People were duped into sending a partial or full payment to a third-party agent via a wire transfer payment service and to fax their payment receipt to the seller as proof of payment.

FORBES: Where Americans Lost Money Online

That person would wire real currency such as dollars to approved third-party currency exchangers in countries including Russia and Nigeria.

WSJ: U.S. Alleges $6 Billion Money-Laundering Operation at Liberty Reserve

By the time we get to the party, for which the Colosseum is bathed in blue light as a backdrop for wire-dancing acrobats dressed in Valentino red, the Felliniesque-ness of it all can bring tears to our eyes.

NEWYORKER: Valentino: The Last Emperor