Summary of How to Smell a Rat

The Five Signs of Financial Fraud

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How to Smell a Rat book summary
How to circumvent the financial fraudsters and con artists who are eagerly waiting to take your money.


9 Overall

10 Applicability

8 Innovation

8 Style


The unlamented year of 2008 was a terrible time for investors. The news that money wizard Bernie Madoff stole some $65 billion from his investment clients with a giant pyramid scheme added insult to injury. Though already in his 70s, Madoff received a 150-year prison sentence for his thievery. Many felt the punishment was too light. The world is full of crooks and charlatans like Madoff. Fortunately for investors, they often give themselves away if you know how to spot them. In this savvy manual, business journalist Ken Fisher (writing with investment expert Lara Hoffmans) details five warning signs that can reveal crooks posing as financial advisers. getAbstract recommends this book to investors who are suspicious and to those who ought to be.

In this summary, you will learn

  • How to identify six types of investors
  • How to spot the five warning signs of financial fraudsters
  • What questions to ask prospective financial advisers


The Penny-Stock Scam King
From the 1930s to the 1950s, Walter Tellier reigned as the consummate con man. He lived in style in wealthy Englewood, New Jersey. He belonged to the prestigious Westchester Country Club. His fancy cocktail parties were annual hits at North American Securities...
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About the Authors

Ken Fisher, author of Forbes magazine’s Portfolio Strategy column, is the founder, chairman and CEO of a money management firm. Lara Hoffmans is an investment firm executive and a contributing editor for

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