It’s one of the most elite clubs in the world but those who become billionaires aren’t immune to losing it all again. These former one percenters prove it only takes a few wrong, and sometimes illegal, moves and it’s back to rock bottom.
The billionaires who went broke do not seem to have much in common on the surface. Most made their fortunes in different ways — banking, hedge funds, oil, biotech, and even umbrellas. They also hail from many different countries, including the United States, Brazil, Iceland, India, and others. Still, a great many of the billionaires have one key thing in common — they ran their own company with great success but lost their fortunes once they were caught breaking the law.
These former billionaires who lied to shareholders, cooked the books at their companies, or outright stole money from their investors often landed in prison. In fact, many corporate leaders ares still being caught committing crimes. Click ahead to read their stories.