The Conspiracy:
That white people are a race of devils created by Yakub in a laboratory.
The Facts:
Ok, so there are no facts. It's a religious belief held by the Nation of Islam. Recently, this belief has been rationalized by claiming it is a allegory. This claim is recent since before the 1980's, it was considered fact by the followers of the NOI.
The story goes like this. Yakub was born during a period of unhappiness, so for reasons unknown he used his vast knowledge to conduct a 600 year experiment on the original black man (includes asians) to remove the black and leave only thievery, deceit, and lies embodied by the "white germs". This experiement on the island of Patmos ended over 6,000 years ago and ushered in a time of white dominance over the Earth. The current period according to the NOI is the return of the dominance of the black man.
Crap Your Pants factor:
I'm giving this a CYP of 4. This is yet another conspiracy I just can't buy in to under any conditions. Only complete f-tards like teatech would even give it a second thought. What's crazy is the sheer number of people who have believed this to be true. Another crazy thing about this is that the organization who has preached this since the 40s has only been considered a hate group since 2005.