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In 2020, the Financial Times exposed a €2 billion fraud at Wirecard, a high-flying German fintech. Many thought that was the end of the story. But for reporter Sam Jones, it was just the beginning.
This season on Hot Money: Agent of Chaos, Jones investigates Wirecard’s chief operating officer, who vanished just as Wirecard collapsed. And turned out to also be a Russian spy.
From an Ibizan sting operation to an attempted takeover of the Austrian intelligence service, his reporting spirals into a world of warlords, espionage, and disinformation.
All in an attempt to answer one question: Who is the real Jan Marsalek? And what does his secret life reveal about the powerful forces he serves?
- 34 - Examined: The Backfire Effect | New Podcast
Nearly 40 years ago, in the parking lot of a community college in Port Huron, Michigan, a 20-year-old student named Scott Macklem was shot dead in broad daylight. His murder shocked the community. It made no sense. The police quickly found their suspect. There was only one problem: the man said he was nowhere near the scene of the crime. And he could prove it. In Examined: The Backfire Effect, journalist Josie Duffy Rice talks with eyewitnesses, investigators and local reporters to unravel a shocking story of judicial apathy and expedience — a story that leaves no one off the hook.
Examined looks at overlooked cases that never got the real investigation they deserved. Each season features deeply reported stories about crime, punishment, and the criminal legal system.
Find more episodes of Examined: The Backfire Effect wherever you get podcasts. Binge the full series now with a Pushkin+ subscription — sign up on the Examined Apple show page or at pushkin.fm/plus.
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Mon, 14 Sep 2026 - 33 - From The Financial Times: The Broker
In this special bonus episode from The Financial Times, "The Broker" tells the story of how a failed baseball hopeful and disgraced stockbroker reinvented himself as one of America’s most consequential modern arms dealers.
From a family-run warehouse in Virginia Beach, Will Somerindyke built his company into a crucial conduit in the Pentagon’s covert supply chains — sourcing Soviet-era weapons for wars in Syria and Yemen before emerging as a central player in Ukraine’s fight against Russia.
As artillery shells became the most sought-after commodity of the war, he placed a multimillion-dollar bet on reviving crumbling Cold War factories in the Balkans, transforming himself from middleman to manufacturer.
Based on months of reporting, The Broker traces Somerindyke’s rise through the shadow world of privatized warfare — where geopolitics, profit and personal ambition collide — and reveals how modern conflicts are sustained not only by soldiers on the front lines, but by entrepreneurs who move the weapons behind the scenes.
This piece, written by the FT’s Miles Johnson, host of Hot Money Season 2: The New Narcos, was originally printed in FT Weekend.
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Tue, 17 Feb 2026 - 32 - Episode 8: Matryoshka
In our season finale, Sam discovers a different narrative about Marsalek’s life in Russia. And a tip from long ago resurfaces.
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Tue, 29 Jul 2025 - 31 - Episode 7: From Russia With Love
A Marsalek-backed ring of operatives goes on trial in the UK for espionage. A treasure trove of text messages reveals their inner workings.
Get ad-free access to the entire season of Hot Money: Agent of Chaos by subscribing to Pushkin+ on Apple Podcasts or Pushkin.fm. Access ad-free episodes, exclusive binges, full audiobooks, and bonus content for all Pushkin shows with Pushkin+.
Subscribe on Apple: apple.co/pushkin
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Tue, 22 Jul 2025 - 30 - Episode 6: Maestro
Back in Vienna, Sam investigates another Marsalek plot. One that nearly toppled Austria’s intelligence agency.
Get ad-free access to the entire season of Hot Money: Agent of Chaos by subscribing to Pushkin+ on Apple Podcasts or Pushkin.fm. Access ad-free episodes, exclusive binges, full audiobooks, and bonus content for all Pushkin shows with Pushkin+.
Subscribe on Apple: apple.co/pushkin
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Tue, 15 Jul 2025 - 28 - Episode 5: A Different Set of Rules
How does one become a spy? Sam speaks with a former Russian intelligence officer about how Marsalek might have been recruited. And to what ends.
Get ad-free access to the entire season of Hot Money: Agent of Chaos by subscribing to Pushkin+ on Apple Podcasts or Pushkin.fm. Access ad-free episodes, exclusive binges, full audiobooks, and bonus content for all Pushkin shows with Pushkin+.
Subscribe on Apple: apple.co/pushkin
Subscribe on Pushkin: pushkin.fm/plusSee omnystudio.com/listener for privacy information.
Tue, 01 Jul 2025 - 27 - Episode 4: Backbearings
On the ground in Austria and Germany, Sam digs deep into Marsalek’s past. His odd habits. His strange house. The hypnotic effect he had on former colleagues. And how he is remembered by childhood friends.
CORRECTION: In this episode, we reported Marsalek left home just before taking his final school exams at age 17. We’ve since learned he was 18 when he left home.
Get ad-free access to the entire season of Hot Money: Agent of Chaos by subscribing to Pushkin+ on Apple Podcasts or Pushkin.fm. Access ad-free episodes, exclusive binges, full audiobooks, and bonus content for all Pushkin shows with Pushkin+.
Subscribe on Apple: apple.co/pushkin
Subscribe on Pushkin: pushkin.fm/plusSee omnystudio.com/listener for privacy information.
Tue, 24 Jun 2025 - 26 - Episode 3: Thrill Seeking
Sam tracks down an old contact in Tunisia. A former UN official living off grid. He reveals how he ended up involved in one of Jan Marsalek’s wildest schemes.
CORRECTION: In this episode, we reported that Marsalek told Killian Kleinschmidt that he arrived in Syria in a Mig 8. That was an error. Killian only recalls Marsalek saying that he arrived in Syria in a helicopter, not specifically a Mig 8.
Get ad-free access to the entire season of Hot Money: Agent of Chaos by subscribing to Pushkin+ on Apple Podcasts or Pushkin.fm. Access ad-free episodes, exclusive binges, full audiobooks, and bonus content for all Pushkin shows with Pushkin+.
Subscribe on Apple: apple.co/pushkin
Subscribe on Pushkin: pushkin.fm/plusSee omnystudio.com/listener for privacy information.
Tue, 17 Jun 2025 - 25 - Episode 2: The Friendship Society
As Sam arrives in Vienna, a political bomb explodes. A secretly recorded video exposes ties between the far right and Russia, plunging the Austrian government into crisis and revealing a world where people like Jan Marsalek can thrive.
Get ad-free access to the entire season of Hot Money: Agent of Chaos by subscribing to Pushkin+ on Apple Podcasts or Pushkin.fm. Access ad-free episodes, exclusive binges, full audiobooks, and bonus content for all Pushkin shows with Pushkin+.
Subscribe on Apple: apple.co/pushkin
Subscribe on Pushkin: pushkin.fm/plusSee omnystudio.com/listener for privacy information.
Tue, 10 Jun 2025 - 24 - Episode 1: The Bribe
A series of clandestine lunch meetings leads Sam’s editor to send him off to Vienna, in search of one man.
Get ad-free access to the entire season of Hot Money: Agent of Chaos by subscribing to Pushkin+ on Apple Podcasts or Pushkin.fm. Access ad-free episodes, exclusive binges, full audiobooks, and bonus content for all Pushkin shows with Pushkin+.
Subscribe on Apple: apple.co/pushkin
Subscribe on Pushkin: pushkin.fm/plusSee omnystudio.com/listener for privacy information.
Tue, 10 Jun 2025 - 23 - Introducing Hot Money Season 3: Agent of Chaos
When reporter Sam Jones asks questions about disgraced financial executive Jan Marsalek, he discovers a world of warlords, espionage, and disinformation.
Coming June 10 from Pushkin Industries and The Financial Times
Get ad-free access to the entire season of Hot Money: Agent of Chaos by subscribing to Pushkin+ on Apple Podcasts or Pushkin.fm. Access ad-free episodes, exclusive binges, full audiobooks, and bonus content for all Pushkin shows with Pushkin+.
Subscribe on Apple: apple.co/pushkin
Subscribe on Pushkin: pushkin.fm/plusSee omnystudio.com/listener for privacy information.
Tue, 03 Jun 2025 - 20 - Episode 8 - The Red Notebook
Law enforcement cuts off the Kinahan cartel, and a little red notebook in the back of a car might finally reveal who killed the electrician in Almere.
For more from the FT, sign up for the FT Edit App. To listen to Hot Money ad free, subscribe to Pushkin+.
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Tue, 26 Dec 2023 - 19 - Episode 7 - Against the Ropes
Daniel Kinahan is more influential than ever, but law enforcement may finally be catching up.
For more from the FT, sign up for the FT Edit App. To listen to Hot Money ad free, subscribe to Pushkin+.
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Thu, 21 Dec 2023 - 18 - Episode 6 - Ties with Tehran
An undercover operation in New York reveals a connection with Tehran.
For more from the FT, sign up for the FT Edit App. To listen to Hot Money ad free, subscribe to Pushkin+.
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Tue, 19 Dec 2023 - 17 - Episode 5 - Nerds vs Narcos
Back in the Netherlands, the high-tech unit of the Dutch police works to crack the murder case.
For more from the FT, sign up for the FT Edit App. To listen to Hot Money ad free, subscribe to Pushkin+.
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Thu, 14 Dec 2023 - 16 - Episode 4 - Gangster's Paradise
No longer safe in Europe, the cartel bosses move to a city that is attracting criminals from around the globe.
For more from the FT, sign up for the FT Edit App. To listen to Hot Money ad free, subscribe to Pushkin+.
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Tue, 12 Dec 2023 - 15 - Episode 3 - Sun, Guns & Sangria
International law enforcement is after the Kinahan cartel, revealing just how big the operation has grown.
For more from the FT, sign up for the FT Edit App. To listen to Hot Money ad free, subscribe to Pushkin+.
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Thu, 07 Dec 2023 - 14 - Episode 2 - Cocaine CEO
An enterprising Dublin drug dealer makes the most of a revolution sweeping across Europe’s criminal economy.
For more from the FT, sign up for the FT Edit App. To listen to Hot Money ad free, subscribe to Pushkin+.
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Tue, 05 Dec 2023 - 13 - Episode 1 - Murder Brokers
When a Dutch crime reporter makes an unbelievable discovery, a small-town murder case begins to look like an international assassination plot.
For more from the FT, sign up for the FT Edit App. To listen to Hot Money ad free, subscribe to Pushkin+.
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Tue, 05 Dec 2023 - 12 - Introducing Hot Money: The New Narcos
Hot Money is back with a new season that begins with a mysterious murder in a small town and leads to a cocaine super cartel and a secret proxy war between democracies and dictatorships.
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Tue, 21 Nov 2023 - 9 - Episode 8: Inside Porn's Star Chamber
In the season finale, Alex and Patricia discover how Visa and MasterCard became the reluctant rulers of porn. And they figure out what being ruled by credit card companies means for the porn industry today.
If you’d like to keep up with the most recent news from this and other Pushkin podcasts be sure to subscribe to our email list.
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Tue, 19 Jul 2022 - 8 - Episode 7: Porn Meets OnlyFans
Alex and Patricia track down the family behind OnlyFans, the site that has transformed online porn by shifting power back to performers. But there is a whole other side to the OnlyFans story.
If you’d like to keep up with the most recent news from this and other Pushkin podcasts be sure to sign up for our email list at Pushkin.fm.
See omnystudio.com/listener for privacy information.
Tue, 12 Jul 2022 - 7 - Episode 6: Knocking on the Door of a Porn Empire
One of the biggest porn companies in the world was forced to radically change its practices. But another porn giant changed almost nothing.
Patricia travels to the company's Prague headquarters to understand why.
If you’d like to keep up with the most recent news from this and other Pushkin podcasts be sure to sign up for our email list at Pushkin.fm.
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Tue, 05 Jul 2022 - 6 - Episode 5: The Billionaire Who Took Down Porn
A billionaire hedge fund manager reads a scathing column about a popular porn site. Hesends an angry text to the CEO of MasterCard. Almost overnight, the biggest porn company in the world changes dramatically.
If you’d like to keep up with the most recent news from this and other Pushkin podcasts be sure to sign up for our email list at Pushkin.fm.
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Tue, 28 Jun 2022 - 5 - Episode 4: Playboy vs. Rusty and Edie
How is it legal for porn sites to host millions of videos uploaded by users? The answer is in the story of an Ohio family in the early 1990s.
In this episode: a family IT business, an FBI raid and a court case that set the precedent for porn – and for tech giants like Facebook and Twitter.
If you’d like to keep up with the most recent news from this and other Pushkin podcasts be sure to sign up for our email list at Pushkin.fm.
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Tue, 21 Jun 2022 - 4 - Episode 3: Mr. Goldman, Mr. Sex
When Fabian Thylmann ran into trouble with the law, a former Goldman Sachs banker swooped in to buy his porn sites. But nobody knew who he was. He managed to keep his identity a secret for years --- until Patricia rumbled his game.
If you’d like to keep up with the most recent news from this and other Pushkin podcasts be sure to sign up for our email list at Pushkin.fm.
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Tue, 14 Jun 2022 - 3 - Episode 2: The Darth Vader of Porn
A decade ago, a computer programmer named Fabian Thylmann began to build one of the biggest porn empires in the world.
How did Fabian do it? He was good with money in a business that was starved of finance. He convinced Wall Street to bankroll his vision to take control of the industry.
If you’d like to keep up with the most recent news from this and other Pushkin podcasts be sure to sign up for our email list at Pushkin.fm.
See omnystudio.com/listener for privacy information.
Tue, 07 Jun 2022 - 2 - Episode 1: Porn Meets the Internet
Stoya is a porn star who saw first-hand how a firehose of free porn online transformed the adult industry.
She sends hosts Alex Barker and Patricia Nilsson a quest: Find out who is in charge, and get to the bottom of how the business of porn really works.
If you’d like to keep up with the most recent news from this and other Pushkin podcasts be sure to sign up for our email list at Pushkin.fm.
See omnystudio.com/listener for privacy information.
Mon, 06 Jun 2022 - 1 - Hot Money: Who Rules Porn?
When Financial Times reporter Patricia Nilsson started digging into the porn industry, she made a shocking discovery: Nobody knew who controlled the biggest porn company in the world. Now, Nilsson and her editor, Alex Barker, have figured out who the guy was, and much more. Their reporting reveals a shadowy power structure that includes billionaires, tech geniuses and the most powerful finance companies in the world. Coming June 7th.
See omnystudio.com/listener for privacy information.
Wed, 25 May 2022
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