in 2022, and instantly became a favorite on my reading list. The book unveils a true story of a billion-dollar fraud in the Fintech industry, known as the Wirecard scandal. It follows the author's personal journey and his involvement as a reporter while uncovering the truth. "Money Men" takes you through years of investigation, revealing details of a world-class conspiracy involving corruption and organized crime. The scandal itself is one of the biggest fraud cases in German history. If you love finance and crime, this book is a perfect read.
Forensic Accountant and Fraud Investigator at Aho & Associates Financial Forensics
Answered 3 years ago
The Smartest Guys in the Room by Bethany McLean and Peter Elkind. I remember so vividly when this scandal broke. My first fraud job was assisting with a small, behind-the-scenes investigation related to CalPERS/Enron. There are so many layers to the Enron crime and the psychology of the players is fascinating. Political intrigue and gamesmanship. Hubris and greed. Creative accounting including inflated mark-to-market, off-balance sheet accounts, complicated financing structures, foreign currency swaps, and unconventional revenue recognition. Overly complex and purposefully confusing financial statements along with creating special purpose entities, and joint ventures with California state pension funds. The complete disregard for ethics, both personal and business and colluding with auditors, causing the downfall of Arthur Anderson. Read this book and apply it to just about any white collar crime in the news today. It's unfortunately still relevant.
No One Would Listen: A True Financial Thriller This is one of the best white collar crime books written by Harry Markopolos. This book is the compelling firsthand narrative that chronicles Markopolos' relentless pursuit to expose the Bernie Madoff Ponzi scheme. Story starts when the readers gain insight into the arduous journey of unearthing white-collar crime and the obstacles faced in bringing such complex financial fraud to light.
The Informant by Kurt Eichenwald Th informant is a true white-collar crime story of Mark Whitacre, a senior executive turned FBI informant. In his role, Whitacre reveals a web of deceit involving price-fixing and corporate scheming within the agribusiness sector. Eichenwald's gripping account unravels the complex layers of white-collar crime, shedding light on the inner workings of corporate corruption and the extraordinary lengths taken to expose it.
Empire of Deception by Dean Jobb takes readers back to the 1920s in Chicago, where Leo Koretz, a charismatic con artist, orchestrated a massive Ponzi scheme. This book offers a unique historical perspective on white-collar crime, shifting away from the more contemporary cases typically discussed. It explores the captivating story of Koretz, who seduced the city and captivated the nation with his charm and deception. The author delves into the intricacies of Koretz's scheme, shedding light on how he fooled even the most sophisticated investors. Empire of Deception exposes the vulnerabilities of the time and the enduring allure of white-collar crime.
Empire of Deception by Dean Jobb is an intriguing account of a master swindler who deceived investors in 1920s Chicago through a Ponzi scheme. This book sheds light on a lesser-known white collar crime, offering historical insights and lessons. The story revolves around Leo Koretz, a charismatic con artist who promised enormous returns on fictional timber investments. Through vivid storytelling, Jobb highlights the intricacies of Koretz's fraudulent scheme, the trust he engendered, and the devastating consequences for his victims. Empire of Deception provides a fresh perspective on white collar crime while delving into the psychology, methods, and aftermath of a captivating case. It reminds us of the timeless lessons about trust, skepticism, and the vulnerabilities that can be exploited in both the past and present.
Reading Black Edge: Inside Information, Dirty Money and the Quest to Bring Down the Most Wanted Man on Wall Street by Sheelah Kolhatkar is extremely compelling while at the same time being rage inducing. The story behind the extremely public insider trading scandal, focusing on the massive and years-long effort to take down Stephen Cohen is an excellent read, even if you know it ends without the main perpetrator facing up to the consequences of their actions, sadly.
One of the most riveting books about white-collar crime is "Bad Blood: Secrets and Lies in a Silicon Valley Startup" by John Carreyrou. This book chronicles the incredible rise and fall of Theranos, a biotech company founded by Elizabeth Holmes. As a CEO, I found this book to be a cautionary tale about the dangers of unchecked ambition and the consequences of unethical practices in the business world. Carreyrou's meticulous investigative journalism reveals the extent of the deception and fraud that occurred within the company, highlighting the importance of transparency, integrity, and accountability in any organization. "Bad Blood" serves as a stark reminder that even in the realm of cutting-edge technology and innovation, ethical principles must remain at the forefront of decision-making to avoid catastrophic outcomes that can irreparably damage a company's reputation and prospects.
Founder & CEO at Donalo.ai
Answered 3 years ago
"Catch Me If You Can" by Frank W. Abagnale is a thrilling autobiographical account of white-collar crime. It showcases Abagnale's adventures in fraud, forgery, and deception, providing a fascinating insight into criminal psychology and law enforcement efforts to apprehend him. It's an engaging read for those interested in white-collar crime.
Catch Me If You Can by Frank Abagnale is a captivating memoir that explores the extraordinary life of a con artist. While not solely focused on white collar crime, it provides detailed accounts of check fraud, identity theft, and engaging in deceptive financial practices. Abagnale's personal journey and his ability to outsmart the authorities make this book an unconventional choice for a white collar crime read. For example, Abagnale successfully posed as an airplane pilot, a physician, and a lawyer, and forged millions of dollars in checks.
The Smartest Guys in the Room by Bethany McLean and Peter Elkind is an excellent book. Based on real reporting from Fortune Magazine and the Wall Street Journal, the book details the events, decisions, and key personalities that led to the fall of Enron in 2001. The character arcs are incredibly detailed and a key part of truly understanding this legendary corporate downfall.
House of Cards is a nonfiction story by industry insider William D. Cohan about the fall of Bear Sterns. Through a vividly-drawn narrative and page-turning pacing, Cohan exposes the shocking hubris and avarice that fueled the doomed investment bank – and hints at a deeper rot that continues to afflict Wall Street to this day.