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CASE STUDIES

The concepts, in the real world.

Theory is easy to nod along to and hard to apply.

These cases highlight the moments the market tested it for real: the booms, the busts, the frauds, and the famous trades, each one taken apart with primary sources and a clear view of what happened and why it mattered.

Every study shows the IWP Concepts at work and links to every idea it touches, so you watch the same principles you are learning play out with real money on the line.

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Frauds & Blow-Ups2009-2018

The 1MDB Scandal (2009-2018)

1MDB scandal explained: how about $4.5 billion vanished from a Malaysian state fund, how Goldman Sachs and Jho Low were tied to…

Frauds & Blow-Ups1998-2002

The Adelphia / Rigas Fraud (1998-2002)

Adelphia fraud explained: how the Rigas family hid $2.3B in off-balance-sheet debt, looted a cable giant, forced its bankruptcy,…

Frauds & Blow-Ups1990s-2009

The Allen Stanford Ponzi Scheme (1990s-2009)

Allen Stanford Ponzi scheme: how Stanford International Bank sold about $8 billion in fake high-yield CDs, the 110-year sentence,…

Frauds & Blow-Ups2006

The Amaranth Advisors Collapse (2006)

Amaranth Advisors collapse explained: how a $9.2B hedge fund lost about $6.6B on concentrated natural-gas spread bets in…

Frauds & Blow-Ups2021

The Archegos Collapse (2021)

Archegos collapse explained: how Bill Hwang used hidden total return swaps to build a $36B book that imploded in 2021, costing…

Frauds & Blow-Ups1992-1995

The Barings Bank Collapse (1995)

Barings Bank collapse explained: how trader Nick Leeson hid GBP 827 million in losses in error account 88888 and sank a…

Frauds & Blow-Ups1972-1991

The BCCI Collapse (1972-1991)

BCCI scandal explained: how a fragmented global bank hid fraud, laundered drug money, and lost billions before regulators shut it…

Frauds & Blow-Ups2007-2008

The Bear Stearns Collapse (2008)

Bear Stearns collapse explained: the 2007 hedge fund failures, the March 2008 liquidity run, the $2-then-$10 JPMorgan rescue, and…

Frauds & Blow-Ups1993-1997

The Bre-X Gold Fraud (1993-1997)

Bre-X gold fraud explained: how a Calgary penny stock claiming 70M ounces at Busang hit a C$6B value, then collapsed when the…

Frauds & Blow-Ups2022

The Celsius Network Collapse (2022)

Celsius Network collapse explained: how an 18% crypto-yield lender froze withdrawals in June 2022, left a $1.2B hole, and sent…

Frauds & Blow-Ups1995-1998

The Cendant / CUC Fraud (1995-1998)

Cendant fraud explained: how a decade of fake profits at CUC erased $14B in one day in 1998, jailed two chairmen, and set a…

Frauds & Blow-Ups1919-1920

The Charles Ponzi Scheme (1919-1920)

Charles Ponzi scheme explained: how the 1920 Boston fraud promised 50% in 45 days on postal coupons, took in about $15 million,…

Frauds & Blow-Ups2021-2023

The Credit Suisse Collapse (2021-2023)

Credit Suisse collapse explained: how scandals, a deposit run, and lost confidence forced a CHF 3B UBS rescue in 2023 and wiped…

Frauds & Blow-Ups1984-1995

The Daiwa Bank Scandal (1984-1995)

Daiwa Bank scandal explained: how trader Toshihide Iguchi hid $1.1 billion in losses for 11 years, the cover-up, and why US…

Frauds & Blow-Ups1997-2001

The Enron Scandal (1997-2001)

Enron scandal explained: how off-balance-sheet entities and mark-to-market accounting hid losses, erased $60B of equity, and…

Frauds & Blow-Ups1964-1973

The Equity Funding Fraud (1964-1973)

Equity Funding fraud explained: how a Los Angeles insurer faked tens of thousands of policies, inflated assets toward $2 billion,…

Frauds & Blow-Ups2019-2022

The FTX Collapse (2019-2022)

FTX collapse explained: how Sam Bankman-Fried moved over $8 billion of customer deposits to Alameda, triggered a bank run, and…

Frauds & Blow-Ups2021

The Greensill Capital Collapse (2021)

Greensill collapse explained: how a supply-chain finance lender backed by SoftBank and Credit Suisse imploded in 2021 once its…

Frauds & Blow-Ups1996-2003

The HealthSouth Fraud (1996-2003)

HealthSouth fraud explained: how a $1.4B earnings overstatement grew to $2.7B, why CEO Richard Scrushy was acquitted, and how he…

Frauds & Blow-Ups1986

Ivan Boesky and the 1986 Insider Trading Scandal

Ivan Boesky insider trading scandal explained: how the 1980s arbitrageur paid $100M, wore a wire against Michael Milken, and…

Frauds & Blow-Ups1997-2002

The Allfirst / Rusnak FX Fraud (2002)

John Rusnak fraud: how an Allfirst currency trader hid about $691 million in yen losses with fake options for five years, the…

Frauds & Blow-Ups1991-1994

Kidder Peabody and the Joseph Jett Affair (1991-1994)

Kidder Peabody Jett booked hundreds of millions in phantom Treasury STRIPS profits before the 1994 collapse. See the accounting…

Frauds & Blow-Ups2012

The Knight Capital Glitch (2012)

Knight Capital glitch explained: how dead Power Peg code fired millions of orders in 45 minutes, lost about $440 million, and…

Frauds & Blow-Ups2008

The Lehman Brothers Collapse (2008)

Lehman Brothers collapse explained: the Repo 105 accounting trick, the failed September 2008 rescue, the $639 billion bankruptcy,…

Frauds & Blow-Ups2012

The JPMorgan London Whale (2012)

London Whale was JPMorgan's 2012 trading blowup, a $6.2 billion loss in its London CIO. Learn how hidden bets and breached risk…

Frauds & Blow-Ups1994-1998

The LTCM Collapse (1998)

LTCM collapse explained: how a Nobel-laureate hedge fund used about 25-to-1 leverage and convergence bets that ended in a $3.6…

Frauds & Blow-Ups2019-2020

The Luckin Coffee Fraud (2019-2020)

Luckin Coffee fraud explained: how the Chinese chain faked $300M of 2019 sales, drew a Muddy Waters short report, paid $180M to…

Frauds & Blow-Ups1990s-2008

The Madoff Ponzi Scheme (1990s-2008)

Madoff Ponzi scheme explained: how fake statements showed $64.8B against roughly $17.5B of real principal, why the SEC missed it,…

Frauds & Blow-Ups2011

The MF Global Collapse (2011)

The MF Global collapse in 2011 saw Jon Corzine's $6.3B European debt bet trigger a liquidity run, a bankruptcy, and a $1.6…

Frauds & Blow-Ups1986-1990

Michael Milken and the Drexel Junk Bond Scandal (1986-1990)

Michael Milken Drexel scandal explained: how the junk bond king built the high-yield market, pleaded guilty to six felonies, paid…

Frauds & Blow-Ups2011-2014

The Mt. Gox Collapse (2011-2014)

Mt Gox collapse explained: how the top bitcoin exchange lost about 850,000 coins, froze withdrawals, filed for bankruptcy in…

Frauds & Blow-Ups2011

The Olympus Scandal (2011)

Olympus scandal explained: how a new British CEO exposed a $1.7 billion scheme to hide losses for two decades, who was convicted,…

Frauds & Blow-Ups1990s-2003

The Parmalat Scandal (1990s-2003)

Parmalat scandal explained: how Italy's dairy giant faked a 3.95 billion euro Bank of America account, hid a 14 billion euro…

Frauds & Blow-Ups1992-2012

Peregrine Financial and Russell Wasendorf (1992-2012)

The Peregrine Financial fraud concealed a $215 million customer-fund hole for 20 years. Learn how Russell Wasendorf forged bank…

Frauds & Blow-Ups1985-1992

The Phar-Mor Fraud (1985-1992)

Phar-Mor fraud explained: how phantom inventory hid roughly $500M in losses, bankrupted a discount drugstore chain, jailed Mickey…

Frauds & Blow-Ups2009-2012

Galleon Group and the Raj Rajaratnam Insider Trading Case

Raj Rajaratnam insider trading case explained: how FBI wiretaps caught the Galleon hedge fund founder, his 11-year sentence, and…

Frauds & Blow-Ups2005

The Refco Collapse (2005)

Refco collapse in 2005 wiped out a top US futures broker two months after its IPO when CEO Phillip Bennett hid $430 million in…

Frauds & Blow-Ups2003-2009

The Satyam Scandal (2003-2009)

Satyam scandal explained: how founder Ramalinga Raju faked Rs 5,040 crore of cash, confessed in 2009, and was jailed seven years…

Frauds & Blow-Ups1996-2002

Sunbeam and Chainsaw Al Dunlap (1996-2002)

Sunbeam accounting fraud explained: how Al Dunlap faked a turnaround with bill-and-hold sales and cookie-jar reserves, and the…

Frauds & Blow-Ups2022

The Terra/LUNA Collapse (2022)

Terra Luna collapse explained: how the UST algorithmic stablecoin lost its dollar peg in May 2022, erased about $40 billion, and…

Frauds & Blow-Ups2013-2018

The Theranos Fraud (2013-2018)

Theranos fraud explained: how a $9B private startup faked a one-drop blood test, raised $700M, and ended in an SEC settlement and…

Frauds & Blow-Ups2022

The Three Arrows Capital Collapse (2022)

Three Arrows Capital collapsed in 2022 after concentrated crypto bets on Terra, GBTC, and staked ETH triggered margin calls,…

Frauds & Blow-Ups2008-2015

The Toshiba Accounting Scandal (2008-2015)

Toshiba accounting scandal explained: how Japan's industrial giant overstated profit by 151.8 billion yen from 2008 to 2014, who…

Frauds & Blow-Ups1995-2002

The Tyco Scandal (1995-2002)

Tyco scandal explained: how CEO Dennis Kozlowski and CFO Mark Swartz took ~$150M in secret loans and bonuses, and were convicted…

Frauds & Blow-Ups2014-2016

The Valeant Scandal (2014-2016)

Valeant scandal explained: how a drug-pricing roll-up and a secret pharmacy, Philidor, inflated revenue, drew a $45M SEC penalty,…

Frauds & Blow-Ups1992-1998

The Waste Management Fraud (1992-1998)

Waste Management fraud explained: how executives inflated earnings $1.7B by stretching truck depreciation, the record auditor…

Frauds & Blow-Ups2011-2016

The Wells Fargo Fake Accounts Scandal (2011-2016)

Wells Fargo fake accounts scandal explained: how sales pressure spawned ~3.5M unauthorized accounts, a $185M settlement, a Fed…

Frauds & Blow-Ups2015-2020

The Wirecard Fraud (2015-2020)

Wirecard fraud explained: how a DAX payments giant faked EUR 1.9bn of cash, why auditors and BaFin missed it, and the lessons for…

Frauds & Blow-Ups1999-2002

The WorldCom Fraud (1999-2002)

WorldCom fraud explained: how capitalizing line costs faked about $11B of profit, caused the largest US bankruptcy, jailed its…

Frauds & Blow-Ups1982-1987

The ZZZZ Best Fraud (1982-1987)

ZZZZ Best fraud: how teenage Barry Minkow faked insurance contracts to take a carpet cleaner public, then was convicted in 1988…