Forbes, the most popular and trusted magazine for those who are in the top 1% or are making it through to the top 1%. The magazine comprises of world’s most known names and probably the most elite names.
Every year Forbes releases a magazine, 30 under 30 list. The individuals on this list have grown into billionaires, cultural ambassadors, and tech titans over the past 13 years. However, Forbes broke the trend this year and made a new list called “Forbes’ Hall of Shame” List. The names encompasses all of those heroes who were dethroned because of criminal offences.
The magazine brand has basically described their newest piece as the ‘top 10 most dubious people ever to feature in the magazine’. The people who have been featured in the infamous list are :
Sam Bankman-Fried : Sam Bankman-Fried was once heralded as the prodigy of the cryptocurrency realm in the early 2022 with his Bahamas-based cryptocurrency exchange FTX and its U.S. operations valued at $40 billion. However, he has recently been found guilty on seven counts of fraud and conspiracy linked to his cryptocurrency exchange. He is now confronted with the prospect of a 10-year prison sentence, as per TOI.
Sam Bankman-Fried of FTX.
Caroline Ellison : Caroline Ellison, who Forbes once referred to as “another FTX casualty,” recently pled guilty to charges of conspiracy and wire fraud. Ellison is accused of arranging the billion-dollar transfer of FTX clients’ funds to mitigate losses incurred by its affiliated entity, Alameda Research.
Paul Nate : Paul Nate is the man who founded World Class Capital Group and who previously built an empire in real estate worth at almost $1 billion in 2017. He is currently going through a legal process. Paul was accused of eight counts of deceptive practices in providing false information to lenders. Following that, he was charged with four more counts pertaining to accusations of fraud and conspiracy.
Charlie Javice : Charlie Javice, the founder and former CEO of Frank, a startup that helps college students get financial aid, was inducted into Forbes’ Hall of Shame. She is accused of distorting the size of her company in order to avoid being indicted on fraud charges.
Charlie Javice, founder of Frank, center, arrives at federal court in New York on Tuesday, June 6, 2023.
Martin Shkreli : Considered the most infamous person on this list, Shkreli goes by the moniker “pharma bro.” He became known as the “most hated man in America” after his business acquired the manufacturing license for the antiparasitic drug Daraprim and implemented an exorbitant price increase of 5,455%.
Steph Korey : She is the co-founder and CEO of the luggage company Away. Allegations have been made against Korey for allegedly intimidating her co-workers and creating a hostile work atmosphere.
Lucas Duplan : In 2014, Lucas Duplan raised $30 million for his mobile payments firm, Clinkle, but he was unable to produce a workable solution.
Lucas Duplan and his investor and British Billionaire, Richard Branson.
Phadria Prendergast : The ousted editor-in-chief of ‘Women of the City Magazine,’ Phadria, is accused of trading coverage for cash. Moreover, 11 former clients have also come forward, claiming that she absconded with almost $195,000 of their funds.
O’Keefe James : The CEO and chairman of Project Veritas is under fire for allegedly embezzling donor funds and using it for personal expenses, such as a private plane trip.
Forbes made a list out of the infamous titans but why is fraud and financial crime so common in USA?
All of the afore-mentioned people have one thing in common all of them are Americans and they are based in America. The States are popularly known for rich lifestyle and the ‘American Dream’.
Experts and Analysts have revealed that most number of fraud and financial crime cases are registered in the USA. The ironic revelation is that the country is also profound for having most number of billionaires.
The surveys and polls reveal that ‘due to unleveling greed’ and ‘god like syndrome’ Americans are most likely to commit such offences. Coming from a shaky background and making it to the Manhattan-high creates unnecessary arrogance and greed for more.
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