IT EXAMINES THE VARIOUS MOTIVES BEHIND FRAUD AND RAISES PERTINENT QUESTIONS ABOUT THIS CRIME IN THE UNITED STATES. SOME OF THE QUESTIONS DISCUSSED ARE HOW THE COURTS PUNISH A SWINDLER, WHAT HAPPENS TO RINGLEADERS OF FRAUD SCHEMES AND THEIR ACCOMPLICES, WHAT CAN BE DONE TO PREVENT MASS SWINDLES, AND WHO FINALLY PAYS FOR LARGE-SCALE FRAUD. DETAILED ANALYSES ARE PRESENTED OF THE FRAUD SCHEMES OF JESSE D. QUISENBERRY; STANLEY GOLDBLUM, FOUNDER AND CHIEF EXECUTIVE OF EQUITY FUNDING CORPORATION; ROBERT TRIPPET, A WEALTHY LAWYER AND ORGANIZER OF THE HOME-STAKE PRODUCTION COMPANY; ROBERT VESCO, OF INTERNATIONAL NOTORIETY; MOE STEINMAN, A NEW YORK MEAT BROKER; AND JACK DICK, A NEW YORK PROMOTER WHO ORGANIZED THE BLACK WATCH FARMS TAX SHELTER. AS EACH OF THESE FRAUD SCHEMES DEMONSTRATE, INVESTORS SHOULD BE WARY OF BUSINESS VENTURES THAT PROMISE LARGE PROFITS IN A SHORT TIME. CORPORATIONS WITH IMPRESSIVE-LOOKING NAMES ARE NO MORE TRUSTWORTHY OR SECURE FROM MANIPULATION THAN THE ORDINARY PEOPLE WHO SIGN AND COUNTERSIGN THE CHECKS. ON THE STRENGTH OF A CERTIFIED FINANCIAL STATEMENT, A DUBIOUS ENTERPRISE MAY RAISE MILLIONS OF DOLLARS. THE INNOCENT VICTIM OF LARGE-SCALE FRAUD IS THE GENERAL PUBLIC WHO MUST PAY HIGHER TAXES. NO REFERENCES ARE PROVIDED.