10 Billionaires Who Lost All Of Their Money

from committing fraud to making plain old dumb mistakes we take a look through ten billionaires who lost all of their money number ten Sean Quinn this Irish businessman was the richest person in Ireland back in 2008 with a net worth of six billion dollars however a single bad decision brought him down to his knees in 2011 Quinn invested 25% of his family's wealth in the Anglo Irish Bank about 2.8 billion and made the grave mistake of borrowing the money from his own insurance company so during the recession Anglo Irish Bank collapsed and with it Quinn as he was submerged in waves of debt he could not pay number 9 Alberto Villar Alberto Villar is an American former billionaire who at one time was worth more than a billion dollars back in 2001 he was famous for his opera performing arts organizations and many educational institutes it's even claimed that he gave nearly two hundred and fifty million dollars to these arts however he lost his entire fortune when the tech bubble bursts through his investment firm Villar had been laundering money in addition to participating in securities fraud mail and wire fraud and investment adviser fraud this businessman is now serving a 10-year jail term for money laundering and numerous other frauds Alberto has clearly lost his wealth his freedom and the trust that people placed on him as a financial adviser number 8 Boozer golfer guðmundsson Gudmundson was a former football player that made a very good deal of money in the beverage business most of the money he made was as chairperson and owner of both the West Ham United Football Club and the icelandic bank Landsbanki he was the second person in Iceland's history to hit billionaire status unfortunately the Icelandic banking crisis in 2008 hurt a lot of wealthy men and women in the banking business he also had a number of bookkeeping offences that cost him a considerable amount of money to fight in the courts Forbes magazine listed Gudmundsson as one of the richest people in the world in March of 2008 and then valued him with a net worth of zero dollars by December of the same year number seven Patricia Cluj Patricia Cluj is not an entrepreneur she wound up controlling a hefty sum of money through marriage and of course divorce during the 1960's in London Cluj was working as a model and adult columnist when she met and later married John Warner clue her second husband the marriage lasted from 1981 to 1990 during a time when John Warner was the richest person in the United States Clues received 1 billion dollars as the result of her divorce from Warren and an additional 1 million dollars each year in Alamo Cluj decided to invest the majority of this money into a vineyard which was initially a success however Clews tried to expand her wine business too quickly and it ended up costing her millions when the company wasn't meeting her revenue expectations Cluj had to file for bankruptcy and sell her precious vineyard to none other than Donald Trump number 6 Sam Wiley Sam Wiley is an American businessman based in Dallas who employed tens of thousands of employees and made billions for the people who invested into his restaurant retail and tech companies Sam together with his brother Charles bought ranches and mansions in Aspen set up offshore trusts that would pay them millions for the rest of their lives and even made charitable donations of over 67 million dollars at the peak of his career Forbes estimated Sam's wealth to be in the region of 1.1 billion dollars today Sam Wiley is bankrupt because the IRS is after him for millions in unpaid taxes he owes the Secretary's and Exchange Commission millions because of hiding stock trades and offshore accounts and he also has to pay his wife FD sums annually after their divorce number five Anton slacker Anton Schleicher is or was a big name in Germany because this businessman is the founder and the owner of the former billion-dollar slacker drug stores chain Anton was once a butcher's apprentice before building his drug store chain that had a turnover of approximately ten point three billion dollars making him one of the richest people in not only Germany but in the whole world this millionaire set up over 13,000 drugstores all over Europe by 2003 and employed over 52,000 workers but his empire slowly started to crumble due to competition from other companies and a changing business coin in January of 2012 Anton Schleicher lost everything when he filed for bankruptcy and all his drugstores were eventually sold off to receivers number four Robert Alan Stanford this self-made billionaire is a citizen of both the United States and Antigua which gave him the opportunity to support politicians in both countries he had a net worth of two billion dollars in 2012 but his wealth was lost when an investigation took place he was convicted of 13 counts including conspiracy and fraud where it was believed that he had stolen at least 7 billion dollars from investors he is now serving a 110 year prison term number 3 hi Batista iiq was once the richest person in Brazil born in Brazil but moved to Germany I began to study metallurgical engineering at the University of Aiken and from there everything changed when he turned 57 everything went downhill his oil firm company OGX filed for bankruptcy his other company OSX was the company that builds ships and supplies other companies with platforms and ships when that company was set up to supply several companies it fell into bankruptcy because of its heavy debts after he was forced to give up everything and a result of his bad credit decisions but Titas net worth had fallen dramatically until it reached the bottom in 2014 his net worth was estimated to be zero number two Jordan Belfort the man portrayed in the 2013 smash hit movie the wolf of Wall Street by Leonardo DiCaprio Jordan Belfort earned more money in a year the 99% will ever see in their entire lives seeing an amazing annual income of over two hundred and fifty million dollars in his early 20s compared to Allen Stanford's one hundred and ten year prison sentence mr. Belfort got off easy with only a two-year term and a forfeiture of every single dollar and piece of property he had in his name he's still to this day hundreds of millions of dollars in debt as a result of a court decision but it's slowly trying to repay that by doing inspirational speaking tours number-18 off merkel the late eight off merkel was the fifth wealthiest man in german and one of the world's wealthiest people with a net worth in 2008 approximated to be nine point two billion dollars like many other former billionaires on this list adolf merkel made risky business decisions that quickly landed him in debt when the time came for trustees to take over his company in january 2009 the seventy four-year-old committed suicide and truly lost everything he stepped in front of a speeding train on that cold monday morning never to get a chance to regain his wealth [Music]

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Id: PL6pm7SMj2Y

Length: 7min 36sec (456 seconds)

Published: Mon Apr 04 2016