Frawd Research publishes forensic analyses, open models, and auditable evidence on leveraged and inverse ETFs (LETFs) and other complex financial products.

Founded by Rob Bezdjian, a former licensed broker turned legally represented SEC whistleblower, our work exposes how these products are structurally designed to erode investor capital while unfairly enriching issuers and swap counterparties.
 
Our research has been published in white papers on SSRN, the book Structured Fraud: Strategies to Profit from Wall Street's Insatiable Desire to Defraud Investors and open dashboards designed for easy replication. Whether you’re a regulator,  journalist, litigator, or investor, the goal is the same: to make the hidden mechanics of these products transparent, testable, and undeniable.

The truth is not in opinions or conjecture, it’s in the math. It’s in the creation and redemption flows, the incentives baked into the structure, and in identifying who’s left holding the bag when the game of hot-potato stops.
 
This project is not about trading tips. It is about transparency, accountability, and investor protection. The evidence is already in plain sight—and we're inviting you to look for yourself.

Nothing on this site is investment advice.