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biggest_scams [2021/09/13 04:20] eziothekilla34 |
biggest_scams [2021/09/13 04:38] eziothekilla34 |
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- | Bayou Hedge Fund Group, established by Sam Israel III in 1996, soon attracted hundreds of millions of dollars in investments. The Fund was nonetheless a Ponzi program, and Israel formed an incorrect accounting company to audit Bayou with the aim of reassuring investors in order to avoid disclosing bad results. The jig was up after his customers were tampered with $300 million. In one of the most strange turns in the history of fraud, Israel has feigned suicidality. Israel was detained, convicted and sentenced to 20 years. He ran and was arrested immediately. | + | Bayou Hedge Fund Group, established by Sam Israel III in 1996, soon attracted hundreds of millions of dollars in investments. The Fund was nonetheless a Ponzi program, and Israel formed an incorrect accounting company to audit Bayou with the aim of reassuring investors in order to avoid disclosing bad results. The jig was up after his customers were tampered with $300 million. In one of the most strange turns in the history of fraud, Israel has feigned suicidality. Israel was detained, convicted and sentenced to 20 years. He ran and was arrested immediately. |
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+ | ===== Charles Forbes ===== | ||
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+ | While his fraud soon looks normal in the tide of corporate crime, Charles Forbes mastered what may have been the biggest accounting scandal in history back in 1998. Forbes, CEO of Cendant, a travel and real estate business that became Avis Budget, had been convicted of weaving a web of corporative falsehoods, which fooled investors and destroyed 14 billion dollars in a single day, and sentenced them to 12 years in jail. [([[https:// | ||
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+ | ===== Centennial Technologies ===== | ||
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+ | In 2000, a man called Emanuel Pinez received a jail term of five years and was forced to repay $150 million for the swindle by his firm, Centennial Technologies Inc. It was the lead performer on the New York Stock Exchange just four years earlier in 1996. Among other scams, earnings were exaggerated from a PC memory cardmaker, who once even sent fruit baskets at Christmas and gave the clients the gifts. Approximately 20,000 investors have lost 50 million dollars. [([[https:// | ||
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+ | ===== Reed Slatkin ===== | ||
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+ | In 2002, Reed Slatkin pled guilty to fifteen charges for a 15-year Ponzi regime that snapped 800 rich investors who had deposited about $600 million. EarthLink' | ||
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+ | ===== Enron ===== | ||
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+ | Like Keating in the 80's, the Enron brand has been used to represent Wall Street' | ||
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+ | ===== Tyco ===== | ||
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+ | Dennis Kozlowski (Tyco CEO) and a number of key employees in 2002 were accused with fabricating reports using Enron-esque accountancy, | ||
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+ | ===== Worldcom ===== | ||
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+ | In 2002, the WorldCom telecom company filed bankruptcy on account of its participation in the Enron crisis only one month after its auditor, Arthur Andersen LLP, was convicted. With simple but successful deception, the firm collapses and loss for investors after Tyco and Enron even faded. CEO Bernard Ebbers was condemned to 25 years' imprisonment by WorldCom executives who exaggerated revenue and cash flow with a list of costs for investment. [([[https:// | ||
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+ | ===== HealthSouth ===== | ||
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+ | HealthSouth was formerly one of the world' |