
FRAWD RESEARCH:
Wall Street wrote the rules.
We rewrote the math.
Strategies to Profit from Wall Street’s Insatiable Desire to Defraud Investors
Wall Street Designed the Game to Beat You. We Designed a Way to Beat It Back.
Most investors don’t realize Leveraged & Inverse ETFs are built to decay.
We expose how these products quietly extract billions—and show you how to flip the math in your favor.
New to Rob's Work? Start Here.
“
One of the saddest lessons of history is this: If we've been bamboozled long enough, we tend to reject any evidence of the bamboozle. We're no longer interested in finding out the truth. The bamboozle has captured us. It's simply too painful to acknowledge, even to our selves, that we've been taken.
Carl Sagan, The Demon-Haunted World: Science as a Candle in the Dark
Meet Rob Bezdjian
Rob Bezdjian has spent the past five years uncovering what he believes to be one of Wall Street’s most overlooked schemes: Leveraged and Inverse ETFs designed to decay and quietly extract value from investors.
A former FINRA-licensed broker with deep experience in structured products, Rob has dedicated 7,000+ hours to investigating, modeling, and reporting this fraud to regulators. Rather than profit from the flaw, he built FRAWD Research to expose the structure—and help others use the math to fight back.
No one believes you,
until everyone believes you.
“

Five Years Inside the Fraud. Backed by Lawyers. Proven by Math.
No Hype. No Risk. Just the Truth You Can Test.

Structured Fraud: Exposing Wall Street's Hidden Game
Strategies to Profit from Wall Street’s Insatiable Desire to Defraud Investors
Wall Street thrives on complexity and deception, but the truth is now within your grasp. Structured Fraud pulls back the curtain on exotic financial products designed to fail - revealing the mechanisms behind the $100 billion fraud and providing you with actionable strategies to profit from the system.
Structured Fraud: Exposing Wall Street's Hidden Game
Strategies to Profit from Wall Street’s Insatiable Desire to Defraud Investors
Wall Street thrives on complexity and deception, but the truth is now within your grasp. Structured Fraud pulls back the curtain on exotic financial products designed to fail - revealing the mechanisms behind the $100 billion fraud and providing you with actionable strategies to profit from the system.
“
One of the saddest lessons of history is this: If we've been bamboozled long enough, we tend to reject any evidence of the bamboozle. We're no longer interested in finding out the truth. The bamboozle has captured us. It's simply too painful to acknowledge, even to our selves, that we've been taken.
Carl Sagan, The Demon-Haunted World: Science as a Candle in the Dark
The man behind it all
Rob Bezdjian
A former registered broker and whistleblower, Rob has spent years exposing fraud in the financial industry.
He held multiple FINRA licenses and has extensive experience with exchange funds, mutual funds, money markets, and managed accounts. With over 10,000 hours studying product structures and both public and non-public financial products, he brings deep industry expertise in trading, economics, and regulatory analysis.

For the past five years, Rob Bezdjian has dedicated 7,000 hours to exposing Leveraged Exchange Traded
Products asa fraud designed to exploit
investors. What began as a hunch has now been mathematically proven to be a scheme orchestrated by the worst of Wall Street. Rob has worked alone and without personal gain, choosing to prove and report the fraud rather than
profit from it. In a world where everyone chases a quick buck, perhaps the best path is simply to do the right thing. Now, he invites the public to join him in exposing one of the largest financial fraudsin U.S. history.
“
No one believes you until everyone believes you.
New to Rob's Work? Start Here
Five Years as a Legally Represented Whistleblower Proof you can test for yourself - No risk for investors - It's Verifiable and it's Math.


Real World Results
To expose the fraud, Rob and his attorneys submitted his models to the SEC and spent 24 months trading them. In the first 12 months, he delivered a 30.3% return to investors while the market plunged 13%. Over 24 months, his total return reached 53.2%, compared to the S&P 500’s 15.1% gain.
With 886 nearly equal-weighted trades—each based on models provided to the SEC in advance—the odds of this being mere luck are one in a billion.
If these products are the mathematical fraud Rob claims, then—just like card counting—they can be beaten for profit. It’s time to turn the tables.
30.3%
Year 1 of FRAWD performance dating from
3/29/22 - 3/28/23
-13%
S&P 500 performance
3/29/22-3/28/23
53.20%
Inception to date performance
3/29/22 - 3/28/24
50+
ETPs sold short
10+ LETNs -- 40+ LETFs
Become a paid member to follow Rob’s portfolio in real time as he trades using his non-public Enhanced Man-in-the-Mirror Model.
COUNTDOWN
DAYS
HOURS
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The time is now.
Introducing the STRUCTURED FRAUD Dashboard
We want to give everyone a sneak peek of what we're building to protect investors from fraud. Use the Dashboard below to test the performance of the Man in the Mirror model across all Bank of Montreal LETNs.
Members get full access to all features, with new updates released every week!
Try it out for a WEEK!
You've never had a tool like this
Fraud may be profitable, but it's no longer exclusive to Wall Street. Backtest not only the "Man in the Mirror" strategy, but also other published models—each designed to beat the market while reducing risk. Choose any timeframe and compare their performance across various LETP pairs.
Visualize quarterly returns and cumulative growth to better understand their effectiveness. Can you build a portfolio that delivers 30% returns with only a quarter of the market's risk? It’s possible, and we provide you with the tools to make it happen. Members get to validate Rob's Enhanced Man in the Mirror Model - Realtime.

Real World Results
30.3%
First 12 months of FRAWD performance dating from:
3/29/22 - 3/28/23
-13%
S&P 500 performance:
3/29/22 - 3/28/23
53.20%
Full 24 month performance:
Vs. S&P 500 + 15.1%
3/29/22 - 3/28/24
50+
ETPs Sold Short
10+ LETNs -- 40+ LETFs
To prove the fraud was real—not theory—Rob and his legal team submitted his trading models directly to the SEC, then spent the next 24 months trading them live.
In the first 12 months, while the market dropped 13%, Rob delivered a +30.3% return. Over 24 months, the strategy returned +53.2%, while the S&P 500 gained just 15.1%.
These results came from 886 nearly equal-weighted trades, each based on the exact models submitted in advance to regulators. Statistically, the odds of this being random are less than one in a billion.
If these products are the mathematical fraud Rob claims, then—like card counting—they can be beaten.
He did it to prove the crime. Now you can use it to flip the script.
The time is now.
Introducing the STRUCTURED FRAUD Dashboard
We’re offering a free sample of the tools we’ve built to help investors fight back.
The dashboard below lets you backtest the “Man in the Mirror” model—a strategy Rob submitted to the SEC as part of his whistleblower report, and outlined in his book, Structured Fraud. It’s designed to uncover and exploit the structural flaws in Bank of Montreal’s Leveraged & Inverse ETNs.
Use it to explore the results. See how the math reveals the game.
Full access—including additional models and weekly updates—is available to members.
This sample is yours to test, no strings attached.
COUNTDOWN
DAYS
HOURS
0
0
:
0
0
Try it out for a WEEK!
You've never had a tool like this.
Fraud may be profitable, but it's no longer exclusive to Wall Street. Backtest not only the "Man in the Mirror" strategy, but also other published models—each designed to beat the market while reducing risk. Choose any timeframe and compare their performance across various LETP pairs.
Visualize quarterly returns and cumulative growth to better understand their effectiveness. Can you build a portfolio that delivers 30% returns with only a quarter of the market's risk? It’s possible, and we provide you with the tools to make it happen. Members get to validate Rob's Enhanced Man in the Mirror Model - Realtime.
