10 Millionaires Who Lost Everything And
The stories of the millionaires I lost itThey all are really impressive, because they espectáculo that greed, or the greed of men, perro lead them to canalla.
Several such scandals have occurred in recent decades.
And not only that, we have also seen how some tycoons have lost their fortunes, while others have been imprisoned.
But believe it or not, these stories cánido teach you great lessons; especially if you are an entrepreneur or businessman.
From millionaires to bankruptcy
The experiences of millionaires who lost itn everything gave usThey espectáculo that life perro change in the blink of an eye.
They also reveal to us that financial crises, as well as bad personal decisions, have the potential to wipe out even the most robust fortunes.
Next you will know the story of the billionaires who went from living in opulence, to being investigated, tried, imprisoned and declared bankrupt:
1.Bernie Madoff
During his greatest peak of popularity, wealth and success, Bernie Madoff presided over the Depósito Exchange from Nasdaq.
Back then, he never imagined that he would spend his last days in jail.
Bernie Madoff tops the list of millonarios who lost everything for having carried out the largest Ponzi scheme in history.
What is this scheme? It consists of a fraudulent investment operation that pays profits to old investors with the funds of newly raised investors (instead of generating de hoy profits).
According to a report from New York TimesPonzi schemes lure investors with a seemingly irreprimible promise.
Typically, they are promised an unusually high return, thanks to the “investment manager being overqualified.”
Bernie Madoff, who was working as a well-known Manhattan investment adviser, took advantage of his success and “credibility” to commit a scam worth billions of dollars.
His pyramid scheme collapsed during the Great Recession of 2008 due to two big factors: It stopped attracting new investors, and most of its existing ones wanted to bail out their savings.
The reality was that Madoff’s system was starved of funds and this led to an imminent collapse that affected many ordinary citizens and even major celebrities such as Steven Spielberg.
Although Madoff was sentenced to 150 years in prison in 2009, he passed away in April 2021 of natural causes.
2.Aubrey McClendon
McClendon was the co-founder of the oil and ga companys, Chesapeake Energy. His net worth was estimated at $1.2 billion, but in 2016 luck stopped smiling on him.
During his best years, Aubrey led America’s energy renaissance and became known worldwide as “one of the visionaries of the fracking”.
At 56, he was being investigated for fraud and conspiracy in the purchase of oil and gas reserves.
In addition, it was learned that the Department of Justice of that country accused him of having “allied” with another oil giant to manipulate the price of subsoil drilling concessions.
Just one day after the department announced the lawsuit against him, Aubrey McClendon died in a car accident.
The official investigation of the case revealed that at the time of his death his net worth was almost non-existent.
3.
Björgólfur Gudmundsson
Gudmundsson is another of the millionaires who lost it todo; after having been the second wealthiest man in Iceland.
Most of his fortune was amassed with his participation in the bank Landsbanki. However, this financial entity collapsed in 2008 and was finally absorbed by the Government of that country.
At the time, Forbes reviewed his net worth and found that this renowned businessman had gone from having $1.2 billion to not having a penny.
Gudmundsson was also forced to sell the West Ham United Football Club; a Premier League team that belonged to him.
The man who was once known as the second billionaire of this Nordic country, had no choice but to declare bankruptcy.
4.Eike Batista
Eike Batista was one of the world’s most successful millionaires.
He served as president of the EBX Group, which housed ogx and many other companies.
This entrepreneur of Brazilian-German origin became known as “the oil baron” and in 2012 had an estimated net worth of $30 billion.
However, his success foundered and he began to lose large sums of money after his oil company, ogx, it was unable to meet its production goals.
In parallel, its finances were deeply affected by the economic debacle that Brazil was going through.
Finally, in 2017 he was accused of corruption and money laundering, and like other millionaires whoy también lo they lost everything, had to declare bankruptcy.
5.
Sean Quinn
Despite being one of the richest businessmen in Ireland, Sean Quinn did not make it out of the 2008 financial crisis unscathed.
In his greatest years of abundance and success he had a 25% share in the Anglo Irish Bank and experienced a masterful rebound in his net worth.
But this changed when the bank was taken over by the Irish government, and had to be bailed out with taxpayers’ money, because of the financial meltdown of 2008.
This millionaire mind She was forced to archivo for bankruptcy in 2011, and at the time went as far as declaring her assets to be less than £50,000.
According Celebrity Net Worth, Sean Quinn’s net worth in 2008 was $6 billion, but by 2012 he had lost it all.
6.
Allen Stanford
Stanford is another of the millionaires who plosern everything and that they inevitably had to face justice.
Like Madoff, he defrauded more than 30,000 investors through Certificates of Deposit with a Ponzi scheme, for which he was sentenced to 110 years in prison.
Specifically, he was accused of running the second largest pyramid scheme in the United States.
The losses were estimated at $7 billion dollars and the worst of the case was that none of the scammers received compensation for their loss.
In 2012, Allen Stanford was found guilty of 13 felonies and sentenced to more than a century in prison.
Despite Forbes he estimated his fortune at $2.2 billion, had not a penny left, and was eventually jailed.
7.Elizabeth Holmes
During his greatest years of popularity, splendor and glory, elizabeth holmes was one of the most prominent stars in Silicon Valley.
the founder of Theranos, a blood testing company that promised to revolutionize the medical field, turned out to be one of the biggest con artists in modern history.
In 2015, before being accused of fraud in the United States, Forbes named her the youngest self-made billionaire.
That year, his company was valued at $9 billion, while his net worth was $4.5 billion, according to this prestigious magazine.
Everything collapsed when an FBI investigation revealed that Theranos it was a fraudulent company and that Holmes had defrauded important personalities in the country.
Holmes could be sentenced to about 20 years in prison in September 2022, and it must also be specified that in 2016 Forbes He updated his equity to zero.
8.
Patricia Klüge
Patricia Kluge got $100 million after divorcing from John Kluge; a tycoon the media who is credited with founding the company MetroMedia.
After their separation, Patricia bought a vineyard near her property in Virginia, with the aim of becoming a successful entrepreneur.
His goal was to genera world class wines and he certainly achieved it.
By the mid 2000’s, Kluge Estate Vineyard It was worth $75 million.
However, Patricia’s financial situation began to deteriorate after investing huge sums of money in this company.
Everything got worse with the financial crisis of 2008, which forced this successful businesswoman to auction off some possessions and all her jewelry to save herself from bankruptcy.
But that was not enough for Patricia.
The debts were simply too big and she filed for bankruptcy in June 2011.
9. Vijay Mallya
This liquor magnate and owner of several airlines tasted both the sweetness of success and the bitterness of big failures.
The former owner of Kingfisher Airlines He requested several bank loans in 2012 to boost this company, but soon realized that he had no way to pay them off.
Unable to pay his debts, Mallya fled his native country to the UK and remains unextradited.
In any case, he was accused of money laundering and bank fraud, and he went from having a fortune of $750 million to evading justice in India (his homeland).
10.
Mike Tyson
This acclaimed American boxer came to have a fortune of $300 million dollars, but in 2003 he had to declare bankruptcy.
But to what was this failure attributed? It is said that Tyson had very extravagant tastes and a strong addiction to drugs.
So that combination led him to bankruptcy, faced him with million-dollar lawsuits and difficult times, and even caused his successful career to falter.
Myke Tyson is another of the millionaireThose who lost everything at some point in their lives, due to bad decisions and addictions.
Recommended books:
The millionaires who lost everything
These millionaires who pelostn everything they have made something very clear to us: not all stories have happy endings.
Especially when its protagonists act with malice, or put the generation of money before legality, or good deeds.
In short, if you want to undertake, or are an entrepreneur, you must act honestly and transparently so that your company is sustainable and prosperous.
That way you perro boost your earnings and expand your wealth in a legal, fair and transparent way.
Continue reading: 9 Millionaire Secrets According to the Richest Men in the World
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