Trustor | The Man Who Bought a Company With Its Own Money

What if you could buy an entire company without spending a single dollar of your own money — by using the company's own cash to pay for itself? Ever wondered if you could buy a company using that company's own money? In the summer of 1997, a group of European businessmen did exactly that — and it's one of the wildest financial cons you've never heard of. This week the guys dig into the Trustor scandal, a mind-bending corporate takeover masterminded from behind bars by a Danish tax attorney turned convicted fraudster named Joachim Posner, the "ghost" who talked through his cousin so no one would know he was involved. Using a five-day payment gap and a loophole in loosened 90s European regulations, the crew took controlling shares of the investment firm Trustor, funneled the company's own assets through a fresh Barclays account, and paid the previous owner with his own money. Meanwhile two of the conspirators fled to the French Riviera and torched 50 million euros in two months — matching Ferraris (one immediately lost), 408 bottles of champagne, a yacht with a helicopter pad, and buying out an entire Versace store down to the light bulbs. It's absurd, it's insane, and it ends with plastic surgery in Brazil, a decade on the run, and a Netflix documentary confession. If you like learning and laughing a whole lot while you do, this one's a wild ride. Things I Learned Last Night is an educational comedy podcast where best friends Jaron Myers and Tim Stone talk about random topics and have fun all along the way. If you like learning, and laughing a whole lot while you do, then you’ll love TILLN. Watch or listen to this episode today! Become a Patron and Get Early Access to Ad-Free Episodes: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://tilln.com/support⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Episode link: ⁠⁠https://tilln.com/trustor⁠⁠ Support TILLN & Join The Mailing List: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://linktr.ee/tillnpodcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Watch this next: Frank Abagnale Jr - Scammed His Way into a Movie → ⁠⁠https://www.youtube.com/watch?v=IGe0qUCN-IU⁠⁠ Text TILLN to 66866 to become a patron and gain access to ad-free episodes, the exclusive discord, and earn discounts on TILLN Merch. Learn more about your ad choices. Visit megaphone.fm/adchoices