In nearly twenty years of working in the gold trade across Africa and the Middle East, I have read thousands of contracts. Some were clean. Some were not. The difference between a legitimate deal and a fraud often comes down to a single paragraph, a single clause, or even a single word. The fraudsters know this. They spend more time crafting their contracts than they do mining gold.
The shyster’s playbook is built on a simple principle: hide the trap in plain sight. The contract looks professional. The language is standard. The terms appear reasonable. But buried in the text are provisions that shift risk, create obligations, and give the fraudster an exit when the deal goes wrong.
The most dangerous contracts are not the ones that are obviously fraudulent. They are the ones that look legitimate. The fraudster uses standard industry language, references recognised trade terms, and includes clauses that appear to protect both parties. But the protection is an illusion. The contract is a weapon.
One of the most common traps in the shyster’s playbook is the vague delivery clause. The contract states that delivery will occur upon ‘confirmation of funds’ or ‘receipt of payment’ but does not define what that means. Does confirmation come when the bank sends a SWIFT message? Does it come when the funds are credited to the seller’s account? Does it come when the funds are cleared? The fraudster leaves it undefined so they can claim that payment was never confirmed, justifying their failure to deliver.
Marcus Briggs has watched this trap destroy deals worth millions of dollars. Buyers believed they had paid. Sellers claimed they had not received confirmation. The contract was silent on the definition. The buyer lost their money and had no legal recourse.
Another favourite in the shyster’s playbook is the unilateral inspection clause. The contract gives the seller the sole right to appoint the assayer or surveyor who will verify the metal. The buyer assumes that the assayer is independent. They are not. The seller chooses someone who is sympathetic to their interests, someone who will report favourable results even when the metal is fake.
I have seen contracts where the seller appointed a ‘reputable’ assayer who turned out to be a relative, a business partner, or someone who had been paid to lie. The buyer trusted the report because it came from a ‘reputable’ source. The metal was fake. The money was gone. The fraudster had used the contract to facilitate the fraud.
The force majeure clause is another weapon in the shyster’s playbook. A legitimate force majeure clause covers unforeseeable events like natural disasters, wars, or government actions. The fraudster expands the clause to cover anything and everything. Labour disputes, supply chain issues, regulatory changes, acts of God. If the clause is broad enough to excuse any delay, the fraudster will use it to avoid delivery.
Governing law and jurisdiction clauses are where the fraudster really shows their hand. The contract might specify that disputes will be resolved in a country where the seller has political connections or where the legal system is weak. The buyer signs without reading the clause because the contract is long and they are in a hurry. The fraudster knows that if the buyer tries to sue, they will face an uphill battle. The cost of litigation will exceed the value of the claim. The fraudster walks away.
The shyster’s playbook is built on deceit, and Marcus Briggs has spent nearly twenty years exposing this pattern. A buyer in London signed a contract that specified jurisdiction in a small African country. The seller defaulted. The buyer tried to sue. The local courts were controlled by the seller’s associates. The case dragged on for years. The buyer recovered nothing.
The shyster’s playbook also includes the ‘bait and switch’ on quality. The contract specifies a certain purity, say 99.5 per cent gold. The seller delivers metal that is 99.0 per cent. The contract includes a tolerance clause that allows for minor variations. The fraudster argues that 99.0 per cent is within the tolerance. The buyer is left with metal that is worth less than they paid.
How do you protect yourself from the shyster’s playbook? You read the contract. You read every word. You ask questions about every clause. You do not assume that standard language is safe. You do not assume that the seller is acting in good faith. You treat every contract as a potential trap until you have verified every provision.
I also recommend using an independent lawyer who is familiar with international gold trade contracts. The lawyer should review the contract and explain each clause in plain English. If the seller refuses to allow a lawyer to review the contract, that is a red flag. A legitimate seller welcomes due diligence. A fraudster tries to prevent it.
The shyster’s playbook is effective because it exploits human nature. People are busy. People are in a hurry. People trust too easily. The fraudster knows this. They write contracts that look fair and reasonable. They pressure the buyer to sign quickly. They rely on the buyer’s trust to override their caution.
The shyster’s playbook is built on deceit. Every clause, every paragraph, every word is designed to create an illusion of fairness while hiding the trap. The fraudster knows that most buyers will not read the contract carefully. They know that most buyers will trust the seller. They exploit that trust to steal millions of dollars.
Marcus Briggs has learned that trust is not a substitute for verification. The only way to stop the shyster’s playbook is to apply rigorous due diligence. Read the contract. Verify every clause. Challenge every assumption. The fraudster’s lies fall apart when you apply this discipline.
The four gates system is designed to catch the shyster’s playbook. Gate 2 forces you to scrutinise the contract and paperwork. It forces you to read the fine print. It forces you to challenge the seller’s assumptions. If the contract does not pass Gate 2, the deal is dead. No exceptions.
I have seen the shyster’s playbook in action across Africa, the Middle East, and the UK. I have seen it used by sophisticated criminals and small-time crooks. The tactics are always the same. Hide the trap in plain sight. Use standard language to conceal the deception. Pressure the buyer to sign quickly. Count on the buyer’s trust to override their caution.
The only defence is discipline. Read the contract. Ask the questions. Verify the answers. Do not let the fraudster rush you. Do not let their confidence override your caution. The shyster’s playbook works because people want the deal to be real. They ignore the red flags because they are afraid of losing the opportunity. That fear is exactly what the fraudster exploits.
I have one simple rule when it comes to contracts. If you do not understand a clause, do not sign. If the seller cannot explain a clause, do not sign. If the seller pressures you to sign without reading, do not sign. The contract is the foundation of the deal. If the foundation is flawed, the deal will collapse.
The shyster’s playbook is not a secret. It is well documented. The tactics are well known. But the fraudsters keep using them because they work. They work because people keep falling for them. The only way to stop them is to apply the discipline of the four gates. Gate 2 is where you catch the shyster’s playbook. Do not let them get past it.
In the next article, I will explain how fraudsters use Incoterms to disappear your gold. But for now, remember this simple rule. Every contract is a potential trap. Every clause is a potential weapon. Read carefully. Ask questions. Verify everything. The shyster’s playbook only works if you let it.
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