Just a list of fraudster CEOs, Founders, and whatever, who appeared on the Forbes magazine covers, 30 under 30 lists, etc.
Name: Charlie Javice
Appearance: Forbes 30 under 30, 2019
Founded: Frank
Charlie Javice, the founder and former CEO of a student financial aid application assistance startup called Frank, faced accusations of fraud concerning the sale of her company to JPMorgan Chase for $175 million in January 2023. Following a lawsuit from JPMorgan, she was arrested on April 3, 2023, and charged with fraud in Manhattan federal court on April 4, 2023. Javice was released on a $2 million bond and pleaded not guilty to the charges of defrauding JPMorgan Chase.
Sources: Wharton graduate and startup founder Charlie Javice arrested on fraud charges, Who is Charlie Javice, the woman who duped Chase Bank?, Startup founder Charlie Javice pleads not guilty to charges of defrauding JPMorgan, Charlie Javice WikiPedia Page
Name: Sam Bankman-Fried
Appearance: Forbes 400, Oct 2021
Founded: FTX
Sam Bankman-Fried, the founder of the now-bankrupt cryptocurrency exchange FTX, was arrested in the Bahamas in December 2022 and later extradited to the United States, where he was released on a $250 million personal recognizance bond, with conditions including electronic monitoring and residing at his parents’ home in Palo Alto, California. He faced a trial beginning on October 3, 2023, on charges of fraud and conspiracy related to the collapse of FTX, and on November 2, 2023, was found guilty of stealing from FTX customers in one of the largest financial fraud cases, marking a dramatic fall from grace as his personal wealth once placed him among the ranks of cryptocurrency billionaires. His conviction is seen as a significant event in the cryptocurrency world due to the magnitude of the fraud involved.
Sources: FTX Founder Sam Bankman-Fried Convicted Of Fraud, Explainer: Sam Bankman-Fried: Who is FTX’s founder and why was he arrested?, What to Expect From the Trial of Sam Bankman-Fried, Sam Bankman-Fried convicted of multi-billion dollar FTX fraud, Sam Bankman-Fried trial: What charges was he convicted of over FTX’s collapse?
Name: Elizabeth Holmes
Appearance: Forbes 400, Sep 2015
Founded: Theranos
Elizabeth Holmes, the founder of the now defunct health technology company Theranos, was found guilty of wire fraud and conspiring to commit wire fraud on November 18, 2022, due to a blood-testing scam central to her startup’s operations. Following unsuccessful attempts for a new trial, Holmes reported to a Texas prison to commence her 11-year sentence on May 30, 2023. This case marks a significant instance of legal accountability within the tech entrepreneurial sphere.
Sources: Where Is Theranos Founder Elizabeth Holmes Now? Her Reduced Prison Sentence And More, Elizabeth Holmes will start 11-year prison sentence on May 30 after losing her bid to remain free
Name: Adam Neumann
Appearance: Forbes Magazine Cover, Oct 2017
Founded: WeWork
Adam Neumann, co-founder of WeWork, witnessed his company’s valuation skyrocket to a staggering $47 billion, driven by an aggressive growth model and Neumann’s charismatic leadership. This meteoric rise, however, was short-lived as scrutiny during a planned Initial Public Offering (IPO) in 2019 laid bare the company’s unsustainable profitability and complex corporate governance, with much of the criticism aimed at Neumann’s leadership and questionable business acumen. His charm and grand vision convinced investors to pour money into WeWork, but his lack of a viable business model and dubious financial arrangements, such as a $500 million personal line of credit, fueled skepticism and ultimately led to a significant devaluation of the company. Following Neumann’s resignation in September 2019, WeWork’s valuation plummeted to around $10 billion.
Sources: The Delusional, ‘Culty’ Giant Behind WeWork’s $47 Billion Implosion, How WeWork Got Away With Spectacular Failure, The definitive account of how WeWork went from a $47 billion valuation to a basket case in just 6 weeks, A Look Into WeWork’s Failure