View information about famous Scammers, Swindlers and Cheat Scandals here on famouslyscandalous.com Scammers, Swindlers and Cheat Scandals. You can view information about the famous Swindlers and other celebrity scandals. You can view by name or by scandal type. We also have included the most popular famous scandals.
Scammers, Swindlers and Cheats
- Scammers, Swindlers and Cheats
- Financial Crimes
The Bible says money is the root of all evil. It's definitely been fertilizer for some of the biggest scandals on record, as corrupt, greedy financiers cheated the public and others used information that was unknown to most investors to get the jump on some big profits.
Here's a Hall of Shame of some of the more famous cases.
The name sake of the financial swindle.
This is the guy whose name is linked with the 1920's scam in which initial investors reaped huge profits when they were paid exorbitant sums that were merely the initial investment of people who got in late. Eventually, the scheme collapsed because not enough new money was coming in. Ponzi went to prison.
Madoff brought an updated version of Ponzi's thievery to the late twentieth century and actually had some wealthy celebrities begging to get in on his action. Many ended up in financial traction, as total losses were estimated at 65 billion dollars. Madoff was sentenced to so many years in prison (150); he'll never be a free man again.
In the go-go 1980's, Milken made his name and millions as the "Junk Bond King". But he also got into big trouble for some nefarious dealings using insider information and ended up going to prison. After doing his time, Milken resurfaced and became known for doing humanitarian work.
Another of the 1980's vintage of inside traders, Boesky's fortune ballooned and then the balloon popped when authorities connected his insider trading dots. He too was outfitted for an orange jumpsuit.
The domestic diva was making big money legitimately through her TV and magazine properties but took some insider advice to sidestep a 45-thousand dollar loss. Martha was caught, fined $30,000 and additionally spent five months in prison and a two year supervised release. She did successfully return to her Domestic Diva empire after doing her time.