Jho Low – The Greatest White Collar Fraud Ever


Episode Transcription

Made by robots, for robots. Only read if you're weird.

Hey, man, what's going on? Have you ever heard of Joe Lo? Joe Lo? Yeah, yeah, yeah, Yeah, it's um. He's pronounced j lo, but you you want to call her just yeah, it came out that way. Oh, you're right. It's j Lo Oka, no Joel. It's spelled j h o l w joe Loo pretty close actually j j h o j hlo w Joelo. Know what we're talking about? Uh? So this is a guy UM from Malaysia. He's approximately fourty years old. By approximately he's actually fourty years old. Who is um? The mastermind behind um one of the largest white collar crimes in recent history. Uh, the McDonald's monopoly scam. Yes, not quite that big. No, he's uh he pulled uh four point five billion dollars. Uh and he's still had large in real money or like any Eve online moneyline dollars, No, real dollars four point five dollars four point five he pulled, pulled. We needed to hold on. I need to set the story. Well, let's set the stage. Let's get to this because it takes a second ticket stage. Let me set the stage. J Low was He grew up in a in a Malaysian town called Georgetown, which was named after George Washington. That's not true. I don't know why. Why did you say that and then go bail on it? So funny to be but yeah, no one else anyway, It's okay, cool, cut out, leave it in our it out, cut it out, to cut it out. Which was named after George Washington. Georgetown George Washington for George Washington, cut out, leave it in our cut it out, to cut it out, bailed it so much funny to be, but which was named after George Washington. Things I learned last night. His parents, he was, he was, his upbringing was we really jumped straight into it? I was. I don't think I was prepared to be honest, he was. Normally we have a little bit more banter in the beginning. Yeah, but we gonna go for it. Maybe we should, you know, I don't think I have. Do you have a story you don't about the midst? Yeah? The commercials came on. I watched the commercial and the next morning my computer said, kill Josh. I left the mist I know he's going to kill everything. Oh man, he's still alive. You know what a missed opportunity. All right, that's enough. J Loss you really do a story that story about was joking. Okay, So why I don't know this is I don't know why. I never saw the movie, but for some reason, the concept was very interesting to me. Sure, and so whenever your brain that there's this miss that rolls into town, there's monsters in the mist. Okay, you got it, the whole movie. And so movie came out around the same time I was trying to learn three D animation. What was that middle school or high school? I don't know when did that come? Did you try to learn three D animation? I don't remember. There was a lot a lot of like random hobbies like that. I tried to coach. Tycoon is a full grown adult, so you know who knows when that was for you? So this came out in middle school? You can tell me you spent all of last week learning three D animation. I would believe you. I was trying to learn it. Um and I'm gonna make some missed moss perfect. Yeah, So that came seven. Oh are you gonna show us one of your creations? No? No, no no. But I was trying to learn how to animate stuff, and so I Google had a free animation platform and they still have called sketch Up. You could like sketch up animations. Um. And so I was learning how to build buildings and stuff like that, and they had a feature where you could create this the fog, but it looked like the mist then, um and in my I built this world. I built this like mythical world for myself with the town where whatever, and I made a backstory. Uh. And the backstory was a missed type backstory. But also around that time, How to Train Your Dragon came out, So in my version it was the how to change your Track and dragons in them is in the midst. So like friendly little Dragon, a little dragons are company with the Mist and the grocery store. Oh my gosh. Okay, so the miss has been out for a while. I don't care about ruining the ending. Spoiler alert if you haven't seen, if you wanta watching, just go ahead and skip ahead for a second. Uh, and also skip ahead of the movie. It's two hours. The real payoff is the last five minutes where they get into the car. They get to the car, they drive through the mist, they drive for as long as they can. Car runs out of gas, you know, and they're still in the mist. Oh no, there's five of them in the car. They got a gun with four bullets. Oh no. So he kills everyone in the car except for except for himself. And then he gets out of the car and he's like, take me, monsters, and you hear the things and it's a military tank rolling up on him because they have saved everyone. Oh no, and he killed kid. Oh isn't that gruesome? It was like it was an ending. Yeah, so let me tell you how mine ended. So I up an astrod. They had to fly to where the drags were treading, and Toothless was captured. Are like google day, Oh my gosh, so Joel he that was embarrassing. I'm glad that you brought that up. How to train your dragon, Dreg. I started telling you that earlier and I was like, you know what, No, you're gonna want to public ual me for this one. Yeah. Oh man, guys, I don't know if we should go out there. I will be the brave one to go out there and get hugged by a care bear. You know, you get out there and freaking grimace from McDonald and like you was a happy meal wherever. He sounds like, no, this is a total sidebar. Did you know that? In I think it's China. Ronald McDonald for some reason, is named donald McDonald donald McDonald, don mcdone. So Joe Low he came up in a pretty wealthy family, like ran an investment fund. Um. But they weren't like in like, they weren't like top tier. They weren't one percent. They were like ten percent you know. Um. So like they were rich. They were very much, very rich, but not like rich you know, poor rich poor. Yeah, they're like rich poor people. Yeah, they're like, uh, poor rich people. So he went to a boarding school in London called the Harrow School. UM. And this school is where Winston Churchhill went to school. UM and another notable name, Neru, who was the first Prime Minister of India. Not sure if I pronounced the first name right, but the people also pronounces called prime minister like some kind of Midwest guy. Anyways, So uh at this school, yeah, he was poor, dirt poor compared to everybody else in that school. They were like you were open an audie. They were literal royalty. And he was desperate to fit in. And so he figured out Yeah, he figured out, hey, pretty quickly, he figured out it doesn't matter if I have money, he said, it matters if people think I have money. And so he got really good. I dislike the the what's that Netflix series something Anna Inventing Anna? Yeah? Is it like that kind of concept where she just pretends she pretends she's very rich, and she racks up all these bills and all that stuff, and she's like, oh, starts that way from boarding school. He's like, hey, I'm rich. Yeah. So he negotiates all these deals somehow um to like get a day on this hundred million already yacht somehow. So he's like the YouTube entrepreneurs. Yeah, but and like and like negotiates this deal that he's never going to pay back, but manages to land and invite all these kids at his party and they're like, oh, this guy is like one of us. Yeah, he's got a hundred million dollars yacht. And then like he would throw these exclusive parties at these clubs, at these nightclubs a crazy bill, yeah, and then just never and never pay him back or like negotiate it down after the fact to of whatever it was. You know, it's like, sure, just got really good at faking his way through stuff while he was there. He managed to work his way into kind of the in crowd of the school, the popular kids, the cheerleaders, you know, Yeah, were the cheerleaders cool at your school? No? They were not? A mom, dude, who are the cool Who are the cool people at your school? Football players were cool? Still, Football players were cool. Basketball was cool. Basketball players were the cool list. Um, yeah, baseball had a crossover. There was a handful that. It was kind of the multi sport kids. Yeah, they were the kids who did Who were the cool girls our school? It was the volleyball girls. Yeah, vou basketball basketballs out there for sure. Soccer was kind of cool. Yeah for us. In the athletes, Mount Vernon just had, you know, they were like, man, these kids are cool. We looked at the mathletes to steer our culture. Hanging out at Red Robin, this convertible rolls up. It's like, oh my god, it's the athletes. Oh my gosh. Yeah, you're inside Red Robin with your unlimited fries and you're like, is that Priscilla, Oh my gosh, she's got a four point two. She's a ten or a four point two, Priscilla? How many French fries are in my basket? Right now. She's crazy, dude, twenty three of them. I wish I was cool. Yeah, she counts so good, she can count crazy, dude, you can count on me. That was actually what her problem posal said, Priscilla, Can you count on me for prom? Yeah? My school was weird, you know, the nerds were. But that did all change when the uh the star of our basketball team auditioned to be in the musical. And he wouldn't believe the shake up to the status quo you know I'm talking about, and we that wasn't tough. A miss rolled then Troy Bolton took such a turn. I was gonna love that. And get you get your head in the missed? Get you get your head in the missed? What is going on in this town? Yeah? Okay, the closest monster, she's freaking that's so weird. She was homemade sweaters. I can tell you how many threads in the sweater cause I made it and I remember. Okay, okay, So Joe Joel uh So he just kind of figured out like the cool kids were the rich kids. So he became one of the cool kids, but pretend to be rich by pretending to be rich, and he got really close with a guy named Resa Aziz, who is the stepson of the Prime Minister of Malaysia, not Gibrazaka, and that relationship would become a very important relationship in the life of Jolo in the future. And so he graduates from high school, goes moves to the US and starts trying to build a career for himself. We're at in the US. Let me see New York. And so he started working with some investment firms in New York and is a part of a couple fairly large like real estate transactions. He didn't himself purchase those, but he was like, he's in the financial deal, involved in the process. Um. All the while very conscious of the relationships he was forming with people who were like the it makers. And so he was still doing this game where he would pretend he was super wealthy, figure out how to throw this party for basically come to my New York high rise apartment. Yeah, but he was like, really it was an open house, pretended people losing on TikTok all the time. Yeah, So I saw a TikTok the other day that was like, just got the keys to my seven thousand dollar New York apartment. And then another TikTok or was like, yeah, like called the owner of that building because I recognized that building, and I called the owner and asked if that unit was even for sale, if people could buy units there, and they said no. Okay, So I like that there's a version that like, there's there's people who are dedicated to being the anti Joe Lowes. Now yeah, that's that's we were like, yeah, like somebody was posting like just got the keys to my three million dollar apartment or whatever, and like, no, you're you're just lying. That's rough. Um, we have a lot of Patreon supporters. Yes, no one's listening to this podcast. These guys don't exist. Okay. So he's scheming. He's scheming, and he ends up architecting his first major deal of um purchasing this or selling this high rise apartment UM and Kuala Lumpur uh kay right, So confidently I was gonna let you do it, uh for eight seven million dollars, and he was, well, that was his commission. His commission was eighty seven million dollars. So he took all the bat check of change and he dude, why are we podcasting? Wait? What was the property price? A few hundred million, Alex, I don't need you to second guess me. Right now. This is the middle like that's a half billion dollar house if you're doing it was it was a high rise apartment building. So I don't know exactly the exact value of it. It doesn't matter. All I know is he took eighty seven million, two thousand six so right before we blew up the market. Um, this could be part of it. Okay, anyways, the numbers don't matter. All that matters, don't matter. I'm not one of the athletes. Got a good deal on it, dude. He he ended up getting eighty seven million dollars out of this deal. I don't know how he did it. He took eight seven millions. He made eight seven million sellion dollars Tuesday, Tuesday, Tuesday, that's right. That's when new episodes drop on Patreon. Patreons a way to get early access to episodes and other content and exclusive merchandise. And we're not gonna stop there because we've got a private discord with our hosts and producers in it. For less than seventeen cents a day, that's right, that's five dollars a month. You two can be a Patreon supporter and not here advertisements in his freaking podcast anymore. Text till into six six six six. Otherwise I'll come to your house. I will find you. I will destroy everything that's good in your life until we're the only thing left. Anyway, here's another advertisement. And he started making some investments and doing by Grant Cardon. I'm Grant Cardon. And so he took over seven billion dollars off this uh and he started investing that money into a handful of different opportunities. Okay, all the while getting really close to the Prime Minister of Malaysia. Yeah, his friend's dad. Yes, his friend's dad. And so he tells him. He says, corn hole in the backyard. He says, hey, friend's dad, Hey, friend's dad, please, hi, Mr Prime Minister, my friend's dad, Hey will you throw on my name? Places? Sure will my friend's son. And he just goes around telling me my friend's son, Well, my just getting my son's friend, my son's friends, my son's friend. So this department building for an undescript amount of money, and somehow he got eighty seven million dollars of it. I don't understand the math. Don't make sense, but I think that's the point he could sell your building, yeah, for the same amount or more. So he gets in with the Prime Prime Minister UM and his name is Najib, and Najib and him UH they start to kind of put together this this dream of putting together a investment fund for Malaysia that would invest into infrastructure in Malaysia to help make Malaysia like a superpower UM. And the idea was, will sell bonds to Malaysians and people outside Malaysia who believe in Malaysia. I guess UM too further that that economic growth. So Joe Low has this relationship with someone from Abu Dhabi in the government, and Joe says, I think we can also do this to leverage that relationship to create a stronger bond between Malaysia and and UH, the United Arab Emirates UM. And so basically they were able through the United Arab Emirates and through UH the Malaysian government to create this investment fund UM that they ended up calling the One Malaysia Development Burr HOAD, which they called the one MDB to put it all together. But these organizations, together with just the two of them, had a hard time generating. So he's living in New York. Sorry, he's living in New York. Yeah, and he is basically broker a deal between the Malaysians and the Arabs. He's kind of, why don't we invest together here? Yeah, why don't we make a fund together? And that fund would be cell bonds. Those bonds would go into our governments to help strengthen infrastructure in our nations. The issue is, because it was a new fund, a lot of people who would typically buy bonds had a hard time trusting them. Yeah, you got no track record. So they went and they found Goldman Sachs and they said, hey, do you want to be a part of this? And hey, we know you guys aren't doing anything sketchy in two thousand and six. Uh, and we know you guys will be around for a long time. We're just wondering if you guys want to invest in us. And they said yes, Yeah. Golden Sacks said, let us check with our accountants, who don't exist. Look over, it's just the Toothless Dragon from How to Train Your Dragon just sitting over there. You know. I was like, yeah, they said we can do it. You know who cares? Six baby, We're on top of the world. Yeah, money's fake. Uh yeah, so yeah, Goldman Sax did it. And then when they did that, people were like, oh, it's legit. A ton of people know bought these bonds. Man to be alive in two thousand and six would have been great, to the tune of around a billion dollars worth of bonds. Uh, I purchased and you just blew past to me not being alive in twousens six, I said it, and you were like to the two of a billion dollars dramatic, okay, billion dollars. So they sold a billion dollars of banks to Golden Sacks, putting their name on being like, hey, okay, we're a part of this, Joel. And so the idea and and it's unclear at this point who knew what was going on. Yeah, yeah, yeah. The idea was this is going to go to infrastructure, right Joel. Meanwhile set up a Swiss bank account under an LC. Um. That was how easy is it to do this stuff? Because I hear about people doing this stuff all the time. Uh, what do you mean, like set up Swiss accounts? I guess kind of easy. I don't know. Um, he sets up a company that's owned by a bearer bond. Heard of this? This is uh pretty sketchy. A bond bearer a bear or bond um bond bearer bearer bond. Yeah. A bond bearer is the person in the wedding ceremony who walks down the aisle with the pre nup in hand and makes each couple of sign it in front of all their family and friends. Here's what happens if this doesn't work out and he has to read the whole thing. Yeah, and he's like seven, so it's pretty difficult. There's some big words in there, you know. Looky, he's visiting his two front teams. He's got this weird list article one sect and the specified in the following prenuptial agreement. Excuse me, thought, what's this world? What's this word? So? So so Joe? He sets uh this this Elsie the Swiss bank account the other scene see is owned by a bearer bond. And the way bearer bonds work if you don't know um is it's a single owner of an else. But if you look on the documentation, it's owned by this bond, not by an individual, not like by a person. Is this bond account holds this company. And the way a bearer bond works is there owns the bond owns this company. Yes, bond, a bearer bond doesn't have to disclose the order the owner of that bond in any documentation. Whoever literally physically holds that bond owns a bearer bond. So it's incredibly easy to hide your ownership of a company if you own it through a bearer bond. What you mean physically holds you get printed our it's yeah, it's a it's a certificate like you got for graduating kindergarten. Uh. And if you your possession, yeah, then you know the owner of the company. And for some reason your house burns down or you lose that then and someone finds it, then they own the company. Because there's no documentation anywhere. It's literally honestly, it's literally designed for taxivation. Like there's no other Yeah, it's only designed for thieven. Yeah, there's no there's no purpose for this other than if your pa sketching. It sounds like it was made up for a director who wrote a really good movie. And someone's like, but it wouldn't work because like you could just people would steal the paper, they don't actually own the company. And he's like, yeah, well, we'll make up a thing called a bearer bond where they steal a paper and that means they own the company. Now, so you're saying, you're saying, this dude made a movie with a big plot hole. Yeah, real life had to figure out how to make it work. Yeah, because I mean otherwise or signed, Nick Cage is on set. Okay, Nick Cage can't just steal the deed to Dairy Queen all right? In uh are you kidding? Trying to like explain it in a sequel, Yes, he says, let's pass some legislation. Yeah, let's make it. That makes sense. I I should do that with my version of the mist Yeah, that's what I'm saying. That's where he had a whole thing out. You know, Nick Catres already on set trying to steal the deed Dairy Queen, all right, And then you should have seen his face whenever King of Queens was already taken. He about lost his mind. Man, you're talking about wow, oh my gosh. Okay, anyways, is Kevin James the whole time Kevin James was in the midst the whole time. Queens said, in the same universe is the mids, and that explains everything. I mean, they're stacking stuffing doors. We're gonna keep this monster out. And from the mist comes Paul board Segue and all right out of there. Hey, I'm here to open Oh my gosh, okay, um where are we jolo um? So okay, so a bearer bond? So what's he doing with the bearer bond? Then? Oh, he just takes the billion dollars that word they made off selling the bonds and puts it in that Swiss bank account and then goes and tells tells all the other people are part of this. He's like, hey, we invested it in infrastructure. And this guy goes he's just siphoning money. Yeah, like literally all of it. Yeah. Um, And this dude goes freaking ham. He moves to l A and he starts going on these how do you spend bearer bond? You can't just show up to freaking know he put he put the money in the Swiss bank account. The LLC that owned the bank account was owned by a bearer bond, which he owned the bear bond. Okay, but you can't trace it. Back to him and got it. And so then he was just pulling money out cleaning. So he's just pulling money out cleaning it, and then and her bonds and five one see three. Okay, so he so serious, dude, People people gonna there's the minimum requirements to become a church are so little that we we could set up like a little close enough, were close enough, you and I this what this show what we do. We're close enough we could pull it off. We already have a set of parts space, We've already got like a regular meeting time we do, we record eachweak We're already counseling people. Yeah, I'm already a Christian. I mean we've all been on staff at churches count we have credentials. I have a lot of head knowledge. What do you have heart knowledge? Okay, So I'm saying a lot of people, you know, there's there's it's right there. We're closed. Uh cool, So join our church. Um text till into six six A six six, So the uh he goes to l A. He moves to l A, and he goes on an eight month bender. Um. And they estimate that in those eight months he spent eighty five million dollars. Uh ten million, yeah, ten million a month, and he was buying yachts, he was going to part throwing these huge parties where he was having and these parties he would literally um he would. So here's what he decided. Uh, when he moved to l A pretty quickly. In l A, he became enamored with the film scene and he wanted to be a part of it. And so he knew, the way I become a part of it is if I become friends with the people in the film scene. And so he's already got Golden Saxon's in his pocket. Yeah, he's like, you know who also hard and he's getting to know all these people. He's like, you know, everything's going to age. So well that's who ran. You're right, You're right. So he he said, the way I get close to everybody in Hollywood is if I throw parties that people in Hollywood are a party and so what he does, So what he did was he literally started calling agents of celebrities and saying, hey, I'll pay He said, I'll pay your talent a hundred thousand dollars to come to this party. Oh my, and the talent was like sure, and so he has all these pictures of him at parties. This is Joe Lo by the way, on the right with Leonardo DiCaprio, which, um, is this a younger picture of him? Why is this picture? I don't know what the deal is with that picture? Is a younger picture? I'm not sure? And it's you know that Leonardo DiCaprio was making money to get to be there. Yeah, and then like on the left, Yeah, that's a really bad picture of Paris Hilton, a really bad picture of Paris Hilton. And then he also clearly hung out with pit Bull the week before. It was like, I like that, look, I like that. Look, we're going with that. We're sticking with that. This guy this is him right yeah, on the right. Yeah, for context, And I don't mean this is an insult in anyway. Okay, his friends called him Flippy Panta, Okay, that was the nickname. He looks like the kid from Up. Oh, he actually really does. Look that's what I'm saying. Yeah, he looks like the up Yeah is this a you're a picture of him? It might be. I'm not sure what that picture is. Ok. I just found this Uncle Goal, but yeah, that's one of his parties with a bunch of celebrities that he paid to be there. What's this lady doing that's partying? Huh? I don't know. I've never been to a Hollywood party, even the bathing parties. Who's play his elbow because it kind of looks a little bit like Obama doesn't. That is an Obama hand for sure. All we can see is a hand. If you're listening, all you can see is a hand. But I'm not gonna lie. Obama got paid to be there. Huh. Oh my god. Oh? Speaking of getting, how do I get? How do I get to that level to where someone calls you and I wants to pay you a hund of thousand dollars just show up to your party? I think you just start emailing like venture capitalists, like, hey, I can show up at your event and here's my rate and what is that venture capitals at gmail dot com and just see what happens it. Talk to your agents, say give me some parties that I can get paid to go to. I was gonna say that we can getting paid. I mean to show you this. You've been on the road, Um, check out this on the road getting paid? Yeah, check out this load I found outstairs and this freaking sick look at that he's you pitched. I want to be very clear what you did, because that's hilarious that you did. That. Be clear. I'm crying, So to be clear. That's such an expensive drow you put on the space t Cord paid for. I have cru Okay, my mic is all messed up. Okay, so hold on. Two months ago, I lose my wallet and there was a wallet that was gifted to me by a company who makes pretty expensive wallets and they're really nice. And then you bought, paid for like a hundred dollar wallet identical to the one that I lost, just to pull it out and see ground this. Yeah, here's the thing. The first thing you did was a use me of stealing the first thing you did, and so when we left that day, I ordered it, shut up, and it came while we were in Orlando, and then you went on tour. It really is a great wallet, though I'm pretty stumped about it. Did you at least use my promo code? I did it, but I got one if you need it. When you that was a really funny bit. I hate that you spent a hunter hours than that. I've been waiting a long time for that duty to order another one. Delta, Delta, shut up. I have a promo code. I have a commission code. I could have made ten dollars on yours. Yeah, me too. Oh that hurt. Please give every affiliate code. When I'm on they're like, hey, here's an affiliate code. Well, they give me mine for free. For a while, I lost it. You don't take care of Actually that's a great segue. Um. Have you read of a Tilling podcast March? That's right. We have a merch store full of Tilling bread and tease hoodies, mugs, and so much more. We also make new designs for every single episode, but those are only available for a limited time, so get them while they're hot. Text Till into six six six to get your Tilling merch today. So, Joelo, that's what I said when I saw Kevin James come out of the midst. What a great SEGMENTE So Joe Low, it worked, It worked for him. Um, he had been throwing these parties trying to meet people in Hollywood, and he became friends with Leonardo DiCaprio. Yeah, probably not, Um, And I'm afraid of he's a picture with Leado DiCaprio, and you say he's friends with Leonardo DiCaprio. Listen to the rest of the story. Um So, Leo and his friend Martin Scorsese for a couple of years had been working on this film that they really wanted to produce, and they were struggling to get and he wanted to pay for it because it's a movie. It was going to be an our rated film, and it was gonna cost a hundred million dollars and so they knew in our rated film was already going to have a smaller audience at that time in industry. He was like, he was like, yeah, it's gonna be it's going to be impossible to fund it. So they're having a really tough time, and Leo met this dude who's throwing these gigantic, super expensive parties with a guy who's desperate to be involved in Hollywood, and managed to broken deal to have Joe Low produce The Wolf of Wall Street, which is the most poetic thing. So The Wolf of Wall Street, for the people who have not watched it, myself included, I'm only going off the plug in review right now. Is is a story of a huckster, a guy who was His name is Jordan Belfort, Yes name was selling penny stocks over inflating the price was kind of you know, taking money here, paying it off with another person living on like kind of the run of money. And that movie is produced by someone who is also doing that. That'd be like if you made a movie about me losing my wallet. That's so beautiful. Um. And here's the he's the best part of the irony of it is he credited in it. Yeah, he's in the credits as the producer. In Leo's speech at the Oscars that he got for it, he thanked Joe Lo. Uh. The best part about uh yeah, yeah, somewhere around there early the best part about it is Jordan Belfort, the guy that the Wolf of Wash Street is bates off of, who actually went to Yeah, he went to prison for two years, paid like a hundred million dollar fine. Um, he's obviously out of prison now. It's a motivational speaker. He is. Um. He got invited to one of Joel's parties and Belfort, the scammer said, this guy is not legit. I don't want anything to do with him. And the reason he cited as he said, nobody spends money, they earned it that way interesting, and he's like, this guy's not someone I want to be around. And uh, he was right, because Joe Low was stealing all that money and blowing the heck out of it and throwing these lavish parties and the scale of the parties he was throwing. Here's another another like famous story of a party through Uh one year for New Year's he said, how cool would be to do New Year's twice? And so he with all of his hired celebrity friends, rents a seven New York and then you fly and beat New Years. So he they did New Year's in Sydney, and they did the New Year's and he loaded all his celebrity friends in the seven forty seven, flew to Vegas and did New Year's in Vegas a few hours later. Um, that's the level of just crazy that this guy was. In the level of extreme agance that he went to his birthday party like rival Coachella, like that kind of stuff was what he was just known for being that. And so then in the midst of all of this, there probably should have been some red flags among some people that maybe this guy isn't using this the bond money. Well yeah, so he goes back to the Malaysian government and the Saudi Arabian government and Goldman sacks and says, hey, there's a lot more infrastructure that Malaysia still needs. Should we sell more bonds? And they're always yes, we should sell more bonds. So they did another round and they raised four billion dollars, of which he took the vast majority of it um once again funneling it through these Swiss bank companies. What he was doing though this time around was very clever because what he set up is he set up again Bearer bond owned companies, but he named the companies things like five done or TIMS don't LLC is pretty wid uh No. He would name the companies like black Rock Commodities Corporation, and so it's not the black Rock. But to us doing what I just joked about, to someone who's auditing you, they're like, oh, that's black Rock, like the big black Rock. Like okay, that's just probably one of the subsidiaries and they're not looking into it. And so he was literally doing that with massive corporations just naming something their name and commodities Blank Asian Real Estate Ventures or something like that. So it's like it's like, oh, yeah, that's a sub company of this major company, is what. Thanks for thinking when they were looking at it. So they thought these were legitimate transactions when he was just embattling funds. So very clever. Uh well, uh and uh the ls someone at I don't let me make sure I get this. This is he doing this all by himself? Like does he have a cheam of people? Well, an office that he goes to. Uh so who do you work for there? I don't really know. I can't put my finger on it. Last week, we spent an hour in our staff meaning debating why they called it donald McDonald. We came to a conclusion, um, and we made seven million dollars from that meeting. Somehow we each got paid seven million dollars being there. I'm not sure what you know. I don't really ask a lot of questions. It works out pretty well for me. Yeah, yeah, so we're going anyways. I'll see in Sydney, mate. So, uh, the Wall Street Journal uh wrote an article about it. They started looking into it and they found, oh, hey, all this money is going all over the place in weird ways, and if you followed it long enough down these trails, it would go through all these legitimate companies and then end up as a donation to the CEO of Goldman Sachs, to the campaign party, the campaign of the Prime Minister of Malaysia, to Abu Dhabi's like whatever fund, and all these were coming back to donations of these dollar donations. So this guy very clearly it was the plan from the beginning. And he said, Hey, I'm going to pay you a bunch of money, like and we're all gonna get super rich off this, and they were all like thumbs up. Yeah, And he masterminded the whole thing, was like yes, like yeah, we like that. We're all about that stuff. Um, we've got some other schemes that you might want to know about. Actually, would you like to be a part of another scheme? What do you think about some i mean some legitimate buying. Yeah, we've got great business opportunities for you if you want to be a part of them. Mortgages yeah, and also uh, donating to charity, doing these things, donating also um, getting ridiculous gifts for celebrities and famous people. He was dating a Victoria's Secret Fashion Show model, um, and so like he at one point, she was getting paid to date him. Yes. At one point, he bought a three hundred thousand dollar ferrari for Kim Kardashian for her as a wedding gift. Um, he's Kim Kardashian to who oh, I don't know whoever she was marrying at the time. And then uh uh a two million dollar ring for that girl he was dating. Uh he did, He proposed and gave it to her. Yeah, will you marry me? Here's two million dollars? And did they break up? Uh? Yeah, they didn't end up breaking up. Did she got to keep the ring? Um? Well, I was going to get to that, but yet no, Uh, all of these gifts. He didn't give it a Christmas time, just so you know, don't propose at Christma time if you don't think it's gonna work out, Because I you propose a Christmas time and her birthday, that rings a gift and it's no longer able to get back. So like right now, um, right now, if Reagan wanted to get out, then she's gotta give me that back because I had proposed an all, even even the month before July four. It's a rule. July fourth gift you can't do it anywhere here on holiday. Look what Jerry gobby for the fourth She could argue that in court, she really could. Yeah, I had a buddy who proposed a Christmas It did not work out because he proposed on December twenty three. She got to keep the ring because that was a gift because it was technically a Christmas gi. Yeah. He took her to chord over that. Well it was in their divorce stuff. Yeah yeah, yeah, yeah, yeah, that's fair. Um, and so he took a court over that we broke up, and I want to so. And then he gifted Leonardo DiCaprio, Um, like some Picasso paintings and stuff like that. You didn't hear my joke about other celebrities like Leonardo DiCaprio just gets gifted. Jonah Hill, he I bought own a Hill for you. Well thanks six Now he's in all your movies, you know, from Moneyball. Gave him back because I gave it to gave it. Well, actually, Jonah Hill, you belong to me now, Yeah, because what dud does Mark seventeen? That St Patrick's Day? So yeah, there's always a holiday glisten up. Okay, So yeah, he gave Leo a bunch of picassos and whenever everything blew up, um, the d o J started trying to get restitution for all the money that all the bondholders lost, to give the money back to the bond holders. So they actually went back to Kim Kardashi and his girlfriend to things, and they took that stuff from the celebrities, all the gifts that they received from this guy they took back. What sucks? That does suck? Yeah, Like look it's like it's like all that Kim to do with me. Yeah, yeah, it really sucks that they took that stuff from them. Kim Kardashi doesn't need a three right, but it's still it's frustrating. She doesn't still done because he didn't. And if you support on patron, we'll give her another ring to make up for it. You know, sorry, sorry for your last We're gonna send her a three dollars fer. It just says sorry about that first one. Don't scratch this. The the I R S might want this in a couple of years. Give it a few years. You have to keep him back. It's just a long term lease that we're not going to pay. Uh So, yeah, that would imagine he gives you a house though, Yeah, he gives you something, and at the time you think this is just a rich dude. Who's really Here's my other question. What if she sells the ring two million dollars right she had the money, would she would she? I don't know. Would she be on the hook for it not knowing that? Yeah, I don't know they would. It came from criminality. I don't know how they would handle that. And that's the thing that that's the thing that's tough with with this is honestly, like because of the way he lived during the height of this period, he was blowing millions of dollars a day, which means there's honestly a very high chance that all of us in the US at some point came in contact with Joe Low dollars um, Joe Lodo. We all earned a Joe Lodo at one point. That I hate that just because he had he had put so much of that end of the economy, um, because he was legitimately buying stuff, like he's supporting twenty different accounts, and I was like, well, that's crazy. Black Rock Commodities supports us on Patreon. I mean, I guess it's legit. We did do an episode. They were fans. Yeah, cool supports. He bought us Alex two years ago. We've been trying to give him t It's gonna be a rough day when the deal jacobs and takes out Alex. Oh yeah, she's right here on the shelf if you want her. That goes all right, Okay. So it feels like we've been talking too long. Yeah, okay, whatever, bro So as long astory short, um. This article came out that Chase the funds, and everybody was thin and everybody was like, oh, especially the people in Malaysia who bought the bonds. And it became a massive political issue because the Prime Minister was Yea and so this was in the middle of a campaign year because it was he was up for reelection and he expected the whole thing to just kind of blow over, so he never acknowledged it. Uh come the election, he lost the action. And this was crazy because it was actually the first time in sixty five years in Malaysia that uh, the other party, not the party that this guy was a part of, one an election and the first time in their history that an imposing party party one um an election. And so this this created a major shift in Malaysian politics. Um, because it was everybody was mad at this guy. Um. So he a week after the election, tried to flee the country. The prime minister, the former prime minister, and a mob stopped him at the airport and one of let him getting on the and he was like, I'm just going golf. I'm just going to listen, I gotta get to Sydney. Give me New Year's. I can't do one place. Yeah, I know, one of you. Now that I've tasted two New Year's, now that I've put the New Year's, I can't go back. What am I supposed to do one New year? What am I supposed to one year? No, I'm shooting for two years, two year New Year's. Oh my gosh. Okay. So he, uh, the government ends up raiding his house. Um a couple of weeks later and they find, uh, just a lot of money all over the house. They found like twenty million dollars in his house. Yeah, like twenty million dollars cash in his house and just hanging out. Yeah, he's He's like, it's my going to launch that one day and I was my backpack and the Tory R Bill fell out. I was like a hundred R bill fell out, and I was like, whoa whoosh that was in there. Ye maybe that was one of those moments where I felt much better than you. You know this guy, this guy's like he's like fluffing his cushions and millions just trying to fit his sheet over him. You know what the biggest struggle is, never fits over my two hundred twenty million dollars. You know, I don't know how to fold it. I can't get it around here. Oh my gosh. You know I I pulled some jeans out of the dryer the other day, realized that I washed a freaking Bearer bond in there. Lost a whole company. It's like it's that thing where he's trying to unfold it off flaky. Oh no, my chip clips hanging in his on his bathroom sink. Giant, honey, did you see my bear? I told you check the pockets for bear bonds. Never know where the ponds are your ring? Right now? I think that t J is gonna want that back. No, they ended up actually finding a bunch of jewelry. All these just like designer goods. They valued two million dollars worth of stuff in this Prime Minister's house and he was like he was like his campaign donations. It was a gistically leg that's what was supposed to speak on stage without a crisp par of sneakers. That's exactly what he tried to say. Oh is this case? Um? And uh so he goes he gets indicted and he starts going to the stigation. Interesting thing about Malaysian law though, he was still allowed to be a part of the parliament and so for four years, like not guilty for four years. He's like, next case. Oh, yes, I'm very familiar with this one. Um, should we read it out or should I just make my proclamation of what the verdict is? We'll read it out. We'll read it out. On December I made two I mean, defendant received two seventy four million dollars. Now, as we all know, that's Christmas time in Vegas, it's Christmas Eve and that's where I was, and that's where I was until later that day in Sydney, Australia it was also Christmas Eve. Time zones are weird, they're weird. I don't know. Set him up. Um so yeah, so he uh, he ends up still being a part of the part of the parliament voting on laws, being a part of everything until last year he did get convicted and got twelve years in prison for it. Um and uh, the director of Goldman Sachs. This was a part of his trial when I mean he went down for eight but he also went down for this. This was a part of his charge. Was this whole scandal because he was a big part of it. Joel on the other hand, when everything broke, Uh, he disappeared. Uh, and he's been gone ever since again. So he disappeared. He obviously had the means to flee the country. Yeah, and so he he's been spotted. Um, so we know he has a passport from Cyprus. Um. He's been spotted a lot in China all over like the towns and China at parties and Victoria's Secret fashion show. Seems to have not got it over the breakup. Um. Yea, let's just follow her around for a while. But he hasn't Uh, he has. He's not living the same lifestyle he was before. He's very much clearly hiding, but he hasn't been caught. He's charged in Malaysia, the US, I think in Switzerland where his tax saving stuff was and then all the sun in United whatever money he had, he probably pulled it out. Yeah, and he's somewhere. Yeah, I'm sorry, that's just my bed. Can I put this scarry on your bad? Was more comfortable last week when I was here? Oh yeah, I had to buy some stuff. It's a little uneven right now. Yeah, I gotta make some deposits in my flipping up a little bit. Yeah. Yeah. So anyway, he's still at large. The United States really wants him. Um, they've so far recovered through restitution or three sixty million dollars um, but he's still like four billions so not even um and uh it probably never will. Uh. He's probably gonna live out the rest of his days in China, um, paying celebrities to hang out with him. So that's Joe low Man. Wow. So but hey, if you want to support us on Patreon, you can use your Joe low dough. It really helps. Oh wait, what we have to give that back? Yeah, eventually, but for now we can fiddle off things of him. Last Night is a production of Space tim Media produced by Christian Taylor. Audio is edited by Alice Garnett, Video by Connor Betts. Social media is run by Caleb Walker and graphic designed by Caleb Goldberg. Our host or Jarren Meyers and Tim Stone. Please follow us on social media at tilling podcast. That's t I l o in Podcast, Leave a review, comment, subscribe wherever you are. Thank you for listening to Things on the Last Night. H

In the shadow of the 2008 housing crisis, one Malaysian businessman was building staggering wealth. It was an era wrought with financial fraud, and he was no different. Jho Low has become infamous for his lavish lifestyle and multi-million dollar benders. One of his most significant claims to fame was a new years eve event that he celebrated in Sydney, then boarded a private 747, flew to Las Vegas, and partied with celebrities so that he could do New Year’s Eve twice. On the other hand, his crime is one of the largest financial scams in history at an estimated value of $4.5 billion. The immense scale of Jho Lows fraud is just the beginning of its intrigue because it also involved the Prime Minister of Malaysia, the Arab Emirates government, Goldman Sachs, and a slew of shell companies. Yet, after most of his associates have been arrested, Jho Low has not faced any punishment.

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 lot while you do, you’ll love TILLN. Watch or listen to this episode right now!




Jho Low – Wikipedia

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