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Moral Hazard — A Podcast & Video Series

Who actually
pays?

The systems that let it happen.

"Every year, billions disappear. Not in crashes. Not in recessions.
In the gap between what institutions say they do — and what they actually do."
T.M. Farah — Moral Hazard

Fraud, corruption, and the conditions that keep producing them.

Moral Hazard covers financial fraud, predatory schemes, political corruption, and institutional failure — at every level. From a federal securities case to a scam running out of a strip mall in New Jersey.

Reported carefully. Explained so anyone can understand it. Held to a journalistic standard, because these stories deserve one.

The Deep File

Fully reported flagship episodes. 35–50 minutes. The mechanism, the harm, the systemic failure. Released every 3–4 weeks.

The Current File

News-reactive episodes covering active cases as they unfold. 20–25 minutes. Transparent about what's alleged versus proven.

The Failure Points

Every episode closes the same way. The specific moments the system could have intervened — and didn't. Named. Listed. Plainly.

The Dispatch

A bi-weekly newsletter covering cases in the news that didn't make it to a full episode. Three items. One recommendation. Under 400 words. The gap between what gets reported and what actually happened.

Episodes

00
TRAILER
Trailer
Who Actually Pays When the System Fails?
An introduction to Moral Hazard — the show, the question, and why the answer is almost always the same.
Introduction
Feb 2026
~4 min

Episode 01 — In Production

Subscribe to The Dispatch to be notified when the first full episode drops.
Financial Fraud

Securities fraud, Ponzi schemes, accounting manipulation, predatory lending.

Predatory Schemes

Immigration scams, affinity fraud, consumer fraud targeting vulnerable communities.

Political Corruption

Campaign finance abuse, pay-to-play contracting, regulatory capture.

Institutional Failure

Regulatory gaps, oversight failures, systems designed to produce bad outcomes.

The Long Con

Historical deep dives. Frauds that unfolded over decades. The past illuminating the present.

T.M. Farah
& Moral Hazard

There are two versions of how money works. There's the version in the prospectus — the clean narrative, the projected returns, the risk disclosures written to protect the issuer rather than inform the investor.

And then there's the version in the back office, where T.M. Farah has spent a decade working in fund administration across hedge funds, private equity, and venture capital: reconciling the books, processing the capital calls, watching the gap between presentation and reality up close.

In parallel with that, years working inside political systems — enough time to understand that the mechanics of financial fraud and the mechanics of political corruption are often the same story told in different rooms.

An academic background in history and politics. Disciplines that ask not just what happened, but why the same things keep happening — and who benefits from the fact that they do.

Moral Hazard is where those three things converge. Most of what stays hidden doesn't hide in complexity. It hides in the assumption that you wouldn't understand it if someone explained it properly.

Content Pillars
Financial Fraud Predatory Schemes Political Corruption Institutional Failure The Long Con
Editorial Standards
Claim Standard
Every factual assertion requires a citable primary or credible secondary source. Inference and analysis are clearly labeled as such. Listeners will always know which mode we're in.
Fairness Standard
Any individual or institution named critically gets the opportunity to respond before publication — even if the response is silence. We note on air when comment was sought and what the response was.
Correction Standard
Errors are corrected publicly, at the top of the next relevant episode and in writing on this site. No quiet edits. No buried footnotes.
Ongoing Cases Standard
For Current File episodes covering active litigation, we are explicit about what is alleged versus proven. We commit to following up when cases resolve.
Conflict Standard
Any personal or professional connection to a subject is disclosed on air. Proximity, when disclosed, adds context rather than undermining credibility.
Sponsor Standard
Financial services companies are excluded from sponsorship permanently. Editorial decisions are never influenced by commercial relationships.

Open Cases

Cases covered on Moral Hazard that remain in active litigation or investigation. Updated as developments occur. We follow up — always.

Case Summary Jurisdiction Status Last Updated
CM Bufete De Abogados
Immigration Fraud
Five defendants charged with wire fraud, money laundering, and impersonation of federal officers. Operated a fake immigration law firm targeting Spanish-speaking communities via Facebook. Staged fake court hearings with defendants in costume. Three arrested at Newark Airport attempting to flee to Colombia.
E.D.N.Y.
Brooklyn Federal Court
Active
Feb 2026
Placeholder
To Be Added
Cases covered in future episodes will be tracked here as the show grows. Each entry links to the relevant episode, primary sources, and case docket where available.
Pending
Status Key
ActiveIn active litigation or investigation
PendingAwaiting charges, verdict, or sentencing
ResolvedCase concluded — verdict or settlement reached

Know something
we should?

If you have information about a fraud, a scheme, a corruption case — or you're a source, a researcher, a journalist, or someone who was directly affected — we want to hear from you. All tips are held in confidence. We will never name a source without explicit permission.

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