Top 20 Scammers Fraudsters (1 to 10)

Name: Charles Ponzi

Other name: Carlo, Charles P. Bianchi, Charles Ponci

Born: March 3, 1882

Whether dead or alive: January 15, 1949 (aged 66)

Age: 66

Country: Italy

Occupation: Financier, confidence trickster

Criminal / fraud / scam charges: Forgery (Canada), mail fraud (U.S. federal), larceny (state)

Criminal / fraud / scam penalty: 3 years in Canada 1908?1911; 5 years U.S. federal (served 3+1/2 years before facing state charge) 1920?1922; 9 years state 1927?1934; deportation in 1934

Known for: -

Charles Ponzi was an Italian immigrant to the United States who became infamous for running one of the most notorious investment scams in history, now known as the "Ponzi scheme." In the early 20th century, Ponzi promised investors high returns on their investments within a short period. He claimed to exploit the differences in currency exchange rates, but in reality, he used new investors' funds to pay returns to earlier investors.

The scheme eventually collapsed, as it became unsustainable to keep paying the promised returns. Charles Ponzi was arrested and later convicted of mail fraud in 1920. He spent several years in prison before being deported to Italy.

The term "Ponzi scheme" is now used to describe any fraudulent investment scheme where returns are paid to earlier investors from the capital of newer investors, rather than from legitimate profits. Charles Ponzi's name has become synonymous with this type of financial fraud.  

Name: Bernard Lawrence Madoff

Other name:

Born: April 29, 1938

Whether dead or alive: April 14, 2021 (aged 82)

Age: 82

Country: U.S

Occupation: Stock broker, investment adviser, financier

Criminal / fraud / scam charges: Securities fraud, investment advisor fraud, mail fraud, wire fraud, money laundering, false statements, perjury, making false filings with the SEC, theft from an employee benefit plan

Criminal / fraud / scam penalty: 150 years in prison, forfeiture of US$17.179 billion, lifetime ban from securities industry

Known for: Being the chairman of Nasdaq and the Madoff investment scandal.

Bernard Madoff was an American stockbroker and investment advisor who orchestrated one of the largest Ponzi schemes in history. Born on April 29, 1938, Madoff founded Bernard L. Madoff Investment Securities LLC in 1960, which eventually grew into a prominent and well-respected investment firm.

Starting in the early 1990s, Madoff began operating a fraudulent investment scheme, promising consistent high returns to his clients. He claimed to achieve these returns through a strategy he called a "split-strike conversion." In reality, Madoff was using new investors' funds to pay returns to earlier investors, much like a classic Ponzi scheme.

The scheme collapsed in December 2008, during the global financial crisis, when clients tried to withdraw their investments in large numbers. Madoff confessed to his sons that his investment business was a fraud, and they reported him to the authorities.

In March 2009, Madoff pleaded guilty to 11 federal felonies, including securities fraud, wire fraud, and money laundering. In June of the same year, he was sentenced to 150 years in federal prison, effectively a life sentence. He passed away in prison on April 14, 2021.

The Bernard Madoff scandal is considered one of the most significant financial frauds in history, with estimated losses to investors totaling tens of billions of dollars. It had far-reaching consequences for the financial industry and led to increased regulatory scrutiny of investment firms and practices.

Name: Jeffrey Skilling

Other name:

Born: 25 November 1953 (age 69 years)

Whether dead or alive:

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Country: U.S

Occupation:

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Name: Kenneth Lay

Other name:

Born: 15 April 1942

Whether dead or alive: 5 July 2006

Age:

Country: U.S

Occupation:

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Jeffrey Skilling and Kenneth Lay were two key figures in the Enron scandal, one of the most notorious corporate frauds in history.

1. Jeffrey Skilling:

• Skilling joined Enron in 1990 and quickly rose through the ranks to become the company's CEO in early 2001.
• He played a major role in implementing Enron's aggressive and deceptive accounting practices, which involved hiding debt off the company's balance sheet and inflating profits through various complex financial structures.
• Skilling was known for promoting Enron's image as an innovative and highly profitable company, even as its financial situation was deteriorating.
• In August 2001, he abruptly resigned as CEO, citing personal reasons, but the real motive was likely concern about the company's imminent financial collapse.
• In May 2006, Skilling was convicted of multiple counts of fraud, conspiracy, and insider trading. He was sentenced to 24 years and 4 months in prison, but this sentence was later reduced. He was ultimately resentenced to 14 years and was released in February 2019 due to good behavior.

2. Kenneth Lay:

• Lay co-founded Enron in 1985 and served as its CEO and later Chairman of the Board.
• He was a charismatic figure and played a key role in shaping Enron's corporate culture.
• Lay was also involved in the deceptive financial practices at Enron, though he maintained that he was unaware of the extent of the fraud.
• When Enron's financial troubles came to light, Lay faced numerous charges including fraud, conspiracy, and insider trading.
• Unfortunately, Kenneth Lay passed away in July 2006, just a few months after being convicted. His death led to the abatement of his conviction, meaning that he was technically never convicted.

The Enron scandal led to the bankruptcy of the Enron Corporation, the loss of billions of dollars for investors and employees, and significant reforms in corporate governance and accounting practices. It remains a landmark case in discussions of corporate ethics, financial regulation, and the responsibilities of corporate leaders.  

Name: Jordan Ross Belfort

Other name:

Born: July 9, 1962 (age 61)

Whether dead or alive:

Age: 61

Country: U.S

Occupation: Entrepreneur, speaker, author

Criminal / fraud / scam charges:

Criminal / fraud / scam penalty: 22 months in federal prison, one month in rehab, $110 million in restitution

Known for:

Jordan Belfort is a former American stockbroker, motivational speaker, and author who gained notoriety for his involvement in fraudulent activities related to stock market manipulation. Here are some key points about Jordan Belfort:

• Early Career: Belfort began his career as a stockbroker in the late 1980s. He founded the brokerage firm Stratton Oakmont in 1989.
• Pump and Dump Scheme: Belfort and his associates engaged in a fraudulent practice known as a "pump and dump" scheme. They would artificially inflate the price of a stock through aggressive promotion and false information, then sell off their own shares at the inflated price before the stock's value plummeted.
• Wealth and Excess:As a result of his illegal activities, Belfort amassed immense wealth. He led an extravagant lifestyle characterized by excessive spending, drug use, and lavish parties.
• Downfall and Conviction: In the mid-1990s, Belfort's fraudulent activities attracted the attention of law enforcement agencies. In 1999, he pleaded guilty to securities fraud and money laundering.
• Imprisonment and Cooperation: Belfort was sentenced to four years in prison but served only 22 months before being released on parole. As part of his plea deal, he agreed to cooperate with authorities in their ongoing investigations.
• Post-Prison Life: After his release, Jordan Belfort turned to motivational speaking and writing. He authored the memoir "The Wolf of Wall Street," which detailed his life of excess and criminal activities.
• Movie Adaptation: Belfort's memoir was adapted into a highly successful film directed by Martin Scorsese, also titled "The Wolf of Wall Street," starring Leonardo DiCaprio as Belfort.
• Criticism and Controversy: Belfort's reinvention as a motivational speaker has been met with criticism from those who believe he has not fully taken responsibility for the harm caused by his actions.

Jordan Belfort's story serves as a cautionary tale about the dangers of financial fraud and the ethical responsibilities of those working in the financial industry.

Name: Robert Allen Stanford

Other name:

Born: March 24, 1950 (age 73)

Whether dead or alive:

Age:

Country: American

Occupation: Former Chairman and CEO Stanford Financial Group (now defunct)

Criminal / fraud / scam charges:

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Known for: Businessman in the financial services sector, Ponzi scheme, involvement in Stanford Super Series

Allen Stanford was an American financier and sports sponsor who gained notoriety for his involvement in a massive Ponzi scheme. Here are some key points about Allen Stanford:

• Early Career: Born on March 24, 1950, in Texas, Allen Stanford started his career in real estate and later ventured into finance.
• Stanford Financial Group: In the 1980s, Stanford founded the Stanford Financial Group, which grew to become a prominent financial services company. It offered a range of financial products, including certificates of deposit (CDs) with above-average interest rates.
• Ponzi Scheme: Starting in the 1990s, Stanford orchestrated a fraudulent investment scheme. He promised high returns on investments in his CDs, claiming that the funds were invested in safe, diversified assets. In reality, he used new investors' money to pay returns to earlier investors, a classic Ponzi scheme.
• Regulatory Scrutiny: Over the years, there were suspicions about the legitimacy of Stanford's investment operation. However, he managed to evade significant regulatory scrutiny for an extended period.
• SEC Investigation: In 2009, the U.S. Securities and Exchange Commission (SEC) charged Allen Stanford and his companies with conducting a massive fraud. The SEC alleged that Stanford's operation was a fraudulent investment scheme.
• Criminal Conviction: Stanford was arrested in June 2009 and faced criminal charges, including money laundering, wire fraud, and conspiracy. In 2012, he was convicted on multiple counts and sentenced to 110 years in federal prison.
• Impact and Fallout: The Stanford Ponzi scheme defrauded investors of billions of dollars, making it one of the largest financial frauds in history. The impact was felt internationally, particularly in the Caribbean, where many of his clients were based.
• Bankruptcy and Liquidation: Stanford Financial Group was placed under receivership, and its assets were liquidated to attempt to recover funds for defrauded investors.

Allen Stanford's case highlighted the importance of regulatory oversight in the financial industry and the need for investors to exercise caution and due diligence when considering investment opportunities. His scheme serves as a cautionary tale about the risks of entrusting funds to unscrupulous individuals or entities.  

Name: Frank Wiliam Abagnale

Other name:

Born: April 27, 1948 (age 75)

Whether dead or alive:

Age:

Country: United States, France

Occupation: Secure document consultant

Criminal / fraud / scam charges: Auto larceny, theft, forgery, fraud

Criminal / fraud / scam penalty: 4 months in a French prison 4 months in a Swedish prison 3 years, 3 months, and 7 days in a US federal prison 3 years in Great Meadow Correctional Facility, NY (age 17?20)

Known for:

Frank Abagnale is an American former con artist and security consultant. He gained notoriety in the 1960s for his series of high-profile crimes, which were later adapted into the movie "Catch Me If You Can." Here are some key points about Frank Abagnale:

• Early Criminal Career: Abagnale began his criminal activities at a very young age, initially focusing on check forgery. He posed as a Pan Am pilot, doctor, and lawyer, among other professions, using forged documents to support his false identities.
• Pan Am Pilot: One of Abagnale's most audacious impersonations was as a Pan Am pilot. He managed to travel the world for free by pretending to be a pilot, and even flew as a co-pilot on several flights.
• Forgery Expertise: Abagnale was a master of forgery and could create convincing fake documents, including checks, IDs, and various certificates.
• Arrest and Incarceration: After several years of successful criminal activities, Abagnale was eventually captured in France in 1969. He was later extradited to the United States.
• Assisting Law Enforcement: Abagnale's exceptional skills in forgery and deception led to his recruitment by various U.S. government agencies, including the FBI. He used his expertise to help law enforcement agencies identify and catch other criminals engaged in similar activities.
• Release and Rehabilitation: After serving approximately five years of his 12-year prison sentence, Abagnale was released on the condition that he would assist federal law enforcement agencies in combating fraud and forgery.
• Security Consultant: Since his release from prison, Frank Abagnale has worked as a security consultant and expert in anti-fraud measures. He has advised various organizations and institutions on how to protect themselves against fraud and identity theft.
• Author and Speaker: Abagnale has written books on his experiences and expertise, including his autobiography, "Catch Me If You Can," which was later adapted into a movie starring Leonardo DiCaprio and Tom Hanks.

Frank Abagnale's life story is often cited as an example of both the dangers of identity theft and forgery, as well as the potential for rehabilitation and redemption. His work in assisting law enforcement and educating the public on fraud prevention has had a positive impact on the field of security and anti-fraud measures.  

Name: Martin Shkreli

Other name:

Born: 17 March 1983 (age 40 years)

Whether dead or alive:

Age:

Country: American

Occupation: Investor, fintech developer, YouTuber, former hedge fund manager and biotech founder

Criminal / fraud / scam charges:

Criminal / fraud / scam penalty: 7 years in prison (paroled after 6 years and 5 months) $72 million in fines

Known for: Turing Pharmaceuticals, Retrophin, Daraprim price hike

Martin Shkreli is an American former pharmaceutical executive who gained widespread notoriety for his controversial actions and practices within the pharmaceutical industry. Here are some key points about Martin Shkreli:

• Shkreli was born on March 17, 1983, in Brooklyn, New York. He started his career in finance and later entered the pharmaceutical industry.
• In 2015, as the CEO of Turing Pharmaceuticals, Shkreli acquired the rights to a drug called Daraprim, which is used to treat certain parasitic infections. He then raised the price of the drug from $13.50 to $750 per pill overnight, a move that sparked significant public outrage.
• Shkreli became a polarizing figure due to his unapologetic approach to price gouging and his dismissive attitude towards critics.
• In December 2015, Shkreli was arrested on federal charges of securities fraud and wire fraud unrelated to his actions at Turing Pharmaceuticals. He was accused of running a Ponzi-like scheme involving his previous pharmaceutical company, Retrophin.
• In August 2017, Shkreli was convicted on three of eight counts of securities fraud and conspiracy to commit securities fraud and wire fraud. In March 2018, he was sentenced to seven years in federal prison.
• Shkreli was known for his active presence on social media platforms, particularly Twitter, where he often engaged with followers, critics, and the media. His online behavior and persona further contributed to his notoriety.
• Despite his controversial reputation, Shkreli occasionally engaged in philanthropic activities, including making charitable donations. He also gained attention for his ownership of rare and valuable collectibles, including a one-of-a-kind Wu-Tang Clan album.
• Shkreli's actions drew attention to the issue of high drug prices in the pharmaceutical industry, sparking a broader public discussion about the need for reform.
• Martin Shkreli's case continues to be a subject of public interest and debate, particularly regarding the ethics and practices within the pharmaceutical industry and the legal consequences for individuals involved in financial fraud.

Name: Richard Fuld

Other name:

Born: April 26, 1946 (age 77)

Whether dead or alive:

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Country: u.s

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Richard Fuld is an American former investment banker who is best known for his role as the Chairman and CEO of Lehman Brothers, a global financial services firm that filed for bankruptcy in 2008 during the global financial crisis. Here are some key points about Richard Fuld:

• Fuld began his career at Lehman Brothers in 1969 and worked his way up through various roles within the company.
• Fuld became the CEO of Lehman Brothers in 1993 and later took on the additional role of Chairman of the Board. Under his leadership, the firm grew into one of the largest and most prominent investment banks on Wall Street.
• In 2008, Lehman Brothers faced severe financial distress due to its exposure to risky mortgage-backed securities and other investments tied to the U.S. housing market. Despite efforts to find a buyer or secure a government bailout, Lehman Brothers ultimately filed for Chapter 11 bankruptcy protection on September 15, 2008.
• Fuld faced significant criticism for his handling of Lehman Brothers' financial troubles. Some argued that his decisions and management style contributed to the firm's downfall. The bankruptcy of Lehman Brothers was a pivotal event in the 2008 financial crisis and had far-reaching consequences for the global economy.
• Following the bankruptcy of Lehman Brothers, Fuld faced legal inquiries and scrutiny from regulators. He also encountered personal financial losses as a result of the firm's collapse.
• After leaving Lehman Brothers, Fuld largely retreated from the public eye. He has occasionally spoken at industry events and conferences, but has not returned to a high-profile role in finance.
• Richard Fuld's tenure at Lehman Brothers and the firm's bankruptcy are often studied in discussions about the causes and consequences of the 2008 financial crisis. His leadership and the decisions made during that period continue to be subjects of analysis and debate.

Richard Fuld's experience is emblematic of the challenges and complexities faced by financial leaders during times of economic turmoil, and his legacy is closely tied to a pivotal moment in the history of global finance.

Name: Nicholas William Leeson

Other name:

Born: 25 February 1967 (age 56)

Whether dead or alive:

Age:

Country: England, UK

Occupation: CEO of Irish football club Galway United (former) Derivatives broker (former) Head Educator at Bizintra (former) CEO of Bull and Bear Capital (current)

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Nick Leeson is a British former derivatives broker who became infamous for his role in the collapse of Barings Bank, one of the oldest and most prestigious banks in the United Kingdom. Here are some key points about Nick Leeson:

• Leeson started his career in the finance industry as a clerk with Coutts & Co. In 1989, he moved to Barings Bank, where he worked in the back-office operations.
• In 1992, Leeson was transferred to Barings' Singapore office. He was tasked with managing the futures market operations and settlements for the bank in the region.
• Leeson began making speculative trades on futures and options markets, initially with the intention of recouping losses. However, he soon found himself incurring significant losses that he attempted to hide from the bank's management.
• Leeson engaged in a practice known as "rogue trading," where he created fictitious accounts to conceal his losses. He exploited gaps in the bank's internal controls to continue his unauthorized trading.
• By 1995, Leeson's losses had grown to an astronomical amount, eventually surpassing ?800 million (approximately $1.3 billion at the time). This massive loss far exceeded the bank's available capital, leading to Barings' bankruptcy and ultimate collapse in February 1995.
• After the collapse, Nick Leeson fled Singapore but was eventually captured in Frankfurt, Germany, in March 1995. He was extradited to Singapore, where he faced multiple charges related to fraud and forgery.
• In December 1995, Leeson pleaded guilty to two charges of deceiving Barings' auditors and to two charges of forgery. He was sentenced to six and a half years in prison in Singapore.
• Nick Leeson was released from prison in 1999 after serving approximately four years of his sentence. Since then, he has written books about his experiences and worked as a consultant and public speaker, often discussing risk management and corporate governance.

Nick Leeson's story is often cited as a cautionary tale about the risks associated with unchecked trading activities and the importance of robust risk management and internal controls within financial institutions. His actions had a profound impact on the world of finance and led to increased scrutiny of trading practices and risk management processes in banks worldwide.

Name: Elizabeth Holmes

Other name:

Born: February 3, 1984 (age 39)

Whether dead or alive:

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Country: U.S

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Criminal / fraud / scam penalty: 11+1/4 years (135 months) in prison

Known for:

Founder and CEO of Theranos Criminal fraud

Elizabeth Holmes is an American businesswoman who gained widespread attention as the founder and former CEO of Theranos, a health technology company. Here are some key points about Elizabeth Holmes:

• Holmes was born on February 3, 1984, in Washington, D.C. She dropped out of Stanford University at the age of 19 to pursue her entrepreneurial ambitions.
• In 2003, Holmes founded Theranos with the vision of revolutionizing the healthcare industry. The company claimed to have developed a revolutionary blood-testing technology that could quickly and accurately diagnose a wide range of medical conditions using just a few drops of blood.
• Theranos gained significant attention and reached a valuation of several billion dollars, making Holmes a high-profile figure in the tech and healthcare sectors.
• In 2015, investigative reports by The Wall Street Journal raised serious questions about the accuracy and effectiveness of Theranos' technology. It was alleged that the company had misled investors, doctors, and patients about the capabilities of its blood-testing technology.
• In 2018, Elizabeth Holmes and former Theranos president Ramesh "Sunny" Balwani were charged with multiple counts of fraud, wire fraud, and conspiracy to commit wire fraud and conspiracy to commit wire fraud. They pleaded not guilty to the charges.
• Following the controversy and legal challenges, Theranos faced financial difficulties and significant reputational damage. The company ultimately shut down in 2018.
• Elizabeth Holmes was awaiting trial on criminal charges related to the alleged fraudulent activities at Theranos. The trial was scheduled to take place in 2022.
• Elizabeth Holmes' story has been the subject of extensive media coverage and has sparked discussions about issues such as corporate governance, medical technology, and ethics in the business world.

Elizabeth Holmes' rise and fall with Theranos is often cited as a cautionary tale about the risks of overhyping technology, the importance of transparency and accountability in healthcare, and the responsibilities of leaders in the business world. Her case continues to be of significant interest to the public, legal experts, and those involved in the healthcare and technology industries. Please note that there may have been developments in her case.