Some radio personality named "Magic Matt" Alan famously used this term. Apparently it refers to a scam of the highest order, a far-reaching con, like global warming.
"You know, it is a big scam-a-lama-ding-dong, it doesn't freakin' exist!" -- "Magic Matt"
A SCAMbag who will do anything for a buck as well as lie, cheat and steal 2 get what he/she wants.
A scam-a-lama-ding-dong will charge you $50 for a $20 pair of sneaks and tell you that you're getting the bargain of the year.