Foolish me—I’ve always thought the phrase “fraud risk in emerging markets” referred to some two-bit shyster in a foreign land, rushing out from his flimsy storefront operation to seduce a clueless U.S. business partner.

Foolish me—I’ve always thought the phrase “fraud risk in emerging markets” referred to some two-bit shyster in a foreign land, rushing out from his flimsy storefront operation to seduce a clueless U.S. business partner.