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10 Billionaires Who Went Broke Very Soon
We bring you the list of 10 insanely rich people who went broke in a matter of seconds:-
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Allen Stanford
Former billionaire Stanford was charged on account of fraud for illegally selling US$8 billion in high-yield certificates of deposit in a massive Ponzi scheme. He was finally arrested in June 2009.
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Bernie Madoff
Bernard Lawrence Madoff is an American former market maker, investment advisor, and financier who is currently serving a federal prison sentence for offenses related to a massive Ponzi scheme.
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Elizabeth Holmes
Elizabeth Anne Holmes is an American businessperson who is the founder and former CEO of Theranos, a now-defunct company known for incorrectly claiming to have revolutionized blood testing using surprisingly small volumes of blood, such as from a fingerprick.
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Eika Batista
Eike Fuhrken Batista da Silva is a Brazilian serial entrepreneur who made and lost a fortune in mining and oil and gas industries. He engaged in a quest to promote Brazil's infrastructure with large-scale projects, such as the Porto do Açu, which eventually bankrupted his companies.
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Adolf Merckle
Adolf Merckle was an entrepreneur and one of the richest people in Germany. Merckle was also hit hard by the credit crisis of 2008 in which he lost about US$3.6 billion.
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Patricia Kluge
Patricia Kluge married John Werner Kluge, a German-American entrepreneur who was at one time the richest. The 2008 banking and housing crisis caused Kluge to default on her loans and she was forced to sell her Albemarle estate along with her every valuable possession.
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Huang Wenyi
Huang Wenyi is the chairman of the China Jicheng Holdings, a Hong Kong-based umbrella-making company, a 75 per cent stake of which is owned by him and his wife Chen Jieyou. In a recent stock market dip, his company's stock fell about 91 per cent in just two days, tanking US$1.9 billion off his personal wealth.
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Alberto Vilar
Albert Vilar is an American former investment manager who suffered from 2000 violent stock market sell-off. In 2005, Vilar was also arrested on charges of securities fraud.
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Sean Quinn
Sean Quinn, is an Irish businessman and conglomerateur. In 2008 he was the richest person in the Republic of Ireland, but in 2011 he filed for bankruptcy With multiple cases of liquidation litigation, corporate fines, and fraud.
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Vijay Mallya
Mallya is an India based business who fleed to the United Kingdom from India to avoid capture. Mallya, owner of Kingfisher Airlines ran up huge debts over the airlines, and as of now is a wanted criminal.
