Oh My Fraud

A serial fraudster attracts a devoted following when he invents a currency.


 

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Creators and Guests

Host
Caleb Newquist
Writer l Content at @GustoHQ | Co-host @ohmyfraud | Founding editor @going_concern | Former @CCDedu prof | @JeffSymphony board member | Trying to pay attention.

What is Oh My Fraud?

"Oh My Fraud" is a podcast where the true crime is shocking, gruesome, heinous, but with way fewer dead bodies.

Hosted by Caleb Newquist, each episode explores fraud cases from petty swindles to corporate conspiracies, examining the people involved, their motives, methods, and how they spent the loot before it all came to a spectacular, inevitable end.

There may be errors in spelling, grammar, and accuracy in this machine-generated transcript.

Caleb Newquist: Japan. February 2007. Investors across the country open envelopes, expecting their quarterly dividends in yen, one of the strongest, most important currencies in the world. But instead, they find something else. Unfortunately, it's not a year subscription to the tea of the Month Club. No, that would have been useful. No. These investors receive paper vouchers denominated in N10. N10. As in heavenly yen. [00:00:30] N10 as in Divine Currency. N10 as in, you can only spend these inside our weird company marketplace and nowhere else on earth. Yes, long before Dogecoin and Trump coin fleeced an untold number of investors out of hundreds of millions of dollars, there was N10, N10 promoters promised annual returns of 36%. But there was one small catch those returns would be paid out in monopoly money. You can only use to buy bedding, socks [00:01:00] and produce from a catalog run by the same guy who sold it to you. Who was this guy, Kazu Tsuji? Nami. A man whose entire career was essentially one long fraud. Today we're talking about the rise and fall of ladies and gentlemen. Yes, that's the actual name. And its founder, Kazu Tsukinami, a self-styled economic revolutionary behind Japan's most absurd currency.

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Caleb Newquist: This is on My Fraud, a true crime podcast where the hype lives up to the hype. Everything else, though, is a pretty big disappointment. I'm Caleb Newquist. How's it going? I [00:02:00] am. I'm doing all right. It's the week of Thanksgiving, as I say these words, but you'll be listening to it after Thanksgiving. So right now, I'm hoping that I will survive the holiday. And as you're listening, I hope you survived the holiday intact. Hopefully it was thankful and not resentful because that's been known to happen this time of year. I think any time you have obligation, resentment [00:02:30] is going to follow. It seems inevitable. Now, I'm not saying that some of you listening out there aren't genuinely excited about spending the holidays with family, loved ones, whomever. I know these people exist. People who enjoy that. I've even met a few of them. But still, um, even for those people, obligation is a thing. You know, if nothing else, it's just the, you know, the responsibility of food. [00:03:00] You know, like somebody asking you to bring a pumpkin pie or a ham or wine or something. Yeah. I mean, that's that's an obligation. You're obligated to bring something, even if you're excited about going and maybe you'll, you know, maybe, maybe your host says to you, it's like, hey, can you bring a pumpkin pie? And you're like, oh, sure, I'd be happy to. And by the way, I'll make a pecan pie while I'm at it. I love pecan pie.

Caleb Newquist: And the host is like, oh, my brother's [00:03:30] bringing a pecan pie, so you're good and you're going to be annoyed. You're going to be resentful of that brother, because they did not consult you first on the pecan pie. And you know, in your in your you're like, why don't I just bring it just in case? And the host is going to say, no, there's plenty of food. Don't worry about it, and you're going to worry about it. You're gonna you're gonna pick up one of those pumpkin pies from Costco that's the size of a tractor tire. And [00:04:00] you're gonna bring your own pecan pie. And you'll eat the whole goddamn thing out of spite if you have to. Anyway, I'm sure none of you had that kind of a holiday. I hope you had a joyous holiday. And besides, I'm sure our audience is filled with well-adjusted grownups, so I'm sure that is. That didn't happen to anyone. Speaking of seasons, it's CPE season for accountants out there, and I. [00:04:30] I have to guess that there's a lot of new listeners. So thanks for checking us out. Uh, find a seat. Settle in. Plenty of room for everybody. Get some coffee. We hope you enjoy the show. If you're a regular, it's good to see you, as always. Um, I'm going to read a couple of reviews. Uh, this is from Stephanie. She gave it five stars. Love this show. I'm a longtime listener, and this show is the main thing keeping me at earmark.

Caleb Newquist: This is the most entertaining, while also informative I've ever found. Well, that is so [00:05:00] nice. What a nice review. Thanks, Stephanie. Next one is I'm going to pronounce this as best I can. It's in I it I n a a y a t Inayat five stars. Great. Interesting content. Very memorable way to get my CPE. Yeah, I hope so. Great. And finally, this is Diego. Five stars Caleb unpacked this complex case in a structured and entertaining way, which made it easy to follow and understand. Highlighting [00:05:30] the red flags clearly provides a good learning for accountants and auditors alike. Well thanks Diego, thanks everybody for writing reviews. Good, bad or indifferent, we don't mind. Uh, the bad ones are kind of funny sometimes. Sometimes, no. Most of the time they're funny. Anyway, um, leave us a good review, though. Like the bad ones, you know, it's a drag. Then. Then we have to, like, work extra hard to, like, get more good ones. I mean, it really doesn't do us any [00:06:00] favors. Even they're fun to read sometimes. The point is, review the show, write a review. Rate it wherever you listen. Earmark, Spotify, Apple. There's some other ones out there anyway. Also, if you're a firm or company or conference or an event or a live virtual presentation, I don't know, webinar, whatever. If you need something like that on fraud or ethics, uh, that's something I could talk to you about.

Caleb Newquist: So email me at CPE. Com to get more information on pricing and availability. [00:06:30] And yeah we'll talk about that. Okay. That's enough business time for some fraud. Casa Zoom Nami was born in 1933, in Mia Prefecture, Japan. Okay, and if there's one recurring story in Kazuki's life, it's this. He kept committing [00:07:00] fraud. He kept getting caught. And yet people kept giving him chances. His misadventures began in the 1970s, when he was a vice president at a company called APO Japan. This was an equipment and auto equipment sales company, which marketed a device that supposedly removed harmful exhaust gases from cars. Hmm. Um, this was sold through a pyramid scheme. [00:07:30] Yes. Uh, which, if you're a long time listener, you learned all about those in episode 65. Uh, but if you're not familiar, a pyramid scheme involves people not so much selling a product. The product is kind of incidental, really. They're just recruiting more sellers to sell what it is they're selling. And if you're thinking, wait, all those people I see hawking junk on Facebook [00:08:00] are involved in pyramid schemes. My response to that is possibly. Possibly, yeah. But anyway, back to Nami. Um, these exhaust gas remover thingies, uh, about a quarter million people bought into it. But as is the case with many of these things, uh, the device didn't work. The business slash pyramid scheme went bankrupt, and the authorities came knocking. Now, when [00:08:30] a person bears witness to something like that, whether or not they were involved, I think it's fair to say that most people, uh, many people would conclude that they're not going to get close to anything like that ever again.

Caleb Newquist: But not this guy. Not our guy, not Kazutoshi Nami. His thinking possibly was the business model was fine. It was the [00:09:00] execution that was all wrong. So he tried something even dumber. In 1973? Uh, yes. Just a little before this, the prior scam blew up. He founded a different company called Nozomu Co, and Suzaku's flagship product was. This is true magic stones that purified tap water. Now, you might be saying, [00:09:30] well, this is nuts. Who is buying magic stones that purify tap water? But I found out that Japan had a pretty severe water crisis in the 1970s, uh, due to the rapid industrialization after World War two. And that caused a whole lot of pollution and a ton of contaminated water. And then there were some droughts on top of that. And so that made matters worse. And so clean water was a thing like lots of people in Japan [00:10:00] had to worry about it. So then, you know, you can understand why folks might be interested in, yes, magic stones that could help purify water. At its peak, Nozomu was doing roughly ¥2 billion in annual sales in the late 1970s. When this was going on, this would have been somewhere between 6 and $8 million. But in this case, the downside was the stones weren't magic. [00:10:30]

Caleb Newquist: They didn't purify tap water. And by 1978, the authorities had seen enough and Nami was arrested for fraud and ultimately sentenced to prison. After serving some time in prison, Nami founded the company that would define his legacy in 1987. Ladies and gentlemen. No, that's the name. Ladies [00:11:00] and gentlemen, was the name or LNG for short? Terrible, I know. I don't, I'm just. I'm just telling you the facts, people. Anyway, Naomi went back to his old bag of tricks by incorporating a recruitment model into this business as well. Lng operated physical storefronts. They sold comforters, home goods, jewelry, vitamins, the kind of stuff that multi-level marketing companies, the, you know, the legit pyramid schemes, uh, the [00:11:30] kind of stuff that those companies love because you can just claim it's enhanced by whatever mystical bullshit you are selling that year. But the real transformation began when Naomi introduced his masterpiece, a new currency he called enten, which roughly translates to something like Heavenly Yen or Divine yen. Naomi pitched Enten as the future of money. Hmm. Enten, he said, was a currency that would break [00:12:00] free from the constraints of Japan's economic system. It was something so revolutionary that he believed that one day governments would adopt it. Huh. Sounds vaguely familiar. Anyway, the pitch to investors was simple invest ¥100,000, roughly $1,000, and receive guaranteed returns of 36% per year. Oh, now that sounds familiar to slightly different tune, [00:12:30] but familiar nonetheless. Oh, and here's something else that may sound familiar.

Caleb Newquist: People went crazy for this. They went crazy for Enten, a Japanese television station, broadcast footage from a enten fair that resembled some kind of bizarre investor seminar slash religious revival, where people gushed about it and gushed about Nami and his plan. One woman described the existence of Enten as, quote, [00:13:00] wonderful. And another said it's like a dream, I can buy anything. Although accounts differ on when Nami first started taking investors money for Enten, we know that it was going strong in at least 2004 and it hooked thousands of people. Nami built a cult like following among his investors. He told crowds that Enten would free them from economic slavery, and he fancied himself a modern day Oda Nobunaga, one of Japan's [00:13:30] great historical unifiers. All this rhetorical flourish and guru ING, plus the unheard of 36% annual return, pulled in about 37,000 investors. Things were going so well in 2005 that Nami set up a research institute called the Akari laboratory, whose mission, it said was to revitalize Local economies. But as the global financial [00:14:00] crisis started to take hold in 2007 2008, Nami claimed that countries would eventually adopt Enten and that he would become world famous. The whole setup was designed to look innovative and visionary, but in practice it was something far more ordinary and sinister. All right. For this portion of the show, I'd like to welcome back my producer, Zack Frank, to the [00:14:30] show. Hello, Zack.

Zach Frank: How's it going, Caleb?

Caleb Newquist: Yeah. Not bad, not bad. Um, you're in California. Um, you got any, uh, thoughts on cults?

Zach Frank: Yeah, I mean, definitely, I mean.

Caleb Newquist: That that that ever been a part of your life or someone you knows life?

Zach Frank: Thankfully, no. Not really. Um, but I do drive by, uh, you know, the Scientology Cultural Center all the time? Course.

Caleb Newquist: Yes. The big sign.

Zach Frank: Yeah. Of course. Yeah. [00:15:00] And in Hollywood, you know, it's, uh, driven by it many, many times. Uh, what other Colts. I mean, the Manson family. Uh oh, they were all around. Uh, Laurel Canyon is right. I live off of Laurel Canyon, basically. And, um, Chatsworth grew up over, like, you know, close to that area to where they're riding horses, all that stuff.

Caleb Newquist: Yep. Yeah. La kind of in it has, it has it has plenty of ghosts of of past of past cult weirdness for sure. Um, [00:15:30] I'm trying to think of the Manson Family podcast that I listened to that I would recommend for people. Um. Oh, yeah. You must remember this. Charles Manson's Hollywood. Really good.

Zach Frank: I haven't listened to it.

Caleb Newquist: Oh, man. If you like. Um, if you like, uh, if you like show business. Excuse me. And you like, um, some cult stuff related to show business. Um, Charles Manson, Hollywood. Check it out. It's like 12 episodes, so it's a bit of a commitment. But still, [00:16:00] I learned a lot. I learned a lot, and I thought I knew a lot about that story anyway. Yeah. So let me ask you this. Just based on, I don't know, your own observations. What is it about, like the leaders of these things, of these like, people that just kind of enamor people that have these followers? Like what? What do you think it is? Because it feels silly, right? Like when I, when I, when I watch these [00:16:30] things, I'm like, I could never, I would never. And maybe it's because I'm cynical, but by the same token, if it was the right weirdo, maybe I would follow a weirdo. I don't know how you feel about it. It's just, I don't know.

Zach Frank: It is a great point. Like, what about these people? Uh, like L Ron Hubbard, Jim Jones, Charles Manson? What brings people to be, like, so enamored with them? Is it, you know, they just have a what about their personality? Does it. I wish I had a better answer because it seems like they're all very different, but I guess something [00:17:00] just is magnetic. I've never been in their presence, but everyone seems to just say they have like some magnetism, just with the way that they carry themselves, that draws people towards them and wants to be around no matter what it is that they're doing.

Caleb Newquist: Yeah, it's weird because Manson was also like Manson since we were on that subject. It's like he was like a little guy, like he was real small and kind of weird, actually. Not kind of weird. He was. He was pretty weird. And, um, but you're right, he he he [00:17:30] the way he kind of prophesized to people that would listen to him, he kind of. He sold him on a vision. And, uh, I don't know what's weird. And I'm kind of shifting gears a little bit now, but, like, isn't it weird how cult leaders are very similar to kind of tech CEOs in the.

Zach Frank: Modern.

Caleb Newquist: Era?

Zach Frank: Yeah.

Caleb Newquist: Like is that I.

Zach Frank: Don't know, that's a lot of overlap.

Caleb Newquist: Yeah. I mean, am I crazy or am I? I mean, it feels like that's that's [00:18:00] kind of the case, right?

Zach Frank: Yeah, I definitely see it. Especially the way that people look up to them as, like some higher than life figure. Right? Like, yeah.

Caleb Newquist: Yeah, yeah, I don't know. I mean, I think Elon Musk was definitely he definitely fit that mold for quite a while. And now that he's kind of been more exposed, I think people know that he's kind of got a screw loose and is maybe just a bad dude. But prior [00:18:30] to prior to his involvement in politics, I think he definitely kind of, you know, he had this, I don't know, this vision for the world. And he's like, oh, we have to we're going to Mars and we're going to save and we're gonna do this and that and whatever. And and people are like, yeah, I'll follow you anywhere, Elon. And like, yeah, straight into, uh, you know, maybe, uh, you know, maybe into a very strange meeting with some other strange, you know, white supremacist types. I don't know.

Zach Frank: I [00:19:00] feel like some of it has to do with, uh, like the overlap has to do with, like, they see themselves as, like, just right. They're blind. Cockiness is like, you know, they know the way. And they're the only ones who know the way. And some people are attracted to that. I mean, um, I guess it goes along with that a little bit. But before you pass away and it's kind of live past his death, uh, Steve Jobs and like, Apple cult, right? People are still attracted to the vision of Apple. And like, I only, you know, it's it's an interesting little thing to.

Caleb Newquist: Yeah. He actually died kind of like right at the right time.

Zach Frank: True. [00:19:30] Before people hated billionaires as much.

Caleb Newquist: Yeah. Right. Yeah. No, he got out. He got out just under the wire. Um, but like. Yeah.

Zach Frank: Sorry. Yeah. I was gonna say there's there seem. I feel like it has to do with seeing these people as, like, more than human. As like how people view these. View these people like they're not just another. They're not another fellow human being. They're past that. They're like, above it, right?

Caleb Newquist: Yeah. They kind of transcend their humanity to kind of achieve some kind of next level existence. Yeah, like people tell them that they're geniuses all the time [00:20:00] and like. Yeah. And so if you tell people that they're geniuses enough, they eventually will believe you most of the time.

Zach Frank: And Elon Musk got very lucky that, uh, Iron Man was going around and that, like, Marvel happened to be the biggest thing of all time with the Iron Man coming out right around that time. Yeah. And that just helped build his cult personality even more.

Caleb Newquist: Right, right. That's true. Speaking of movies, did you ever see The Master? Paul Thomas Anderson's movie. Okay. Did you did you like that movie? Did you not like that movie?

Zach Frank: I do like it.

Caleb Newquist: Um, I have mixed feelings about it, but one scene from that movie [00:20:30] that I was reminded of when you were talking about how, uh, you know, these, these, these kind of gurus or these cult leaders, uh, are the they're convinced that they're right. Do you remember that scene where the character played by, uh. Oh, God, he's dead. And I can't think of his name.

Zach Frank: Philip Seymour Hoffman.

Caleb Newquist: Philip Seymour Hoffman. Thank you. Philip Seymour Hoffman's character is like holding court in this. In this house, there's this large party and he's holding court and he's going on and on, and people are just enamored with him and listening. [00:21:00] And some guy kind of walks in there and starts asking him all these questions, and he gets so pissed off and he like, he and eventually he just snaps and he like, calls him a fuckwad or something, like really loses his cool. And it was it's it's it's funny because it was probably the first time or it was, it was a very rare instance of that guy being had like somebody had him and [00:21:30] he reacted very poorly in that situation. And I think that's another that's another thing that's maybe a common thread amongst these, uh, these, these, these personality types is when they are confronted, they usually don't handle it. Well, maybe I'm wrong.

Zach Frank: Yes. And a quick aside, I'm just going to go into, um, I feel like the reason that I feel like we're in a time where more and more gurus are becoming more popular than ever. Yes, I think it has to do with the [00:22:00] lack of the lack of trust in institutions and science in general, that people want to find someone to give them the answers to everything. Like, oh, this one person, I could trust them. If I trust them, then they're going to guide me the right way. Um, so I'm going to plug really fast a podcast I enjoy listening to called Decoding the Gurus, where they go through different like people and decide if they're a guru or not, and then they rate them on a guru meter on how good they are. And, uh, yeah, very enjoyable podcast. So I'm gonna plug that. [00:22:30]

Caleb Newquist: I like the sound of that a lot. Decoding the gurus. Um, I wonder, I have to say, you know, if when they're doing this analysis, if the guru has a cryptocurrency, I wonder, like, is that automatically. Yeah. Is that automatic guru is 100 million points like I wonder just I just wonder. I'm just curious as to how that factors into the scoring.

Zach Frank: Yeah, it would definitely go very high from that.

Caleb Newquist: Anyway. Well, Zach, thanks for thanks [00:23:00] for talking this out. It was a pleasure.

Zach Frank: Yeah. Of course. All right. Always.

Caleb Newquist: During these heady times at. Ladies and gentlemen, Nami paid investors their dividends in yen. Real yen, the real money. But as the business grew, something significant, something odd changed with the payments. Starting in early 2007, the dividends paid to investors were partially made [00:23:30] in Enten. Then the dividends were paid entirely in enten. The problem with getting dividends paid in enten, other than it was something that was conjured out of thin air, is that it could only be spent in Lng's internal marketplace. And this marketplace was basically just this bizarre flea market curated by a man who believed himself to be some kind of financial messiah. When [00:24:00] LNG announced dividends would now only be paid by Enten. No more yen, only enten. People were understandably upset and lawsuits started flying, much like a classic bank run. Investors crowded outside LNG locations demanding money and answers. Some just wanted to know whether Heavenly Yen could be exchanged for things like rent and food. But here's a surprise it [00:24:30] could not. The Japanese press pounced on the story and LNG quickly began falling apart. I mean, I don't know what you would expect to happen when people suddenly realize that their investments had been converted into a made up currency, redeemable for basically futons. The panic became unstoppable. In very short order, investors couldn't get their money out at all and LNG started laying off its workforce. In November 2007, LNG filed [00:25:00] for bankruptcy. The estimated losses range from ¥126 billion to as high as ¥226 billion.

Caleb Newquist: At the time, it was roughly 1 to 2 billion USD. It was rumored to be Japan's largest consumer investment fraud ever. Like many of his scandal ilk, Katsuyuki Nami didn't go down quietly, [00:25:30] mostly because he had quite obviously done nothing wrong. Nami claimed that the government didn't understand his economic vision. He claimed that Enten was legitimate. He claimed his intentions were pure and that he had a divine decree to rid the world of poverty. How could someone promising all that? How could that person be a fraud? Fast forward to February 4th, 2009, and Nami knew his arrest was coming as the press had reported that it was pending. [00:26:00] So at 530 that morning, he went into a restaurant near his office to have breakfast, and while sipping a tall glass of beer, the media showed up. It was quite the spectacle, made even more so by the fact that many of the reporters who had crowded into the restaurant were young women who had apparently paid to be there. A Japan Today article reported that Nami said, this is a paid session. You must pay ¥10,000 to join in, and anyone who hadn't paid, quote, had [00:26:30] to leave the restaurant and wait for him outside until the police appeared for his arrest. Some fun items of note. Apparently Nami had, quote left his apartment carrying a bag he said contained spare underwear, presumably taking into account the likelihood that he would be arrested.

Caleb Newquist: And while he was holding court, Nami said, quote, I had a good sleep last night. I'm feeling the same as usual. And then he would occasionally pop outside for the press and say things like, do you think I could behave openly [00:27:00] like this if there had been a fraud? And when he was asked if he wanted to apologize to his investors, he said, quote, our business scheme has yet to collapse. I'm not thinking of any apologies for investors. I haven't messed up. Then the police showed up and that was the end of breakfast. And as he was taken away, Nami continued to drop classic lines for people accused of fraud. Like, quote, it was not a fraud quote. Time will tell if I'm a con man [00:27:30] or a swindler. End quote. The police have destroyed my business. I am a victim of the police investigation. Oh. Also, uh, I am the poorest victim. Nobody lost more than I did. And finally, I'm leading 50,000 people. Can they charge a company this big with fraud? Now, this was especially rich since just two months earlier, Bernie Madoff's scheme fell apart with more than 40,000 victims and billions in losses. So size, [00:28:00] of course, has no has no bearing on your legitimacy. Another fun fact a couple of weeks after Nami's arrest, the offices of Allen, Stanford Stanford Financial Group were raided by the FBI. Check out episode 54. If you do not know that Allen Stanford story.

Caleb Newquist: Ultimately, more than 20 LNG associates were arrested, including Nami, and the investigation revealed exactly what had been long suspected. It was a good old fashioned [00:28:30] Ponzi scheme. In March 2010, Nami was sentenced to 18 years in prison. Apparently, this was pretty stiff by Japanese standards, which suggested that the courts understood the scale of the damage. Tens of thousands of regular people lost their savings, many of them elderly and vulnerable to the idea of this charismatic leader with a easy promise. But even after he was sentenced, Nami insisted he wasn't a fraudster. He [00:29:00] still believed Intan was the future. Or at least he said he believed it. Which from a guy like him is basically the same thing. All right. Did we learn anything? I mean, this was like the greatest hits of frauds. Uh, pyramid scheme esque products, a proto cryptocurrency Ponzi scheme, rabid followers, elderly victims, no orphans. [00:29:30] But who knows? But yes. And then a charismatic leader whose blather knew no ends. One thing that kind of made Nami different was that he had a proven track record, a proven track record of frauds. He had been doing shady stuff for decades, and he had even done time for it. So why, oh, why would you give money to this kind of a person? And there was very little in the research that kind of explained [00:30:00] that. But one victim was comforted by the fact that LNG was, quote, in business for a long time, which I don't know, was founded in 87.

Caleb Newquist: It's not that long anyway. Fraudsters like Nami love to cast themselves as revolutionaries. I'm not running a scam. I'm reinventing the economy. But as Zack and I were talking about entrepreneurs. Lots of entrepreneurs say the very same thing. [00:30:30] They're saving the world. They're curing cancer. They're making money irrelevant. People's ears perk up when they hear these things. They love people with big visions, no matter how ludicrous or improbable. And so there's always going to be a segment of people out there who are susceptible to people like Katsu Tsukinami? All right, that's it for this episode. And remember, if someone promises you a 36% [00:31:00] annual return, but that return comes back to you in tokens that are only good for bedsheets, fruits, and the occasional pressure cooker. You are not diversifying your portfolio. You are subsidizing a cult with slightly better stationery. If you have questions, comments, or suggestions for stories, drop me a line at oh My Fraud at CPE. Oh my fraud is created, written, produced and hosted by me. Caleb Newquist Zach Frank is my co-producer, audio engineer, music supervisor Laura Hobbs [00:31:30] designed the logo. Rate. Review and subscribe to the show wherever you listen to podcasts. If you listen on your mark, that's where you get the CPE. Join us next time for more averse swindlers and scams from stories that will make you say, oh my fraud!