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--- biggest_scams [2021/09/13 04:34]
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+++ biggest_scams [2021/09/13 04:41] (current)
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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's co-founder and ordained Minister of Scientology, Slatkin had high-level ties in both Hollywood and the world of technology, including major figures like Greta Van Susteren and Giovanni Ribisi on his list of victims. He was imprisoned for fourteen years.[([[https://www.wsj.com/articles/SB101718484270953360|WSJ]])]
+===== Enron =====
+Like Keating in the 80's, the Enron brand has been used to represent Wall Street's corporate greed, white-collar thievery and powerless regulation in the early 2000s. The top brass of the energy company has built a vast network of accounts aimed at inflating earnings, covering debts and fooling regulators and investment companies alike. Once a Wall Street boy, the Enron stock peaked at $90.75 and fell to barely 26 cents per share. The stockholders lost 74 billion USD as a result of what was the greatest bankruptcy in history at that time. [([[https://www.investopedia.com/updates/enron-scandal-summary/|Investopedia]])]
+===== Tyco =====
+Dennis Kozlowski (Tyco CEO) and a number of key employees in 2002 were accused with fabricating reports using Enron-esque accountancy, lying to authorities and scamming hundreds of millions of dollars at its investors. They utilized the savings to support the prolific life of a $6,000 shower curtain and umbrella stand, including cartooning. Kozlowski was imprisoned for 61⁄2 years and freed in 2015. [([[https://www.nytimes.com/2002/09/13/business/2-top-tyco-executives-charged-with-600-million-fraud-scheme.html|NYTimes]])]
+===== Worldcom =====
+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://www.investopedia.com/terms/w/worldcom.asp|Investopedia]])]
+===== HealthSouth =====
+HealthSouth was formerly one of the world's leading healthcare corporations but was a sticky bank for its leaders between 1996 and 2002. Top managers have carried out $2.8 billion in fraud based on the same accounting techniques that have been permitted to hide for so long by Enron, WorldCom and Tyco. For their part in covering up debt, exaggerating revenue, reporting fraudulent reports and, like their contemporaries, making unrecovered gains to fund abominably prickly lives, Richard Scrushy and other key officials were condemned to jail. [([[https://www.cfo.com/fraud/2017/03/two-cfos-tell-tale-fraud-healthsouth/|CFO]])]
+===== Fannie Mae =====
+At the height of the 2006 housing bubble, the mortgage giant Fannie Mae was forced to pay $400 millions for its leaders' shares, including the handling of the company's accounting, payment of undeserved maximum bonuses and conspiratory cover-up. During the next several months, Fannie Mae would play a major part in America's perhaps worst swindle – the recession in 2008 and the lending and investment practices it prompted. [([[https://www.nytimes.com/2006/05/23/business/23cnd-fannie.html|NYTimes]])]
+===== War Dogs =====
+At the time of their massively $300 million government bidding for acquiring more than 100 million rounds of weapons to supply the US-backed rebels of Afghanistan, David Packouz and Efraim Diveroli were two ambitious young arms merchants in the early 1920s. By breaching their contract, and buying cheap Chinese-made ammunition, the duo drastically enhanced their earnings, a fact which the couple understood and had been covering up. [([[https://www.bustle.com/entertainment/where-are-the-real-war-dogs-now-david-packouz-efraim-diveroli|Bustle]])]
+===== Bernie Madoff =====
+In 2008 Bernie Madoff fell by grace following the plan of Ponzi that ended all Ponzi schemes, little less than 90 years after Charles Ponzi became renowned for his name. Madoff, on the other hand, managed for decades to maintain his financial juggling action beginning in the 1970s. Formerly regarded to be one of the largest investors in the world, Madoff pled guilty in 2009 to designing the world's largest Ponzi scam, which raised $19 billion, much of the savings of his close family and friends, with Madoff now in prison serving a 150-year sentence. [([[https://www.bloomberg.com/news/articles/2018-12-11/the-bernie-madoff-ponzi-scheme-who-s-where-now|Bloomberg]])]
+===== Fyre Festival =====
+In recent news, the Fyre Event was a disastrous documentary by Netflix that reveally shows the interior workings of the disaster in 2017, which was charged for industry elites and VIPs as a costly and ultra-luxurious music festival. Instead, visitors were stuck in the Bahama in filthy and raw lodges with severe supply shortages and, most memorably, cold cheese sandwiches, because of misleading advertising, overpromising marketers and a comedy of mistakes. Billy McFarland, the founder of the event, was sentenced to six years' imprisonment. [([[https://www.businessinsider.com/fyre-festival-expectations-vs-reality-2017-4?IR=T#instead-guests-ended-up-waiting-for-hours-at-the-airport--9|Business Insider]])]

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