When it comes to financial fraud, it is considered to be a major crime in the world and thus life sentences have been awarded to the perpetrators. The list of such frauds is long, which have witnessed to a dreaded outcome of people involved in it. People from all sorts of background are seen committing these crimes and most of them remain on paper as big players in the market. Furthermore, the experts call financial fraud to be a serious white collar crime, which comes with the heavy punishment; however, the details of these frauds are simply stranger than fiction. Well, it would be interesting to catch the list of world most expensive scams as under:
Enron – The Company was based in Houston and had witnessed a mighty collapse in the year 2001 after it had witnessed some failed merger, which led to the largest US bankruptcy. Enron was seen committing a fraud with the overstating earnings. There are several executives, which were found guilty at numerous criminal activities from money laundering and justice.
Bernie Madoff – This man is still behind the bars against the decision of 150 years of federal prison when it turned out to be a security fraud. He was known as a respected investor till it came to light that he was operating Ponzi scheme, which squeezed 65 billion USD from his investors and rest is history. He was seen turning into authorities by his own two kids in the year 2008.
Cendant – The Accounting firm called Arthur Andersen was caught for being hand in glove with the Enron in its wrongdoing was prosecuted for the irregularities found during an audit of Cendant. This was the new group, which came into inception way back in 1998 and then merged with other groups like CUC International and the groups like HFS – Hospitality Franchise Services was known to have come out the fraud of not less than 500 USD. Alas, the company was divided into two groups – Avis, Century 21, and Orbitz, and Ramada.
Frank Abergnale Jr. – This man has an interesting story of fraud to share, which came to light with the movie released in 2002 having Leonardo DiCaprio playing his character called Catch Me If You Can. This man was seen with different avatars including that of a Doctor, Pilot and even University professor despite having no field experience in this domain. He was good in forging checks, licenses, IDs and passports and many more.
Jordan Belfort – This man was known as the big fraudster from Wall Street and to portray his fraud the Hollywood had made another film with DiCaprio at the center in a film called as “The Wolf of Wall Street.” This man had spent around 12 months behind the bar and when set free he was back on square one trying the same old art of conning people emerging as the biggest defrauded investors.
The list of most expensive scams fraudsters in this planet is huge, which incorporated millions and millions of dollar frauds and forgeries. Some of these are covered as above, while other still remain to be explored. Take your time to explore them.