10 Largest Financial Frauds Of All Time
Kweku Adoboli is a Ghanian national and a graduate of Nottingham University. He was regarded as an important member of the UBS British investment arm. However, his success in the financial institution was cut short because he had engaged in various off the book activities. His activities include gambling away $2.3 billion in unauthorized trades. During his stint in UBS, Adoboli had manipulated financial records and conceal all his losses. All the losses he incurred are over £1.5 billion, the biggest fraud in UK history. Adoboli was convicted and had received seven years imprisonment.
Barry Minkow started his ZZZZ carpet restoration company when he was just 21 years old. He was popular back then and was even a guest on the Oprah Winfrey Show. According to him, the value of his carpet business is around $110 million when it entered the stock market. However, in real life, 86% of the company was all non-existent. He had patterned his business with a Ponzi scheme. His fraud was discovered when one of his clients had uncovered the truth. Minkow was later charged to credit card fraud for defrauding investors of $100 million. He was sentenced to 25 years imprisonment but was released after seven years. Afterwards, he became a pastor but was charged again with stock manipulation and cheating the San Diego Community Bible amounting to $3 million dollars.