SCAM GODDESS Fraud Friday: The 90’s Bank Bamboozlers w/ Jojo T. Gibbs
Episode Date: November 14, 2025
Host: Laci Mosley | Guest: Jojo T. Gibbs

EPISODE OVERVIEW

This special 100th episode of Scam Goddess, hosted by Laci Mosley and joined by comedian/actor Jojo T. Gibbs, dives into one of the wildest and most lucrative frauds of the 1990s: the John Ruffo and Edward Reiner bank scam. With Scam Goddess’ trademark wit, the episode explores how these two pulled off a $350 million con against the banks—without computers—before turning to a more recent celebrity impersonation scam in Scammers of the Week. The conversation is driven by Mosley's irreverent, energetic approach and Gibbs' hilarious, observant banter.

KEY SEGMENTS & DISCUSSION POINTS

1. Welcome & Banter (01:17)

• Laci celebrates Scam Goddess' 100th episode:
  "I hope y’all are wearing all white, because...this is a special anniversary. This is 100 episodes of Scam Goddess." (01:17)
• Introduces Jojo Gibbs ("the homie") and their rapport—expect laughter, shade, and lively discussion.

2. What's Hot in Fraud: Listener Letter—The Sephora Scam (04:17)

• Listener (“Willa Jean”) shares a scam she and her sister worked during high school.
• Sister worked at Sephora and used her 10% employee discount on returned (opened) products she herself (or her sibling) had just bought and returned.
• Discussion on company discounts—Laci and Jojo riff on how low the discount is for returned products and what Sephora should actually be offering (minimum 25-50% off).
• Jojo takes on a boss persona, debating the need for preventing “scam” behavior at work.
• Laci on the scam’s low-stakes nature:
  "This is a pretty harmless scam in my opinion." (07:45)

3. HISTORIC HOODWINKS: The 90's Bank Bamboozlers – John Ruffo & Edward Reiner (12:10)

The Setup (12:10–15:49)

• 1993: John Ruffo, IBM computer supplier, pairs up with Edward Reiner, former Philip Morris executive.
• "23 years ago, two men pulled off one of the biggest bank fraud schemes in history. All without a computer." (12:10)
• Ruffo described by wife Linda as generous to a fault—perhaps naïve.
• Reiner: flashy, drove a red Jaguar, the “face” while Ruffo stayed understated.

The Scam Mechanics (19:19–25:02)

• False Pretense: Claimed to be leading an international tobacco research project for Philip Morris, needing millions in loans for computers, staff, and offshore “locations.”
• Exploited the slower, less networked information flow of the 90s—paper docs, no instant digital verification.
• Convinced banks with official-looking forgeries:
  • Needed a signature from a Philip Morris executive.
  • Created a ruse: Cold-called an assistant (Diana McAdams), posed as radio hosts, got her signature “to claim a dinner prize.” (25:02)

Notable Quote:

• Jojo: "You know what kind of confidence you gotta pull up on them with to tell them...? Right?" (21:51)

The Banks’ Blissful Ignorance (29:19–32:40)

• Banks, eager for loan fees/interest, failed to properly verify claims.
• "Signet received the certificate, 25 million was wired to Ruffo’s bank account, all without ... verifying their story. This is likely due to the sheer amount of money these loans made the bank." (30:24)
• The duo managed to repeat this scam at seven more banks, eventually netting over $350 million.
• Standout Quote:
  • Jojo: "I had a harder time getting a home mortgage than I had getting these loans." (Reiner, quoted at 32:12)

Schemer Lifestyles and Downfall (32:16–36:23)

• Reiner lives large, Ruffo lives modestly, stashing money offshore.
• Japanese banker grows suspicious—an audit triggers the unraveling.
• McAdams is contacted; she confirms the signature is fake and the men are not authorized.
• Attempted coverup: They send an unwitting employee (single mother Jodi Bachman) to pose as McAdams during the sting. Both she and Reiner are arrested, Ruffo remains at large. (34:53)

Notable Exchange:

• Laci: "So what they are saying ultimately was, is that she (Bachman) could claim lack of culpability because she actually had no knowledge of wrongdoing." (41:17)
• Jojo: "People act like it ain’t nothing when they inconvenience you. It's like, you inconvenience in my time, bro." (41:59)

The Aftermath (43:03–52:04)

• Reiner sentenced to nearly 17 years, Bachman’s charges dropped.
• Ruffo finally indicted, released on bail; family/friends put up houses as collateral—many lose them when he flees at the last minute.
• Ruffo claims suicide (“sincerely, definitely me, I’m definitely dead, but don’t look for me...").
• Jojo: "A woman scorned—shoulda gave her that gift card!" (34:03)
• Laci: "At his sentencing, Rufo was given 17 and a half years...But it don't start for five weeks. So I'm gonna go home. But don't worry, I'll be back." (45:39)
• Ruffo vanishes, believed to be living overseas on millions in offshore accounts. He remains on the U.S. Marshals Top 15 Most Wanted list.

Reflections on Bias & Privilege (36:23–37:58)

• Laci:
  "That’s why banks wouldn’t be doing loans off the street...White man come in and it’s just like a handshake at a cigar bar." (38:32)
• Jojo:
  "This is why we need a rainbow of representation in all levels of management and ownership." (38:42)

4. SCAMMERS OF THE WEEK: Fake Colin Firth Romance Scam (52:04)

• New scam: Man impersonates actor Colin Firth, contacts Italian sisters online, romances all three (they don’t know he’s talking to all of them).
• Scammer used video calls with filters/bad lighting to look like Firth, spoke with a posh accent.
• Convinced them to send almost £3,000 for “website fees,” then pushed for $25,000 for “customs fees” on cars allegedly gifted to them.
• Bank flags the activity, catches on. Scammer remains at large.
• Jojo: "Why would Colin Firth need you to send him money for a website? Think about it. Just think, girl." (54:31)
• Laci scolds “victim-blaming”—"we can all get scammed.” (57:29)

5. Notable Quotes & Highlights

• Laci on scam culture:
  "It’s always the people to me who are, like, the least interesting who are worried about putting, like, foil on their heads and shit. I’m like, what does the government need from you, Tanya?" (30:15)

• Jojo on living low key:
  "He probably somewhere with a one bedroom house. Like, all I need is a roof over my head and I don't want to be locked in a cage." (51:47)

• Laci, reflecting on scam consequences:
  "He really got six people to, like, hold him down, and then he left them all homeless." (49:12)

MEMORABLE MOMENTS & TIMESTAMPS

• The wild “Jamaican air horn” bit and playful shade about discounts (02:41–04:36)
• The sisters uniting to exploit Sephora returns (04:52–08:11)
• Laci and Jojo’s riff about getting blown up for buying luxury post-heist ("I'm buying shit that ain't even my size...") (16:31–17:07)
• Roleplay of bank phone call confronting scammer—Chip & Scott energy vs. relationship drama (36:23–37:58)
• Laci: "When you point out you got, what, four, three fingers pointed back at you? That what they say?" (50:49)
• Jojo nails why this scam wouldn’t work post-90s: “With the progression in technology, I doubt anybody could pull this type of thing off again.” (23:35)

CONCLUSION

Laci and Jojo deliver a hilarious, insightful look at the “simple genius” of analog-era scams, privilege in banking, the enduring allure of fraud, and the sad/funny vulnerabilities that allow scammers to thrive even today. With a signature blend of pop culture savvy, sharp perspective, and laugh-out-loud improvisation, this 100th episode is a fitting celebration of the absurd, cautionary—and ever-entertaining—nature of True Con.

Where to Find the Hosts:

• Jojo Gibbs: Instagram [@jojotgibbs] (58:13), upcoming movie “Fresh,” "Twenties" S2 coming soon
• Laci Mosley: DIVA LACI on socials, "iCarly" on Paramount+