Look no further than this list of 8 corrupt billionaires who have served jail time
When we think of corrupt billionaires, most of us probably imagine shady politicians and businessmen who have managed to avoid jail time. However, there are a few corrupt billionaires out there who have not been so lucky and have ended up behind bars. From bribery and corruption charges to tax fraud and money laundering, these billionaires have done it all.
1. Michael Milken
Michael Milken is one of the most famous billionaires who have served jail time. He was convicted of securities fraud in 1990 and spent 22 months in prison.
Milken’s story is a fascinating one. He came from humble beginnings but quickly rose to the top of the investment world. His aggressive and innovative deal-making made him a legend on Wall Street. But it also led to his downfall, as he was eventually accused of illegal insider trading and other debt scams.
While Milken has always maintained his innocence, he ultimately agreed to plead guilty to lesser charges in order to avoid a lengthy prison sentence. Since his release from prison, he has worked hard to rehabilitate his image and give back to society through philanthropy.
Despite his criminal past, Milken is still one of the most successful and influential businessmen in the world. His story is a reminder that even billionaires are not above the law.
2. Wong Kwong Yu
Wong Kwong Yu is one of the billionaires who have served jail time. He was convicted of insider trading in 2008 and sentenced to four years in prison.
While some may see his story as a cautionary tale, Wong is actually an example of how Billionaires Who Have Served Jail Time can still be successful. After his release from prison, he started a new company and is now worth an estimated $1.3 billion.
So, what can we learn from Wong Kwong Yu’s story? First and foremost, it’s important to remember that even billionaires who have served jail time can come back and be successful. If you have the drive and determination, you can overcome any obstacle. Secondly, Wong’s story is a reminder that even if you make mistakes, it’s never too late to turn your life around. If you’re willing to learn from your mistakes and work hard, you can still achieve your goals.
So, if you’re ever feeling down or like you’ve made a mistake that you can’t fix, remember Wong Kwong Yu and his story of overcoming the odds. Billionaires who have served jail time are proof that no matter what life throws at you, it’s always possible to come out on top.
3. Curtis Johnson
Curtis Johnson is one of the billionaires who have served jail time. He was convicted of insider trading in 2001 and served two years in prison. Despite his conviction, Curtis Johnson remains a successful businessman. He is the founder and CEO of the hedge fund firm Cascabel Management. As of 2019, his net worth is estimated to be $1.9 billion.
Though Curtis Johnson’s crime was serious, he is not the only billionaire to have served time in jail. Other notable billionaires who have been convicted of crimes include Bernard Madoff, Allen Stanford, and Oleg Deripaska. Each of these men has been jailed for their involvement in large-scale financial fraud schemes.
While serving time in prison may seem like the end of the world for a billionaire, it does not have to be. In fact, many billionaires have been able to successfully rebuild their businesses and fortunes after serving their sentences. With hard work and determination, anything is possible – even for a convicted felon.
4. Thomas Kwok
Thomas Kwok is one of the billionaires who have served jail time. He is a former co-chairman of Sun Hung Kai Properties, one of the largest real estate developers in Hong Kong. In 2014, he was sentenced to five years in prison for conspiracy to commit bribery.
While serving his sentence, Kwok continued to maintain his innocence, claiming that he was the victim of a “conspiracy” by others. Nevertheless, he remained behind bars until 2019, when he was released on parole.
As of 2020, Thomas Kwok has a net worth of $1.3 billion. Despite his legal troubles, he remains one of the richest people in Hong Kong.
5. Ding Yuxin
Ding Yuxin is one of the billionaires who have served jail time. She was sentenced to 18 years in prison for her involvement in a corruption scandal. Billionaires who have served jail time are a rare breed, and Ding Yuxin is one of them. Here’s why:
Ding Yuxin was convicted of taking bribes totaling over $20 million. She was also found guilty of embezzlement and abuse of power. As a result, she was sentenced to 18 years in prison and ordered to pay a fine of $29 million.
Ding Yuxin is one of the few billionaires who have actually served jail time. This is because, generally speaking, billionaires are able to get away with crimes by using their wealth and influence to avoid punishment. However, Ding Yuxin was not able to do this, and she is now paying the price for her actions.
While it is certainly true that Ding Yuxin’s case is a rare one, it does show that even billionaires are not above the law. If you break the law, you will be punished, regardless of how much money you have.
6. Alfred Taubman
Alfred Taubman is one of the billionaires who have served jail time. He was convicted in 2003 of price-fixing in the auction business. He served 10 months in prison and was fined $7.5 million.
While most billionaires have their wealth tied up in assets or investments, Alfred Taubman’s primary source of wealth was his ownership stake in Sotheby’s, the international auction house. As Chairman of the Board, he oversaw a period of tremendous growth for the company.
However, federal prosecutors alleged that Taubman engaged in price-fixing with rival auctioneer Christie’s. The scheme allowed both companies to inflate prices and cheat customers out of millions of dollars.
7. Raj Rajaratnam
There are a number of billionaires who have served jail time and Raj Rajaratnam is one of them. He was convicted of insider trading in 2011 and sentenced to 11 years in prison. He was released in 2019 after serving 8 years.
Rajaratnam was born in Sri Lanka and moved to the United States at the age of 12. He earned a degree in economics from the Wharton School of Business and went on to work on Wall Street. In 1991, he founded the hedge fund Galleon Group. At its peak, the Galleon Group managed $7 billion in assets.
In 2009, Rajaratnam was charged with conspiracy and securities fraud. The government alleged that he had made $45 million by trading on inside information.
He is now a free man but his conviction will follow him for the rest of his life. Billionaires who have served jail time like Raj Rajaratnam have to live with the knowledge that their crimes have caught up with them and they will never be able to escape their past.
8. Bernie Ebbers
Bernie Ebbers is one of the billionaires who have served jail time. He was convicted of conspiracy and fraud in 2005 for his role in the collapse of WorldCom. He was sentenced to 25 years in prison but was released on compassionate grounds in 2014 after serving less than 10 years.
Ebbers was born in Mississippi in 1941. He started his career as a milkman and then became a truck driver. In the 1970s, he started a small telephone company with just a few hundred dollars. The company grew rapidly and eventually became WorldCom.
At its peak, WorldCom was the second-largest long-distance phone company in the United States. But the company collapsed in 2002 after it was revealed that Ebbers had used fraudulent accounting practices to inflate the company’s earnings.