[Music]
white-collar crime has an unfortunate
association with business in most
developed countries welcome to
watchmojo.com and today we’re counting
down our picks for the top ten infamous
CEOs who went to jail stanford ran up
the debt about one month before
regulators shutting down his financial
empire before we begin we publish new
videos every day so be sure to subscribe
for more great content for this list
we’ll be looking at high-level
executives who are ultimately locked
away for manipulative corrupt or
otherwise illegal endeavors within their
respective companies whether the
punishment fits the crime or not is a
discussion for another time but actual
hard jail time must have been served to
qualify also you don’t need to be a
company’s chief executive officer to
commit serious white-collar crime so
high-ranking executives have been
considered as well
number ten Calisto Tanzi in 2003 the
italian food and dairy corporation parma
latch filed for bankruptcy with over
fourteen billion dollars in debt this
step only made sense but it soon emerged
the sinister activities were taking
place beneath the surface mr. Tanzi was
a trusted founder of pharma less so
trusted that no one suspected he’d
embezzled over eight hundred million
euros from the company the businessman
was sentenced to ten years in prison in
2008 a series of appeals and additional
sentences followed which ups that time
to about seventeen years to this day the
Parmalat scandal remains the largest
bankruptcy in european history number
nine
Sanjay Kumar Kumar worked his way up the
corporate ladder at Computer Associates
International and eventually became CEO
in 2000 his term in the prestigious
position was short-lived however he was
investigated for fraud four years later
and it was revealed that Sanjay had been
cooking the books leading to billions of
dollars of discrepancy hooking a trust
to do the forensic accounting one method
he used in his accounting gymnastics
earned the nickname the 35 day month in
2006 the former CEO was finally
convicted of obstruction of justice and
securities fraud
his cover-up quote the most brazen and
comprehensive in the modern era of
corporate crime the judge sentenced him
to 12 years in prison oh and he has to
pay almost 800 million dollars in
restitution number 8
Richard M Scrushy accounting fraud is
hardly a sexy crime and perhaps this is
one reason why so much of it goes
unnoticed
Groo she founded a health care company
in Alabama called HealthSouth in 1984
and gained notoriety for illicit
accounting practices in 2003 fine you
have five people that have made these
claims of fifty thousand people screw
she’s first trial for fraud money
laundering and conspiracy ended in an
acquittal in 2004 but a new federal
trial in 2005 ended with convictions for
bribery fraud and conspiracy screw she
was sentenced to seven years in prison
he was later found guilty in a civil
trial in order to pay two point eight
seven billion dollars in damages he was
released in 2012 from federal prison and
has actually been outspoken about the
government’s lackadaisical approach to
white-collar crime nowadays I’m not mad
at anybody I’m not upset about that I’m
not drinking any poison number seven
Martin grabs when you think of Scranton
Pennsylvania
you may think of the cosy town with a
lovable working-class employees as seen
in the office the story behind Scranton
native drugstore chain Rite Aid paints a
different picture from its humble
beginnings in the 1960s the business
grew significantly over the next three
decades but it took a turn for the worse
when it’s found her son Martin grass
took over in 1995 Graff thought it would
be wise to systematically overstate Rite
Aid’s earnings in an effort to grow the
company
this almost destroyed the drugstore
chain grass was caught up in a 1.6
billion dollar scandal and sentenced to
eight years in prison number six
Walter Forbes Cendant corporation was
formed from a merger of hospitality
franchise systems and Compu card
international and might have gone on its
merry way had they not allowed Walter
Forbes to become CEO
behind the name of you truck merging
companies is a great way to create
synergies that make a company altogether
more efficient in theory
unfortunately Cendant corporation soon
found that copy cards efficiencies had
been shall we say overstated by its then
CEO Forbes he claimed to have
unknowingly reported five hundred
million dollars in imaginary earnings
but supposed ignorant is hardly bliss in
this situation Forbes was eventually
sentenced to 12 years in prison and
three point two eight billion dollars in
damages Joe Bailey number five dennis
Kozlowski everything I read earlier I
was doing for 27 years
hiko is an international business that
focuses largely on security solutions
and fire protection
despite this its internal security was
clearly lacking in at least one instance
when images of the lavish Wall Street
lifestyle of the 90s come to mind know
that Kozlowski was a poster boy for this
image before indictment he owned a 30
million dollar New York City apartment
complete with six thousand dollar shower
curtains turns out that was in part
thanks to a scheme that gave him over
eighty million dollars in unauthorized
bonuses Kozlowski was sentenced to a
minimum of eight years and four months
in 2005 and I think a jurist sitting
there just would have to save all that
money he must have done something wrong
number four Jeffrey Skilling welcome
everyone to Enron gas services solutions
day when phrases like white-collar crime
are brought up and Ron is typically one
of the first associations to be made
skilling was one of the main
perpetrators behind this catastrophe and
it started with a bookkeeping technique
known as mark-to-market accounting a
technique that records assets based on
expected values as opposed to actual
values the next step was creating an
Enron subsidiary to sweep all debt under
the rug when this proved to be
inadequate I absolutely unequivocally
thought the company was in good shape
upon discovery 405 million dollars in
losses were reflected overnight and
skilling was slapped with 24 years in
prison
number three Bernard Ebbers Evers helps
create long distance discount Services
Incorporated a telecommunications firm
that eventually became WorldCom in the
coming years WorldCom want confidence
you’ll find the path very clearly marked
his Greek tragedy began to unfold as
Icarus flew too close to the Sun in 1999
with an announcement that WorldCom
intended to purchase print antitrust
laws resulted in the deal not going
through and subsequently in a massive
drop in world comstock instead of
downsizing or waiting it out ever has
worked with a team to employ elaborate
accounting gymnastics which resulted in
11 billion dollars overstated on the
book we would never have integrate
nobody has combined building systems for
that this did not bode well for the
company nor for the businessman himself
who is working on a 25 year sentence in
Louisiana
number two allen Stanford my number one
goal is to fight this thing for the
investors Stanford actually made his
first attempt at professional success
with a bodybuilding gym in Texas this
eventually failed and he moved into
finance
soon after ultimately becoming chairman
of the Stanford Financial Group they
began to catch the attention of the SEC
and FBI due to consistently high returns
compared to the market when the Stanford
financial offices were raided in 2009
the cover was blown off a massive Ponzi
scheme everything seemed reasonable
Stanford still publicly states that the
company never swindled anyone but his
unwillingness to acknowledge clear facts
did not stop him from receiving a one
hundred and ten year sentence now at
least he’ll have plenty of time to
pursue his bodybuilding dream before we
unveil our number one pick here are some
honorable or in this case dishonorable
mentions no I’m a tough person to start
I’ve always been a tough person wasn’t
something that happened really involving
the company
and it is something that I wish had not
happened number one
Bernie Madoff he’s behind the largest
financial fraud in US history Bernard L
Madoff investment Securities LLC was
highly respected on Wall Street and
everyone from individual investors to
charities was more than happy to entrust
him with their life savings his returns
were considerable but every bit of this
was fabricated and Madoff was
effectively taking money from investors
pockets you could potentially be in an
investment that your advisor is making
money off of losses on he was eventually
sentenced to 150 years in federal prison
but irreparable damage had been done to
countless victims in the process today
many think of him as an embodiment of
corporate greed Wall Street corruption
and capitalism run amuck at one point he
said something strange to me he said
every once in a while I find myself
smiling and I’m horrified do you agree
with our picks check out these other
great clips from WatchMojo and subscribe
for new videos every day
white-collar crime has an unfortunate
association with business in most
developed countries welcome to
watchmojo.com and today we’re counting
down our picks for the top ten infamous
CEOs who went to jail stanford ran up
the debt about one month before
regulators shutting down his financial
empire before we begin we publish new
videos every day so be sure to subscribe
for more great content for this list
we’ll be looking at high-level
executives who are ultimately locked
away for manipulative corrupt or
otherwise illegal endeavors within their
respective companies whether the
punishment fits the crime or not is a
discussion for another time but actual
hard jail time must have been served to
qualify also you don’t need to be a
company’s chief executive officer to
commit serious white-collar crime so
high-ranking executives have been
considered as well
number ten Calisto Tanzi in 2003 the
italian food and dairy corporation parma
latch filed for bankruptcy with over
fourteen billion dollars in debt this
step only made sense but it soon emerged
the sinister activities were taking
place beneath the surface mr. Tanzi was
a trusted founder of pharma less so
trusted that no one suspected he’d
embezzled over eight hundred million
euros from the company the businessman
was sentenced to ten years in prison in
2008 a series of appeals and additional
sentences followed which ups that time
to about seventeen years to this day the
Parmalat scandal remains the largest
bankruptcy in european history number
nine
Sanjay Kumar Kumar worked his way up the
corporate ladder at Computer Associates
International and eventually became CEO
in 2000 his term in the prestigious
position was short-lived however he was
investigated for fraud four years later
and it was revealed that Sanjay had been
cooking the books leading to billions of
dollars of discrepancy hooking a trust
to do the forensic accounting one method
he used in his accounting gymnastics
earned the nickname the 35 day month in
2006 the former CEO was finally
convicted of obstruction of justice and
securities fraud
his cover-up quote the most brazen and
comprehensive in the modern era of
corporate crime the judge sentenced him
to 12 years in prison oh and he has to
pay almost 800 million dollars in
restitution number 8
Richard M Scrushy accounting fraud is
hardly a sexy crime and perhaps this is
one reason why so much of it goes
unnoticed
Groo she founded a health care company
in Alabama called HealthSouth in 1984
and gained notoriety for illicit
accounting practices in 2003 fine you
have five people that have made these
claims of fifty thousand people screw
she’s first trial for fraud money
laundering and conspiracy ended in an
acquittal in 2004 but a new federal
trial in 2005 ended with convictions for
bribery fraud and conspiracy screw she
was sentenced to seven years in prison
he was later found guilty in a civil
trial in order to pay two point eight
seven billion dollars in damages he was
released in 2012 from federal prison and
has actually been outspoken about the
government’s lackadaisical approach to
white-collar crime nowadays I’m not mad
at anybody I’m not upset about that I’m
not drinking any poison number seven
Martin grabs when you think of Scranton
Pennsylvania
you may think of the cosy town with a
lovable working-class employees as seen
in the office the story behind Scranton
native drugstore chain Rite Aid paints a
different picture from its humble
beginnings in the 1960s the business
grew significantly over the next three
decades but it took a turn for the worse
when it’s found her son Martin grass
took over in 1995 Graff thought it would
be wise to systematically overstate Rite
Aid’s earnings in an effort to grow the
company
this almost destroyed the drugstore
chain grass was caught up in a 1.6
billion dollar scandal and sentenced to
eight years in prison number six
Walter Forbes Cendant corporation was
formed from a merger of hospitality
franchise systems and Compu card
international and might have gone on its
merry way had they not allowed Walter
Forbes to become CEO
behind the name of you truck merging
companies is a great way to create
synergies that make a company altogether
more efficient in theory
unfortunately Cendant corporation soon
found that copy cards efficiencies had
been shall we say overstated by its then
CEO Forbes he claimed to have
unknowingly reported five hundred
million dollars in imaginary earnings
but supposed ignorant is hardly bliss in
this situation Forbes was eventually
sentenced to 12 years in prison and
three point two eight billion dollars in
damages Joe Bailey number five dennis
Kozlowski everything I read earlier I
was doing for 27 years
hiko is an international business that
focuses largely on security solutions
and fire protection
despite this its internal security was
clearly lacking in at least one instance
when images of the lavish Wall Street
lifestyle of the 90s come to mind know
that Kozlowski was a poster boy for this
image before indictment he owned a 30
million dollar New York City apartment
complete with six thousand dollar shower
curtains turns out that was in part
thanks to a scheme that gave him over
eighty million dollars in unauthorized
bonuses Kozlowski was sentenced to a
minimum of eight years and four months
in 2005 and I think a jurist sitting
there just would have to save all that
money he must have done something wrong
number four Jeffrey Skilling welcome
everyone to Enron gas services solutions
day when phrases like white-collar crime
are brought up and Ron is typically one
of the first associations to be made
skilling was one of the main
perpetrators behind this catastrophe and
it started with a bookkeeping technique
known as mark-to-market accounting a
technique that records assets based on
expected values as opposed to actual
values the next step was creating an
Enron subsidiary to sweep all debt under
the rug when this proved to be
inadequate I absolutely unequivocally
thought the company was in good shape
upon discovery 405 million dollars in
losses were reflected overnight and
skilling was slapped with 24 years in
prison
number three Bernard Ebbers Evers helps
create long distance discount Services
Incorporated a telecommunications firm
that eventually became WorldCom in the
coming years WorldCom want confidence
you’ll find the path very clearly marked
his Greek tragedy began to unfold as
Icarus flew too close to the Sun in 1999
with an announcement that WorldCom
intended to purchase print antitrust
laws resulted in the deal not going
through and subsequently in a massive
drop in world comstock instead of
downsizing or waiting it out ever has
worked with a team to employ elaborate
accounting gymnastics which resulted in
11 billion dollars overstated on the
book we would never have integrate
nobody has combined building systems for
that this did not bode well for the
company nor for the businessman himself
who is working on a 25 year sentence in
Louisiana
number two allen Stanford my number one
goal is to fight this thing for the
investors Stanford actually made his
first attempt at professional success
with a bodybuilding gym in Texas this
eventually failed and he moved into
finance
soon after ultimately becoming chairman
of the Stanford Financial Group they
began to catch the attention of the SEC
and FBI due to consistently high returns
compared to the market when the Stanford
financial offices were raided in 2009
the cover was blown off a massive Ponzi
scheme everything seemed reasonable
Stanford still publicly states that the
company never swindled anyone but his
unwillingness to acknowledge clear facts
did not stop him from receiving a one
hundred and ten year sentence now at
least he’ll have plenty of time to
pursue his bodybuilding dream before we
unveil our number one pick here are some
honorable or in this case dishonorable
mentions no I’m a tough person to start
I’ve always been a tough person wasn’t
something that happened really involving
the company
and it is something that I wish had not
happened number one
Bernie Madoff he’s behind the largest
financial fraud in US history Bernard L
Madoff investment Securities LLC was
highly respected on Wall Street and
everyone from individual investors to
charities was more than happy to entrust
him with their life savings his returns
were considerable but every bit of this
was fabricated and Madoff was
effectively taking money from investors
pockets you could potentially be in an
investment that your advisor is making
money off of losses on he was eventually
sentenced to 150 years in federal prison
but irreparable damage had been done to
countless victims in the process today
many think of him as an embodiment of
corporate greed Wall Street corruption
and capitalism run amuck at one point he
said something strange to me he said
every once in a while I find myself
smiling and I’m horrified do you agree
with our picks check out these other
great clips from WatchMojo and subscribe
for new videos every day
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