Learn more. These companies operated like banks, but without the regulations, and therefore made a series of bad investments, the main purpose of which was to enrich the corporate officers. List of the most notorious fraudsters ever. ICE Limitations. When an employee deceives his company, it is considered as employee fraud. Updated on: September 30, 2011 / 1:48 PM The mode of operation for such individuals is to contact victims posing to be someone from a government office or a company and trick them into providing information which can then be used to the fraudsters advantage. There was only one problem; Colonel Baker was a fictional creation and there was no inheritance. Frank Abagnale’s life story inspired the film Catch Me If You Can. Ironically, fellow-fraudster Michael Milken, who was also convicted, managed to retrieve his reputation after a sort, and is now a philanthropist, respected by those who have short memories. For this report, our professionals completed a detailed questionnaire about 750 fraudsters, based on what we learned during our investigations. Powered and implemented by FactSet. Read ahead to see CNBC.com's list of famous fraudsters, con artists and scammers, many of whom remain legends. READERS: Do you think at least somebody from Wall Street ought to be in prison? It might shock you to find out that the largest, most influential bank in the world at the time ran large debts due to the family’s obscenely expensive lifestyle and poor management skills, failing after a 97-year rule. Rather than a modest 5% profit, he claimed the coupons would produce a 50% profit in only 45 days. When investors actually received what Louisiana was like, shared plummeted. By Daniel Bukszpan Posted 1 … Fraudsters sowing discord to stop countries from fulfilling important vaccination programmes could have a similarly devastating impact. He convinced investors (including the French government) to back his development scheme. Once a darling of the Wall Street, Enron was formed by Kenneth Lay after successfully merging two of the biggest energy companies in Texas, Houston Natural Gas and InterNorth in 1985. Holmes was sentenced to death for the murder of his accomplice Benjamin Pitezel but confessed to 27 murders and might have killed almost 200 people. As a result, investing his firms became quite the social norm among the well-heeled. ‘The fraudsters reportedly used previously stolen identities to set up the fake firms, lending them an air of credibility and a certain resistance to scrutiny.’ ‘The result was a two-tier system in which some white-collar fraudsters escaped justice, while blue collar fraudsters were prosecuted.’ There are several instances where fraudsters have deceived people through telemarketing system and online dating sites. His life inspired the book, American serial killer H.H. That was certainly the case with Cardinal Prince de Rohan, who was so convinced that he was having an affair with Queen Marie Antoinette (pictured), that he arranged for her to purchase, on her line of credit, a diamond necklace worth six million livres. There is one huge difference, though, between the Great Wall Street Ripoff and the all the rest of these history-making scams. They love to cast their nets wide in order to make a large, sizeable catch. He was a con man, imposter and did check forgery from the age 15 to 21. The scandal brought down Enron and it's laughably incompetent "auditors" the Arthur Andersen accounting firm, and resulted in the Sarbanes-Oxley act, whose main purpose is to make it financially difficult for small companies to issue stock. Unfortunately, ZZZZ Best didn't really exist, didn't have any contracts, and had originally been funded through a series of credit-card thefts. Charles Ponzi discovered that he could purchase postal coupons at a discount, ship them abroad ,and sell them for full price. What's fun about that fact? Fraudsters exploiting Covid-19 fears have scammed £1.6m Criminals are escalating activity that targets the vulnerable, analysts have said Coronavirus – latest updates Ponzi fled the country and eventually died in abject poverty. One of them was John McCain. These list of people who were mentioned above rose against all odds to be where they are and in their various countries, they are holding the economy into a balanced state. As a result, government regulation was promptly tightened, and then promptly untightened, since the financial industry essentially owns the U.S. government. Smith and his cronies collected nearly $25 million before the swindle was shut down in 1936. Fun fact: Boesky is the prototype of Gordon Gecko from the movie Wall Street. Fun fact: Fortune magazine named Enron "America's Most Innovative Company" for six consecutive years, thereby proving that Fortune magazine is written by idiots. History is full of scams and frauds that removed billions of dollars from the pockets of investors and destroyed entire economies. Finally exposed in 1987, the stock dropped to zero, and Minkow landed 25 years in prison. In the 1920s, Ivar Kreuger, who owned banks, film companies, newspapers, mines, telephone companies, and railways, decided to form a monopoly to control all the world’s safety matches. Fun fact: A similar scam is pulled on folk with the last name Drake, inheritors of the Elizabethan explorer who discovered San Fransiciso bay. Google Ads, the friend of online fraudsters, pushes sham websites to the top of search results. In 1494, the most powerful bank in the world failed and it as owned by the Medici family who has its own show on Netflix these days. Top 10 Fraudsters in Nigeria 2020 and the Crimes they Committed. Never underestimate the power of social pressure. When caught, de la Motte was sentenced to be stripped naked in public and branded with a hot iron. Top 10 Fraudsters in Nigeria: Over the years, the rate of fraud keeps increasing in Nigeria. Shares in his company skyrocketed and French currency increased in value, since it was widely believed France would gain a mountain of gold and silver from what was then only a swampy backwater. Mark Thatcher is the son of former Prime Minister of the United Kingdom, Margaret Thatcher. Legal Statement. When the epynomous scheme finally blew up, investors lost nearly $10 million. world; breaking news; Bank card fraudsters jailed in UK. Top 10 Fraudsters in Nigeria: Over the years, the rate of fraud keeps increasing in Nigeria. Fun fact: Madoff claims that most of the bankers through which he worked knew that he was pulling a scam, but said nothing. Internet fraudsters in Ghana have their own subculture called the Sakawa boys renowned for partying and conspicuous consumption. We added new questions in the third survey to learn more about the types of people who Fraudsters intentionally deceive people for personal gain and commit fraudulent acts by lying to their victims. In which case, it's freakin' hil-ar-i-ous!!! International banks begged him to let them invest, not knowing that his many companies existed only on paper, profitable only because they were invested in each other. For the major part of his career as a businessman, Thatcher was accused of using his mother's position to gain an upper hand, especially in the Al-Yamamah arms deal. Fun fact: The first offical act of the real emperor who "deposed" Julianus was executing the guards who ran the scam. When the scheme became public, shares collapsed, leaving many of his posh pals penniless. He was eventually arrested and after spending few years in prison started working for the federal government. ), Baker's heirs formed a legal association, open for a small fee to anybody with the last name "Baker", to pool their resources for the legal battle to recover their share of their rightful inheritance. In 2005, he was convicted for funding the 2004 Wonga Coup in South Africa. Matt the Knife, American con artist, card cheat and pickpocket; from age approximately 14 through 21, stole from dozens of casinos, corporations and at least one Mafia crime family. Barry Minkow was the wunderkind of Wall Street when he brought his company public. News provided by The Associated Press. Copyright © 2021 CBS Interactive Inc. All rights reserved. ... world's richest person. Hong Kong has the third-highest rate of risky e-commerce transactions in the world so far this holiday season, research by TransUnion found. To see more, email me through my website: GeoffreyJames.com. Dr. Abdu is an Associate Professor of Orthopedics and of The Dartmouth Institute Medical Director at Dartmouth-Hitchcock Medical Center. Dr. William A. Abdu, M.D, M.S. Also Read: Top 10 Countries That Produce the Most Doctors. Unfortunately, the guards had sold something that didn't belong to them, a classic, if simple, financial fraud. Unfortunately, Rohan was, unbeknownst to him, actually having an affair with a prostitute dressed up as the Queen, a ruse conducted by his (former) mistress, courtesan/countess Jeanne de la Motte, who hoped to make away with the necklace herself. Fun fact: In his heyday, Barry Minkow was a featured guest on Oprah Winfrey's TV show! Shares in ZZZZ Best, an industrial rug cleaning firm, exploded in value, creating a company with a stock valuation of $200 million. Fun fact: When Whitaker heard he'd been convited of fraud, he took cyanide pills and died within minutes. However, whether it is as a result of unemployment, bad economic or greed, the consequences is always devastating. Scammers have been able to dupe innocent people through online dating, phishing and also sale of non-existence products. See if you can figure it out, before you get to the end of the gallery. Maybe if enough people read this post, they'll get angry enough to demand action. Despite the fact that the CEOs of the financial institutions repeatedly lied to investors and profitted mightily from the fraud, it appears as if nobody will serve a single day in jail. The actual assets of the erstwhile $200 million firm -- a few trucks and some cleaning equipment -- were sold for $64,000. The list includes names like Anna Delvey, H. H. Holmes, Frank Abagnale, Henry Hill and Ross Ulbricht. Also, internet fraud has become a business in Nigeria. Getting personal information by offering financial products is another way through which fraudsters conduct their operation. Criminals, in general, are like fishermen. Few moguls of the roaring twenties roared louder than Ivar Krueger, who owned banks, film companies, newspapers, mines, telephone companies and railways. Why buy the Brooklyn Bridge, when there's something even cooler on the market? He assumed the identities of an airline pilot, a physician and a lawyer, among others. The fraud, perpetrated by several large financial firms, consisted of selling fraudulent mortgage-backed securities, thereby creating a financial bubble. As such, the Great Wall Street Ripoff represents the final and complete victory of the fraudsters over attempts to restrain them by law. Fannie Mae paid the SEC $400 million in 2006 to settle charges of misstating financial statements from 1998 through 2004. However, the fact that Madoff was able to keep the scheme going for so long is ample testament to the fact that the U.S. government -- despite repeated scandals, frauds, ripoff, hoaxes, and general fancy mischief -- isn't really serious about regulating the financial sector. Fun fact: Unlike ALL the other previous frauds in this post, The Great Wall Street Ripoff is going entirely unpunished. With the documentary  Inside Job winning an Oscar, you'd think that massive financial fraud is a modern invention. Top 14 Financial Frauds of All Time The Diamond Necklace Hoax (1785) The Diamond Necklace Hoax (1785) It's been said that few creatures on this earth are more gullible than a horny priest. The SEC even investigated his operations and failed to find anything wrong, even though the impossibility of his business model was staring them in the face. LONDON'S Old Bailey has jailed a gang of Romanians who stole STG16 million worth of bank card details from more than 60,000 people. When charged with insider trading, Boesky cooperated with the SEC, and recieved a negotiated sentence of only 3.5 years (and only 2 of which were served.) TOP 10 RICHEST PRESIDENTS IN THE WORLD; TOP 10 RICHEST YOUTUBERS IN THE WORLD; CONCLUSION ON THE RICHEST BANKERS IN THE WORLD 2020. It's been said that few creatures on this earth are more gullible than a horny priest. Bernard Madoff, creator of a $65 billion Ponzi scheme, the largest investor fraud ever attributed to a single individual. Keating and crew never told their investors that they were investing in worthless junk, and Keating was eventually arrested and convicted of securities fraud. Ivan Boesky amassed a fortune of more than $200 million by betting on corporate takeovers, many of which occurred only a few days before the announcement of the acquisition. Tricks like advance-fee frauds are very common to deceive people. India, ranked No. Compared to the havoc wreaked by Greenspan's course of deregulation, Madoff's ponzi scheme was chickenfeed, involving a measly $18 billion. Market data provided by ICE Data Services. In 1839, one Colonel Jacob Baker died, leaving an estate that comprised most of the land where the city of Philadelpia is located, a tract worth up to $3 billion. IMPORTANT: Enjoy this post? (Score one for big business!). This post contains some of the most memorable. Tag: Richest Bankers In The World 2020 The scam began to fall apart in the great crash of 1929 when investors wanted to cash out, but he managed to hold on until 1932. UK tax authority HM Revenue and Customs (HRMC) has issued its annual report of top financial crimes of 2019, while also boasting that its fraud investigations have led to more than 600 people being convicted for their part in tax crimes during the past year. In most cases, the fraudsters target the IP address of the business to hack into their accounts and steal the money. Fun fact: After fleeing the U.S., Ponzi became financial advisor to Benito Mussiolini, where his bungling hastened Il Duce's decline. After the fall of communism, Romania slumped to poverty and corruption. The only advantage of financial meltdowns is that they smoke out fraud. Top Fraudsters and Financial Crimes of 2019 in the UK Eco-investment scheme tops list of more than 600 convicted frauds. Doing business in these nations also involves risk and you need to take care of the online delivery channels to have safe and seamless business experience. fraudster definition: 1. someone who gets money by deceiving people: 2. someone who gets money by deceiving people: 3…. When "Count" Victor Lustig discovered that the famous Eiffel Tower was in need of repairs, he faked some government papers showing that he was authorized to sell the tower for scrap metal. Martin Shkreli, founder and former CEO of, Henry Hill was a mobster from New York’s Lucchese crime family, who later testified against his former associates. fraudsters around the world. The fraudsters also attack their victim’s computers to get the private data which can help them access personal and financial information relating to their victim’s. The new "emperor" was never recognized as such and was quickly deposed. Law narrowly avoided being lynched, escaping only by disguising himself as a beggar. Only at Word Panda dictionary He was also  fined $100 million, a fraction of his ill-gotten gains and was permanently barred from working in the securities industry. When he tried to form a monopoly to control manufacturing and distribution of all the world's safety matches, few questioned he'd succeed. 25 overall, joins the top 25 Best Countries moving up two spots from 2019. Over years Romania has built a reputation over internet scams that have been successful. Top 10 Fraudsters in Nigeria 2020 and the Crimes they Committed. And they have not spared the World … Live Updates: Democrats unveil impeachment charge against Trump, Acting Homeland Security chief resigning, citing court battles, FBI warns of armed protests across the country, U.S. reports deadliest week in fight against COVID-19, Climate change to blame for billions in flood costs, study says, 2 NBA games postponed as league considers health protocol update, Morale deteriorates among Capitol police after riot, Supreme Court declines to fast-track election-related disputes, Companies target lawmakers who tried to block Electoral College, House Democrats unveil impeachment charge against Trump, Nancy Pelosi describes the assault on the U.S. Capitol, 2 men allegedly pictured carrying zip ties in Capitol arrested, Trump plans to resume official duties amid growing calls for his ouster, Another Capitol Police officer who responded to attack has died, Chaos at the Capitol, as seen by allies and adversaries around the world, State lawmaker who filmed himself storming Capitol resigns, California Privacy/Information We Collect. He managed to get not one, but two scrap metal dealers to come up with a total of over $200,000 in bribes to throw the multi-million dollar contract their way. When the bubble burst, the resulting crash destroyed trillions of dollars of real investment, threw most of the world into a crippling recession, and created massive unemployment. Top target victims of mobile money fraudsters. Fun fact: Five senators were implicated for providing political cover to Keating and his cronies. Under the leadership of William Cameron Morrow Smith (pictured? Romanian internet scam artists use some tried methods to con you, it’s not always A- list but it always works. Ken Lay was the hapless CEO of Enron, a company that employed approximately 22,000 people and claimed revenues of nearly $101 billion in the year 2000. Unfortunately, while his companies looked solvent on paper, they were really only lending money to one another in order to balance the books. If so, click the LIKE button on the top of this post. Here here is the list of top 10 doctors around the world: 1. Financier Whitaker Wright put pretigious figurehead names -- lords and ladies, mostly -- on the boards of directors of his companies. The World Bank forecasts that a global pandemic would have an equally disastrous effect on the 21st-century world economy. With growing emphasis on digital transaction and increasing trend of online sales, credit/debit cards have become new tools for fraudsters. In such cases, fraudsters offer victims a large amount of cash as a return of a specific amount of money deposited to them. International banks begged him to let them invest, not knowing that his many companies existed only on paper, profitable only because they were invested in each other. Well, think again. Nothing, unless you're one of the criminals who pulled it off. Online shopping is an area where fraudsters make customers their victims very easily. / CBS NEWS. Google 'Google doing very little to vet advertisers' - consumer finance campaigner. How fraudsters dupe the art world A major criminal enterprise is proving tricky to prosecute By Zoe Schiffer @ZoeSchiffer Oct 16, 2020, 12:31pm EDT Few fraudsters have been as brazen as Charles Keating, the most visible of a cadre of corporate officers running a number of huge Savings and Loan institutions. This […] AI will now watch for fraudsters on the world’s largest stock exchange. However, whether it is as a result of unemployment, bad economic or greed, the consequences is always devastating. If you Can figure it out, before you get to the United States, his! Country and eventually died in abject poverty whether it is regarded as government fraud was... To Keating and his cronies collected nearly $ 10 million years Romania has a... Not always A- list but it always works area where fraudsters have deceived people telemarketing. 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