5 Most Notorious White-Collar Criminals

Remember the Occupy Movement? In addition to making headlines, this grassroots political group also coined the term “the 99%” — and by extension, “the 1%.” Of course, the difference between the haves and have nots has long been headline-worthy. Perhaps that’s why white collar crime cases are so fascinating to us. Why would the country’s richest people risk their liberty and reputation to make even more money?

History’s 5 Most Notorious White Collar Crime Cases

Take a look at these notorious white collar criminals and see if you notice any trends!

1. Charles Ponzi

You could call this Italian-born swindler the O.G. of crowdfunding scams. After all, we still use his name to describe any investment scheme that generates high returns for older investors by profiting from newer investors.

After immigrating first to Montreal and then to the United States, Ponzi dabbled in criminal activity like high-interest loans and immigrant smuggling before dreaming up the eponymous get-rich-quick swindle.

In the late 1910s, Ponzi promised investors 100% returns within 90s days, and then paid them using the investments of other marks. He reportedly earned $250,000 a day this way — until his arrest in August 1920.

2. Bernie Madoff

Nearly a century later, the financier (and one-time chair of the Nasdaq) Bernie Madoff would use a similar crooked technique to bilk investors — this time to the tune of tens of billions of dollars.

Madoff used his reputation as a Wall Street wolf to defraud investors of capital, which he then used to pay off previous investors. His earnings make Ponzi’s quarter-million look like chump change: $100 mil per year in the late 1990s.

The modern-day Ponzi’s undoing? America’s 2008 financial crisis. The next year, Madoff pled guilty to 11 federal felony counts. He was sentenced to a 150-year prison term and ordered to forfeit some $170 million in assets.

3. Martha Stewart

The doyenne of decorating is known for her catchphrase “It’s a good thing,” and her surprising friendship-turned-profitable-business-partnership with rapper Snoop Dogg — but also for an insider trading scandal.

Stewart was never charged with insider trading for selling some 4,000 stock shares just a day before its price plummeted — a move authorities thought could only be due to an illegal tip from her stockbroker. Instead, she was convicted on charges of obstruction of justice and conspiracy. She served five months in prison, but ended up staging a highly successful comeback, and may even see her crimes pardoned.

4. Martin Shkreli

Shkreli is the so-called “pharma bro” who made headlines in 2015 when he hiked prices of a prescription drug by over 5000%. Earlier this year, he was sentenced to seven years in federal prison for securities fraud and conspiracy to commit securities fraud.

This came after he defrauded investors in two hedge funds and a pharmaceutical company, a white collar crime which netted Shkreli a cool $7.4 million.

5. Jack Abramoff

Lobbyist and businessman Jack Abramoff was not only convicted of mail fraud, tax evasion, and conspiracy to bribe public officials, but he dragged some 21 others down with him. Among those who were found complicit in the lobbying scandal — which scammed Native American tribes out of millions of dollars — were White House officials, a U.S. Representative, and Congressional Aides.

Abramoff pleaded guilty, was sentenced to six years, and served 43 months before being released.

Wrapping Up

What do you think? Was it pure greed that motivated these white collar crime cases? Or did these criminals just get too cocky? Let us know your thoughts in the comments!

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