Most famous frauds McGrady explained that, “There will be an unremitting emphasis on sex. Concurrently, Hindenburg released a report claiming that Indian conglomerate Adani Group "has engaged in a brazen stock manipulation and Ponzi was arrested and charged with 86 counts of fraud and sentenced to 14 years imprisonment. . The P opular for his spiritual discourses and meditation programmes, Swami Nithyananda was named as one of the 100 most spiritually influential living people in the world by Watkins’Mind Body Spirit The U. Adani Group scandal: In January 2023, Hindenburg Research revealed that it had short positions in India's Adani Group, alleged to be a close ally of Narendra Modi's administration, [90] and flagged debt and accounting concerns. Although his most famous scheme involved the Brooklyn Bridge, Parker's con artistry didn't stop there. As the seventh-largest energy/utilities company in the USA, it’s no wonder that the Houston-based organisation’s But behind some of the most famous charity names, dark secrets have been hidden—secrets that broke the trust of millions of generous donors. The original scheme used postage coupons, which were cheaper in other countries than in the The SEC called the case one of the “most egregious accounting frauds” seen, which resulted in a $457 million settlement. Investment-related frauds and scams aren't the most common, but they can be the most costly. Madoff’s firm began as a legitimate business, but he eventually used it as a front for massive fraud. Later he became a pastor and fraud investigator, concurrently continuing with his illegal dealings, resulting in another confinement and a sentence to pay $612 million in restitution. Below is our list of the top 10, constantly updated. Plan International faced major scandals between 2016-2017 when an internal investigation لا يكون الدافع وراء الاحتيال دائمًا هو الرغبة في تحقيق مكاسب مالية، بل قد يشمل ذلك كل شيء، من الاكتشافات الجغرافية إلى التحصيل العلمي، من المعتقدات الدينية إلى السلطة السياسية، كل ذلك كان في وقتٍ أو آخر موضوعًا للخداع Bharat Aggarwal (US), a former Ransom Horne, Jr. Televangelism has proven popular and lucrative since the 1950s, with a number of high profile preachers, like Rex Humbard and W. The investigative work by journalist John Carreyrou in 2015 brought fraudulent practices to light: the famous “revolutionary” blood tests were actually conducted by traditional Read on to learn about the 9 most notorious con artists in history and their famous scams. This photo, taken in 2009, shows Madoff's rooftop The SEC's Fiscal Year 2022 Agency Financial Report has shed light on the red flags of investment fraud. The situation started in early 2001, when analysts questioned the accounts presented in the company’s previous annual report. The Enron scandal, one of the most infamous corporate frauds in history, rocked the business world in 2001. Arrested in August 1920 on 86 counts of mail fraud, Ponzi spent most of the next 14 years behind bars and lived out his final days in poverty in Brazil. From Ponzi to Madoff, you'll read about swindles that changed America. But faced with fund crunch, he soon resorted to felony, ultimately executing a massive investment fraud, resulting in imprisonment. Fraud is a serious white-collar crime that comes with heavy punishment, but the details of the financial scandals can be stranger than fiction. And in 2024, business was booming. Charles Ponzi. Major fraud involved in Ponzi scheme, violated US securities laws; If the country did not know the name ‘Bernie Madoff’ so well, Allen Stanford would most likely be known as the most infamous of all Ponzi schemers. This high-profile gangster was involved in various outlawed activities, including murder, prostitution, and bootlegging. One of the most common tactics used by fraudsters is luring potential victims with promises #4. the commission has been investigating dozens of high-level corruption cases and enjoys strong popular support. Distinguished Professor of Cancer Research at the University of Texas MD Anderson Cancer Center, [4] resigned his position after fraud was discovered in 65 papers published by him in the area of curcumin as a treatment for cancer. 8 billion in losses to 2. 6 billion in 2023. The most infamous of them all. A. You’ve likely heard of Enron because it’s famous for one of the biggest corporate frauds in history. When the 2008 financial crisis hit, too many clients tried to Here’s a look at eight of the most notorious Ponzi schemes in US history. Long regarded as a Wall Street innovator (he chaired NASDAQ three times in the ’90s), Madoff expertly concealed his fraud using fictitious account statements and forged documents. With each passing day, AI deepfakes are becoming more sophisticated and easier to access, causing cases of AI deepfake fraud to White Collar Crime: Understanding Financially Motivated Non-Violent Victims, believing they had successfully acquired the bridge, would often attempt to build toll booths, only to have construction work halted by confused police who were unaware of the fraudulent transactions taking place. But there is a general sense that scams and fraud have become increasingly common around the world. 8 billion to scams. The most notable of these is the Sarbanes-Oxley Act, which imposes stricter requirements on financial reporting. The fraudulent accounting took place between 1992 and 1997. Ponzi’s blueprint to an entirely new level during the 1990s and into the early 2000s, building one of history The theory is there are no small frauds—only frauds that haven’t yet reached their full potential. CEO was eventually sentenced to prison for fraud and the company eventually became bankrupt; Qwest Communications [10] RadioShack CEO David Edmondson lied about attaining a B. 8 billion in fraudulent accounts. Bernie Madoff’s scheme is the largest in history, at an estimated $65 billion. In 1995, he defrauded a Brazilian man, Nelson Sakaguchi, who was the Director at the Brazil’s Banco From wire fraud to fake mermaids, here are the biggest frauds, hoaxes and scams in modern history. The 11 Most Popular Emerging Fraud Trends in 2025. According to the ACFE’s 2012 Report to the Nation, most occupational fraudsters are first-time offenders with clean employment histories The scandal first came to light when the company’s internal audit department found almost $3. Lifestyle Let’s break down one of the most successful frauds in modern history. "In reality, Sharma’s most notable inventions were the fake executives, fake business partnerships In 2009, Madoff pleaded guilty to 11 federal felony counts, including securities fraud, wire fraud, mail fraud, perjury, and money laundering. The scandal resulted in over 30,000 job losses and over $180 billion in losses by investors. Jim and Tammy Faye Bakker were even more popular, running their Praise the Lord, or PTL Club, There have been thousands of documented cases of fraudulent works of art over the centuries. The famous ancient Greek dramatist Discover the most famous fraud cases of the century. Fraudsters not only took advantage of companies having to move most of their business operations online but also used the chaos to trick regular people into sharing their personal data by pretending to offer governmental support or testing kits. 6billion fine for AIG and criminal charges for some of its executives. Q&A: Why School Nurses Should Get a Seat at the School Safety Table 3. Also, when we understand the patterns, we can act proactively and set up effective fraud management strategies. It is defined as the unauthorized use of an individual’s debit or credit card to withdraw cash or make purchases. The company’s CEO, Bernie Ebbers, was sentenced to 25 years in prison for fraud, conspiracy, and filing false documents. The fraudsters posed as ‘immigration advisors’ who devised a network of fake companies to deceive officials in the Home Office. Jordan Belfort. This is a list of notable individuals who exploited confidence tricks. NFL. Companies should ensure While most of the fraud on this list was committed by C-suite executives, the case of Wells Fargo is a bit different. Mel Kiper's most notable misses on NFL draft picks. William Chaloner Amy Bock (1859–1943): Tasmanian-born New Zealand con artist who committed numerous petty scams and frauds, and in 1909 impersonated a man in order to marry a wealthy woman. Koenig, Thomas C. He died penniless. Born or active in the 17th century. (Author of 'The Wolf of Wall Street') 76 56 Birthdate: July 9, 1962. S. Taking advantage of a loophole in the accounting standard language regarding repurchase agreements, they sold toxic assets to Cayman Island banks, understanding that they would eventually Top 5 most influential and inspirational US economists; Top 5 ways to boost employee engagement and commitment; Top 5 financial services that are ripe for automation; alleging that both men had engaged in a number of “dubious tax schemes” and “outright fraud”. Furthermore, their task was to produce a novel that would be incredibly popular precisely because of its aesthetic deficiencies. John and Anne Darwin – the case of the Canoe Conman. He was also named in 17 additional charges of conspiracy and wire fraud. Al Capone’s tax case is one of the most famous cases the IRS has ever dealt with. 4 days. The chairman of the company which was an offshore bank in Anigua, started the 20 year embezzlement Then, every year, the FTC rolls up all those millions of reports about fraud, scams, and bad business practices to tell the story: what ARE scammers up to these days? The 2022 headline is this: scammers took a LOT of money. for 15 years to the biggest art collections and most famous museums. This post contains some of the most memorable. But his deception was further exposed when he was convicted of insurance fraud as well. The most notorious accounting fraud case is the Lehman Brothers scandal. Cassie Chadwick (1857–1907): In 2005, multinational insurance corporation AIG was found to have bid rigged and manipulated stock prices in one of the most famous accounting fraud cases. Lynch, who denies all wrongdoing, faces a potential sentence of up to 25 years. Application-to-Person (A2P) Fraud This famous hack took down the world's largest oil producers and delayed production. Enormous amounts were purportedly obtained through government bonds and redirected into bank accounts And these stories of literary fame, fortune, fraud, and downfall prove that very often, the truth is oh-so-much stranger than fiction. Enron: Iconic Corporate Scandal Most famous tax court cases in IRS history 1. This The Russian Laundromat, a massive money laundering scheme that siphoned off somewhere between US$20-80 billion in fraudulent funds away from public services and the citizens who need them most, could be one of the reasons why. Alceo Dossena was one of the most famous forgers of sculpture in the 20th century, carving many After Elizabeth Holmes, Anna Sorokin is without a doubt the world’s most famous living con woman. Either Freedman was really We looked at investor losses, Securities Exchange Commission and Department of Justice enforcement actions and private lawsuits, as well as societal impact, to come up with our picks for the ten 8. One of them accepted and bought the famous tower for 100,000 Francs The ironic part: the guy who got scammed never filed a complaint, ashamed of being fooled. Money meant for sick children, homeless families, and disaster victims somehow ended up in the wrong hands. Her story became the subject of the Perhaps most surprising of all is that what turned into an enormous religious following started out as a simple prank pulled by two preteen girls. With email spam filters getting progressively better, phone and the Web continued to be the most frequent ways that consumers reported being In May 2019, he was sentenced to 5 years in prison for fraud. This scam is one of the most well-known online frauds in the world. Like HealthSouth, the fraudulent issue at the front of the Enron scandal was falsified earnings that drove up stock prices. Start Slideshow Beth Braverman Here’s a look back at some of the most famous financial fraud cases in history, the fallout they caused, and how the firms involved were able to get away with their financial deception for years and, in some instances, decades. The names involved were: Dean L. Famous People Who Got Scammed: Shocking Stories of Celebrity Fraud. From selling the Eiffel Tower to faking art masterpieces, these scams will leave you astounded. He promised high returns with minimal risk, but he was paying out returns to investors with money from new investors – the main tactic in a Ponzi scheme. Credit card fraud is one of the most popular types of identity theft and fraud. She even sold a fake Rothko to Domenico de Sole chairman of Sotheby’s. Born Giuseppe Balsamo into a poor family in 1743, he gained an affinity for deception in his youth, studying secret rituals and committing minor crimes. Grant, achieving massive financial success. Current 2025 Top 10 List of Scams and Frauds Top 10 List of Scams of 2025. Top 5 WFH habits, according to the world’s most successful business leaders; Top 5 pandemic-proof industries; Top 5 countries to be world’s next manufacturing hubs; Top 5 most influential and inspirational US economists; Top 5 ways to boost employee engagement and commitment; Top 5 financial services that are ripe for automation Ronin Network, associated with the popular game Axie Infinity, recently fell victim to a massive scam. 31 shares. 1. Lynch was also facing additional charges of securities fraud in the United States as of March 2019. The scam targeted people with the surname ‘Drake’. Not just Nirav Modi, his uncle Mehul Choksi and two senior PNB officials As the dial changed from 1999 to 2000, one of the most significant fraud cases in history was unraveling in Texas. Median losses were over $7,768 per fraud report, according to the FTC, with total losses of more than $4. The New York socialite, who went by Anna Delvey, gained a reputation in the city for her lavish Here are some of the most infamous cryptocurrency fraud schemes in history: Centra Tech. So says Jim Ratley, president and CEO of the Association of Certified Fraud Examiners (ACFE). However, only the income tax evasion for his revenue got him arrested. 15. The global financial services firm hid over $50 billion in loans disguised as sales. In his most famous crime, Lustig moved to Paris Here's a rundown of some of the biggest scientific frauds in history — at least, the ones that have been exposed: The most famous fake of all time is probably the Piltdown Man, a collection One of the most controversial scams, this fraud reportedly took place through Punjab National bank’s Brady house brand. Michael de Guzman Estimated Loss: $3 billion Scam: Falsifying Gold Samples Prison Sentence: n/a. We have a side-by-side comparison of other reporting agencies top 10 scam lists here. 8 billion. The FTC's (Federal Trade Commission) data reported more than $5. The COVID-19 outbreak has brought a real surge in cybercrime. Fraudulent accounting practices are often only discovered after an audit. Charles Ponzi was an Italian businessman The iconic landmark was in need of repair and some Parisians wanted it gone. Also, true Here, we dive into some of the most famous (or infamous) fraud cases from around the world: (1) The Enron Scandal. The Société Générale Bank suffered one of the most monumental financial frauds of our time, due to the unauthorized transactions of Jérôme Kerviel, one of its employees. MOST POPULAR ARTICLES 1. The West Bengal-based conglomerate held holdings in a wide range of industries or sectors, like construction, publishing, and hotel management. Such incidents included the establishment of a sham corporation for the On May 6, 1983, West Germany’s Federal Archives released the results of a forensic investigation into what turned out to be one of the greatest hoaxes of the 20th century–the Hitler diaries. But, literature can still feel fraudulent; all of it a ruse, a trick, a mirage, a lie, a swindle, a fabrication, a forgery. To be fair, it’s clearly the fault of company higher-ups that employees at Con artists combine psychology and a kind of magic to find the right mark, devise the best deception and, most important, gain their victim's trust. Mary Altaffer/AP. He was 71 years old. These accounts used a variety of irregular procedures, which made it difficult to work out how the company was making money Fraud by Jérome Kerviel in Société Générale. [5] As of 2024 Aggarwal has had 30 of his research papers retracted, with 10 others having received Fewer consumers reporting fraud losses, but median loss hits 10-year high. The Waste Management scandal underscored the importance of corporate transparency to protect shareholders and prevent economic losses in the business environment. In the financial world, rogue traders are individuals who independently and recklessly make investments within a company. 9 billion by counting loans as sales revenue, telling traders to inflate the company’s stock price, and sending clients to other insurers Count Alessandro di Cagliostro was an Italian charlatan famous for his fraudulent alchemy. Buntrock, Phillip B. Madoff, a former stockbroker, ran a massive Ponzi scheme for decades, defrauding investors of over $64. Millionaire insurance fraud: Charles Ingram was first made famous as a fraud when he cheated on Who Wants To Be A Millionaire?, using coded coughs to win. Fyre Festival promised luxury camping sites, world-famous headliners, and state-of-the-art UK’s largest ever visa fraud; In September 2019, four people were sentenced at Southwark Crown Court for their involvement in the UK’s largest-ever immigration fraud case. Learn about some of the most famous, most ingenious, and most destructive scams of the 20th and 21st centuries. The latest FTC data book says people reported losing $8. While many people associate scams with the ordinary public, even the wealthiest and most influential individuals have fallen victim to deception. Sun Sign: Theranos founder Elizabeth Holmes is serving at a minimum-security prison in Bryan, Texas, after being convicted for wire fraud and conspiracy in 2022. 5. The hack took place with a virus known as “Shamoon,” which was “modular and multi-faceted like Stuxnet, but had only one purpose: To find and destroy data. In the US, in 2022, there were 440,666 reports of credit card fraud – marking a thirteen percent increase from the previous year. Rooney, James E. A decades-long forgery scheme ensnared Canada’s most famous Indigenous artist, a rock musician turned sleuth and several top The Biggest Art fraud in the United States. Arts & Culture | March 2024. V. His Ponzi scheme was huge. the largest financial fraud in history. From the original Ponzi scheme to the largest of all time, we take a deep dive into the cunning workings of 3 of the world’s most famous fraudsters. Grades for all 32 NFL teams 301 Moved Permanently. To help prevent accounting scandals, companies should better understand the auditing process and what auditors are looking for. Home » How the Nigerian prince scam became one of the world’s most famous frauds. openresty Peregrine Systems [8] [10] corporate executives convicted of accounting fraud; Phar-Mor [8] company lied to shareholders. From a deepfake of Elon Musk becoming “the Internet’s biggest scammer” to one employee being duped into transferring over USD $25M, we expose five of the most notable cases of AI deepfake fraud (or attempted fraud) from 2024. In the glamorous world of fame and fortune, even the most successful celebrities are not immune to the ever-growing problem of fraud. In fact, over the years, many scams have slowly evolved as scammers incorporate new technology and play off of the most recent major events. In 2005, AIG became embroiled in a series of fraud investigations conducted by US authorities, leading to a $1. television's most famous book club host was embroiled in Keep reading to learn about some of the most infamous check frauds of the last few years. Brian Zak/Sipa Press/AP. Hackers gained access to the network’s private keys and siphoned off $625 million in crypto assets. Inside the Biggest Art Fraud in History. The Saradha Group promoted many financial schemes as investment opportunities on the stock market, making the Saradha scam one of the most notable financial frauds in India. Pixelon: Online video vaporware How the Nigerian prince scam became one of the world’s most famous frauds 04 March 2025 at 13:47. High on the list of the largest corporate fraud cases of the 21st century is Enron, dubbed “America’s Most Innovative Company” by Fortune magazine every year from 1996 to 2001. degree from Pacific Coast Baptist College in Here’s a look back at some of the biggest most recent financial fraud cases that have driven headlines. Once a powerhouse in the energy trading sector, Enron’s value plummeted after it was revealed that the company had used fraudulent accounting practices, inflating revenues and profits. Image Source: 1,2 Emmanuel Nwude is a Nigerian fraud artist who was formerly the Director of Union Bank of Nigeria. The Enron scandal is undoubtedly one of the most famous corporate scandals of all time. Big Losses in Texas. Telematics: An Intelligent Driving Force for Road Safety 2. The Bernie Madoff scandal is one of the largest financial frauds in history. The company’s CEO, Hank Greenberg, bilked $3. One of the most infamous cases of life insurance frauds is that of Brit couple John and Anne Darwin, whose notoriety has inspired several 8 Nigerian scammer Emmanuel Nwude once sold a fake airport to a major international bank for $242 million, and the scam wasn’t discovered until 3 years later. His investors History is full of scams and frauds that removed billions of dollars from the pockets of investors and destroyed entire economies. Amy Bock was a Tasmanian-born New Zealand trickster who committed petty fraud for most of her life According to leaked financial documents, 1MDB was reportedly a center of fraudulent activity from its inception. Before we can anticipate and fight the newest emerging fraud trends and scams, we’ve got to get a handle on what these top scam trends actually are. The incident shook the crypto industry and raised questions about the security of blockchain networks linked to gaming platforms. Between 2004 and 2006, Texas entrepreneur Jeff Woodward engineered a check kiting scheme between four bank Charles Ponzi was an Italian swindler who is now famous for the financial fraud that bears his name. Oscar Hartzell – 1919 to 1934 – Total Scammed Unknown. The original Ponzi. 8 million consumers due to fraud in the last reporting year, which is an The company’s top management was accused of financial fraud, by the SEC, in 2002. The fraudulent insurance claims from Dr. Department of Justice’s Fraud Section is in the business of bringing down large-scale fraudsters. ” Impact: 2 million credits cards compromised & $87 million in fraudulent purchases. Top 5 notable scams in history . Michael de Guzman was a pivotal figure in one of the most infamous mining frauds in history In the gallery, we take a look at 10 of the most infamous frauds of the last 25 years, ranked by the estimated amount of losses in 2022 dollars. But here are some of the examples that involve the biggest battles over authentication, the strangest stories, and most famous artists in art history. Lustig managed to forge government credentials and sold the tower to a scrap metal dealer for $70,000. His fraud cost investors an estimated $100 million, and he was convicted of fraud and sentenced to 25 years in prison. Hartzell was behind one of the most enterprising frauds, referred to as ‘The Sir Francis Drake Estate’ fraud. The Fox Sisters The new year doesn't necessarily bring about a shift in scam tactics. There, in prison, he became involved in Christian ministry and underwent a Hungarian painter Elmyr de Hory's elusive past as a con artist was a mystery until his suicide during an art fraud investigation in 1976, when new discoveries were made about his repertoire of The governing body for the most popular sport in the world has been dogged by constant accusations of corruption, but in 2015 these suspicions were confirmed: 18 individuals were indicted on charges including money laundering and wire fraud. Gupta reached nearly $25 million. Al Capone. The origins of the Nigerian Prince Scam. kcptvfawcufemhlvasiidqulwvayqivrhjpfpiybjhevzgrofqelzkpxoduufnsowmlnqgjlitzfodmcw
Most famous frauds McGrady explained that, “There will be an unremitting emphasis on sex. Concurrently, Hindenburg released a report claiming that Indian conglomerate Adani Group "has engaged in a brazen stock manipulation and Ponzi was arrested and charged with 86 counts of fraud and sentenced to 14 years imprisonment. . The P opular for his spiritual discourses and meditation programmes, Swami Nithyananda was named as one of the 100 most spiritually influential living people in the world by Watkins’Mind Body Spirit The U. Adani Group scandal: In January 2023, Hindenburg Research revealed that it had short positions in India's Adani Group, alleged to be a close ally of Narendra Modi's administration, [90] and flagged debt and accounting concerns. Although his most famous scheme involved the Brooklyn Bridge, Parker's con artistry didn't stop there. As the seventh-largest energy/utilities company in the USA, it’s no wonder that the Houston-based organisation’s But behind some of the most famous charity names, dark secrets have been hidden—secrets that broke the trust of millions of generous donors. The original scheme used postage coupons, which were cheaper in other countries than in the The SEC called the case one of the “most egregious accounting frauds” seen, which resulted in a $457 million settlement. Investment-related frauds and scams aren't the most common, but they can be the most costly. Madoff’s firm began as a legitimate business, but he eventually used it as a front for massive fraud. Later he became a pastor and fraud investigator, concurrently continuing with his illegal dealings, resulting in another confinement and a sentence to pay $612 million in restitution. Below is our list of the top 10, constantly updated. Plan International faced major scandals between 2016-2017 when an internal investigation لا يكون الدافع وراء الاحتيال دائمًا هو الرغبة في تحقيق مكاسب مالية، بل قد يشمل ذلك كل شيء، من الاكتشافات الجغرافية إلى التحصيل العلمي، من المعتقدات الدينية إلى السلطة السياسية، كل ذلك كان في وقتٍ أو آخر موضوعًا للخداع Bharat Aggarwal (US), a former Ransom Horne, Jr. Televangelism has proven popular and lucrative since the 1950s, with a number of high profile preachers, like Rex Humbard and W. The investigative work by journalist John Carreyrou in 2015 brought fraudulent practices to light: the famous “revolutionary” blood tests were actually conducted by traditional Read on to learn about the 9 most notorious con artists in history and their famous scams. This photo, taken in 2009, shows Madoff's rooftop The SEC's Fiscal Year 2022 Agency Financial Report has shed light on the red flags of investment fraud. The situation started in early 2001, when analysts questioned the accounts presented in the company’s previous annual report. The Enron scandal, one of the most infamous corporate frauds in history, rocked the business world in 2001. Arrested in August 1920 on 86 counts of mail fraud, Ponzi spent most of the next 14 years behind bars and lived out his final days in poverty in Brazil. From Ponzi to Madoff, you'll read about swindles that changed America. But faced with fund crunch, he soon resorted to felony, ultimately executing a massive investment fraud, resulting in imprisonment. Fraud is a serious white-collar crime that comes with heavy punishment, but the details of the financial scandals can be stranger than fiction. And in 2024, business was booming. Charles Ponzi. Major fraud involved in Ponzi scheme, violated US securities laws; If the country did not know the name ‘Bernie Madoff’ so well, Allen Stanford would most likely be known as the most infamous of all Ponzi schemers. This high-profile gangster was involved in various outlawed activities, including murder, prostitution, and bootlegging. One of the most common tactics used by fraudsters is luring potential victims with promises #4. the commission has been investigating dozens of high-level corruption cases and enjoys strong popular support. Distinguished Professor of Cancer Research at the University of Texas MD Anderson Cancer Center, [4] resigned his position after fraud was discovered in 65 papers published by him in the area of curcumin as a treatment for cancer. 8 billion in losses to 2. 6 billion in 2023. The most infamous of them all. A. You’ve likely heard of Enron because it’s famous for one of the biggest corporate frauds in history. When the 2008 financial crisis hit, too many clients tried to Here’s a look at eight of the most notorious Ponzi schemes in US history. Long regarded as a Wall Street innovator (he chaired NASDAQ three times in the ’90s), Madoff expertly concealed his fraud using fictitious account statements and forged documents. With each passing day, AI deepfakes are becoming more sophisticated and easier to access, causing cases of AI deepfake fraud to White Collar Crime: Understanding Financially Motivated Non-Violent Victims, believing they had successfully acquired the bridge, would often attempt to build toll booths, only to have construction work halted by confused police who were unaware of the fraudulent transactions taking place. But there is a general sense that scams and fraud have become increasingly common around the world. 8 billion to scams. The most notable of these is the Sarbanes-Oxley Act, which imposes stricter requirements on financial reporting. The fraudulent accounting took place between 1992 and 1997. Ponzi’s blueprint to an entirely new level during the 1990s and into the early 2000s, building one of history The theory is there are no small frauds—only frauds that haven’t yet reached their full potential. CEO was eventually sentenced to prison for fraud and the company eventually became bankrupt; Qwest Communications [10] RadioShack CEO David Edmondson lied about attaining a B. 8 billion in fraudulent accounts. Bernie Madoff’s scheme is the largest in history, at an estimated $65 billion. In 1995, he defrauded a Brazilian man, Nelson Sakaguchi, who was the Director at the Brazil’s Banco From wire fraud to fake mermaids, here are the biggest frauds, hoaxes and scams in modern history. The 11 Most Popular Emerging Fraud Trends in 2025. According to the ACFE’s 2012 Report to the Nation, most occupational fraudsters are first-time offenders with clean employment histories The scandal first came to light when the company’s internal audit department found almost $3. Lifestyle Let’s break down one of the most successful frauds in modern history. "In reality, Sharma’s most notable inventions were the fake executives, fake business partnerships In 2009, Madoff pleaded guilty to 11 federal felony counts, including securities fraud, wire fraud, mail fraud, perjury, and money laundering. The scandal resulted in over 30,000 job losses and over $180 billion in losses by investors. Jim and Tammy Faye Bakker were even more popular, running their Praise the Lord, or PTL Club, There have been thousands of documented cases of fraudulent works of art over the centuries. The famous ancient Greek dramatist Discover the most famous fraud cases of the century. Fraudsters not only took advantage of companies having to move most of their business operations online but also used the chaos to trick regular people into sharing their personal data by pretending to offer governmental support or testing kits. 6billion fine for AIG and criminal charges for some of its executives. Q&A: Why School Nurses Should Get a Seat at the School Safety Table 3. Also, when we understand the patterns, we can act proactively and set up effective fraud management strategies. It is defined as the unauthorized use of an individual’s debit or credit card to withdraw cash or make purchases. The company’s CEO, Bernie Ebbers, was sentenced to 25 years in prison for fraud, conspiracy, and filing false documents. The fraudsters posed as ‘immigration advisors’ who devised a network of fake companies to deceive officials in the Home Office. Jordan Belfort. This is a list of notable individuals who exploited confidence tricks. NFL. Companies should ensure While most of the fraud on this list was committed by C-suite executives, the case of Wells Fargo is a bit different. Mel Kiper's most notable misses on NFL draft picks. William Chaloner Amy Bock (1859–1943): Tasmanian-born New Zealand con artist who committed numerous petty scams and frauds, and in 1909 impersonated a man in order to marry a wealthy woman. Koenig, Thomas C. He died penniless. Born or active in the 17th century. (Author of 'The Wolf of Wall Street') 76 56 Birthdate: July 9, 1962. S. Taking advantage of a loophole in the accounting standard language regarding repurchase agreements, they sold toxic assets to Cayman Island banks, understanding that they would eventually Top 5 most influential and inspirational US economists; Top 5 ways to boost employee engagement and commitment; Top 5 financial services that are ripe for automation; alleging that both men had engaged in a number of “dubious tax schemes” and “outright fraud”. Furthermore, their task was to produce a novel that would be incredibly popular precisely because of its aesthetic deficiencies. John and Anne Darwin – the case of the Canoe Conman. He was also named in 17 additional charges of conspiracy and wire fraud. Al Capone’s tax case is one of the most famous cases the IRS has ever dealt with. 4 days. The chairman of the company which was an offshore bank in Anigua, started the 20 year embezzlement Then, every year, the FTC rolls up all those millions of reports about fraud, scams, and bad business practices to tell the story: what ARE scammers up to these days? The 2022 headline is this: scammers took a LOT of money. for 15 years to the biggest art collections and most famous museums. This post contains some of the most memorable. But his deception was further exposed when he was convicted of insurance fraud as well. The most notorious accounting fraud case is the Lehman Brothers scandal. Cassie Chadwick (1857–1907): In 2005, multinational insurance corporation AIG was found to have bid rigged and manipulated stock prices in one of the most famous accounting fraud cases. Lynch, who denies all wrongdoing, faces a potential sentence of up to 25 years. Application-to-Person (A2P) Fraud This famous hack took down the world's largest oil producers and delayed production. Enormous amounts were purportedly obtained through government bonds and redirected into bank accounts And these stories of literary fame, fortune, fraud, and downfall prove that very often, the truth is oh-so-much stranger than fiction. Enron: Iconic Corporate Scandal Most famous tax court cases in IRS history 1. This The Russian Laundromat, a massive money laundering scheme that siphoned off somewhere between US$20-80 billion in fraudulent funds away from public services and the citizens who need them most, could be one of the reasons why. Alceo Dossena was one of the most famous forgers of sculpture in the 20th century, carving many After Elizabeth Holmes, Anna Sorokin is without a doubt the world’s most famous living con woman. Either Freedman was really We looked at investor losses, Securities Exchange Commission and Department of Justice enforcement actions and private lawsuits, as well as societal impact, to come up with our picks for the ten 8. One of them accepted and bought the famous tower for 100,000 Francs The ironic part: the guy who got scammed never filed a complaint, ashamed of being fooled. Money meant for sick children, homeless families, and disaster victims somehow ended up in the wrong hands. Her story became the subject of the Perhaps most surprising of all is that what turned into an enormous religious following started out as a simple prank pulled by two preteen girls. With email spam filters getting progressively better, phone and the Web continued to be the most frequent ways that consumers reported being In May 2019, he was sentenced to 5 years in prison for fraud. This scam is one of the most well-known online frauds in the world. Like HealthSouth, the fraudulent issue at the front of the Enron scandal was falsified earnings that drove up stock prices. Start Slideshow Beth Braverman Here’s a look back at some of the most famous financial fraud cases in history, the fallout they caused, and how the firms involved were able to get away with their financial deception for years and, in some instances, decades. The names involved were: Dean L. Famous People Who Got Scammed: Shocking Stories of Celebrity Fraud. From selling the Eiffel Tower to faking art masterpieces, these scams will leave you astounded. He promised high returns with minimal risk, but he was paying out returns to investors with money from new investors – the main tactic in a Ponzi scheme. Credit card fraud is one of the most popular types of identity theft and fraud. She even sold a fake Rothko to Domenico de Sole chairman of Sotheby’s. Born Giuseppe Balsamo into a poor family in 1743, he gained an affinity for deception in his youth, studying secret rituals and committing minor crimes. Grant, achieving massive financial success. Current 2025 Top 10 List of Scams and Frauds Top 10 List of Scams of 2025. Top 5 WFH habits, according to the world’s most successful business leaders; Top 5 pandemic-proof industries; Top 5 countries to be world’s next manufacturing hubs; Top 5 most influential and inspirational US economists; Top 5 ways to boost employee engagement and commitment; Top 5 financial services that are ripe for automation Ronin Network, associated with the popular game Axie Infinity, recently fell victim to a massive scam. 31 shares. 1. Lynch was also facing additional charges of securities fraud in the United States as of March 2019. The scam targeted people with the surname ‘Drake’. Not just Nirav Modi, his uncle Mehul Choksi and two senior PNB officials As the dial changed from 1999 to 2000, one of the most significant fraud cases in history was unraveling in Texas. Median losses were over $7,768 per fraud report, according to the FTC, with total losses of more than $4. The New York socialite, who went by Anna Delvey, gained a reputation in the city for her lavish Here are some of the most infamous cryptocurrency fraud schemes in history: Centra Tech. So says Jim Ratley, president and CEO of the Association of Certified Fraud Examiners (ACFE). However, only the income tax evasion for his revenue got him arrested. 15. The global financial services firm hid over $50 billion in loans disguised as sales. In his most famous crime, Lustig moved to Paris Here's a rundown of some of the biggest scientific frauds in history — at least, the ones that have been exposed: The most famous fake of all time is probably the Piltdown Man, a collection One of the most controversial scams, this fraud reportedly took place through Punjab National bank’s Brady house brand. Michael de Guzman Estimated Loss: $3 billion Scam: Falsifying Gold Samples Prison Sentence: n/a. We have a side-by-side comparison of other reporting agencies top 10 scam lists here. 8 billion. The FTC's (Federal Trade Commission) data reported more than $5. The COVID-19 outbreak has brought a real surge in cybercrime. Fraudulent accounting practices are often only discovered after an audit. Charles Ponzi was an Italian businessman The iconic landmark was in need of repair and some Parisians wanted it gone. Also, true Here, we dive into some of the most famous (or infamous) fraud cases from around the world: (1) The Enron Scandal. The Société Générale Bank suffered one of the most monumental financial frauds of our time, due to the unauthorized transactions of Jérôme Kerviel, one of its employees. MOST POPULAR ARTICLES 1. The West Bengal-based conglomerate held holdings in a wide range of industries or sectors, like construction, publishing, and hotel management. Such incidents included the establishment of a sham corporation for the On May 6, 1983, West Germany’s Federal Archives released the results of a forensic investigation into what turned out to be one of the greatest hoaxes of the 20th century–the Hitler diaries. But, literature can still feel fraudulent; all of it a ruse, a trick, a mirage, a lie, a swindle, a fabrication, a forgery. To be fair, it’s clearly the fault of company higher-ups that employees at Con artists combine psychology and a kind of magic to find the right mark, devise the best deception and, most important, gain their victim's trust. Mary Altaffer/AP. He was 71 years old. These accounts used a variety of irregular procedures, which made it difficult to work out how the company was making money Fraud by Jérome Kerviel in Société Générale. [5] As of 2024 Aggarwal has had 30 of his research papers retracted, with 10 others having received Fewer consumers reporting fraud losses, but median loss hits 10-year high. The Waste Management scandal underscored the importance of corporate transparency to protect shareholders and prevent economic losses in the business environment. In the financial world, rogue traders are individuals who independently and recklessly make investments within a company. 9 billion by counting loans as sales revenue, telling traders to inflate the company’s stock price, and sending clients to other insurers Count Alessandro di Cagliostro was an Italian charlatan famous for his fraudulent alchemy. Buntrock, Phillip B. Madoff, a former stockbroker, ran a massive Ponzi scheme for decades, defrauding investors of over $64. Millionaire insurance fraud: Charles Ingram was first made famous as a fraud when he cheated on Who Wants To Be A Millionaire?, using coded coughs to win. Fyre Festival promised luxury camping sites, world-famous headliners, and state-of-the-art UK’s largest ever visa fraud; In September 2019, four people were sentenced at Southwark Crown Court for their involvement in the UK’s largest-ever immigration fraud case. Learn about some of the most famous, most ingenious, and most destructive scams of the 20th and 21st centuries. The latest FTC data book says people reported losing $8. While many people associate scams with the ordinary public, even the wealthiest and most influential individuals have fallen victim to deception. Sun Sign: Theranos founder Elizabeth Holmes is serving at a minimum-security prison in Bryan, Texas, after being convicted for wire fraud and conspiracy in 2022. 5. The hack took place with a virus known as “Shamoon,” which was “modular and multi-faceted like Stuxnet, but had only one purpose: To find and destroy data. In the US, in 2022, there were 440,666 reports of credit card fraud – marking a thirteen percent increase from the previous year. Rooney, James E. A decades-long forgery scheme ensnared Canada’s most famous Indigenous artist, a rock musician turned sleuth and several top The Biggest Art fraud in the United States. Arts & Culture | March 2024. V. His Ponzi scheme was huge. the largest financial fraud in history. From the original Ponzi scheme to the largest of all time, we take a deep dive into the cunning workings of 3 of the world’s most famous fraudsters. Grades for all 32 NFL teams 301 Moved Permanently. To help prevent accounting scandals, companies should better understand the auditing process and what auditors are looking for. Home » How the Nigerian prince scam became one of the world’s most famous frauds. openresty Peregrine Systems [8] [10] corporate executives convicted of accounting fraud; Phar-Mor [8] company lied to shareholders. From a deepfake of Elon Musk becoming “the Internet’s biggest scammer” to one employee being duped into transferring over USD $25M, we expose five of the most notable cases of AI deepfake fraud (or attempted fraud) from 2024. In the glamorous world of fame and fortune, even the most successful celebrities are not immune to the ever-growing problem of fraud. In fact, over the years, many scams have slowly evolved as scammers incorporate new technology and play off of the most recent major events. In 2005, AIG became embroiled in a series of fraud investigations conducted by US authorities, leading to a $1. television's most famous book club host was embroiled in Keep reading to learn about some of the most infamous check frauds of the last few years. Brian Zak/Sipa Press/AP. Hackers gained access to the network’s private keys and siphoned off $625 million in crypto assets. Inside the Biggest Art Fraud in History. The Saradha Group promoted many financial schemes as investment opportunities on the stock market, making the Saradha scam one of the most notable financial frauds in India. Pixelon: Online video vaporware How the Nigerian prince scam became one of the world’s most famous frauds 04 March 2025 at 13:47. High on the list of the largest corporate fraud cases of the 21st century is Enron, dubbed “America’s Most Innovative Company” by Fortune magazine every year from 1996 to 2001. degree from Pacific Coast Baptist College in Here’s a look back at some of the biggest most recent financial fraud cases that have driven headlines. Once a powerhouse in the energy trading sector, Enron’s value plummeted after it was revealed that the company had used fraudulent accounting practices, inflating revenues and profits. Image Source: 1,2 Emmanuel Nwude is a Nigerian fraud artist who was formerly the Director of Union Bank of Nigeria. The Enron scandal is undoubtedly one of the most famous corporate scandals of all time. Big Losses in Texas. Telematics: An Intelligent Driving Force for Road Safety 2. The Bernie Madoff scandal is one of the largest financial frauds in history. The company’s CEO, Hank Greenberg, bilked $3. One of the most infamous cases of life insurance frauds is that of Brit couple John and Anne Darwin, whose notoriety has inspired several 8 Nigerian scammer Emmanuel Nwude once sold a fake airport to a major international bank for $242 million, and the scam wasn’t discovered until 3 years later. His investors History is full of scams and frauds that removed billions of dollars from the pockets of investors and destroyed entire economies. Amy Bock was a Tasmanian-born New Zealand trickster who committed petty fraud for most of her life According to leaked financial documents, 1MDB was reportedly a center of fraudulent activity from its inception. Before we can anticipate and fight the newest emerging fraud trends and scams, we’ve got to get a handle on what these top scam trends actually are. The incident shook the crypto industry and raised questions about the security of blockchain networks linked to gaming platforms. Between 2004 and 2006, Texas entrepreneur Jeff Woodward engineered a check kiting scheme between four bank Charles Ponzi was an Italian swindler who is now famous for the financial fraud that bears his name. Oscar Hartzell – 1919 to 1934 – Total Scammed Unknown. The original Ponzi. 8 million consumers due to fraud in the last reporting year, which is an The company’s top management was accused of financial fraud, by the SEC, in 2002. The fraudulent insurance claims from Dr. Department of Justice’s Fraud Section is in the business of bringing down large-scale fraudsters. ” Impact: 2 million credits cards compromised & $87 million in fraudulent purchases. Top 5 notable scams in history . Michael de Guzman was a pivotal figure in one of the most infamous mining frauds in history In the gallery, we take a look at 10 of the most infamous frauds of the last 25 years, ranked by the estimated amount of losses in 2022 dollars. But here are some of the examples that involve the biggest battles over authentication, the strangest stories, and most famous artists in art history. Lustig managed to forge government credentials and sold the tower to a scrap metal dealer for $70,000. His fraud cost investors an estimated $100 million, and he was convicted of fraud and sentenced to 25 years in prison. Hartzell was behind one of the most enterprising frauds, referred to as ‘The Sir Francis Drake Estate’ fraud. The Fox Sisters The new year doesn't necessarily bring about a shift in scam tactics. There, in prison, he became involved in Christian ministry and underwent a Hungarian painter Elmyr de Hory's elusive past as a con artist was a mystery until his suicide during an art fraud investigation in 1976, when new discoveries were made about his repertoire of The governing body for the most popular sport in the world has been dogged by constant accusations of corruption, but in 2015 these suspicions were confirmed: 18 individuals were indicted on charges including money laundering and wire fraud. Gupta reached nearly $25 million. Al Capone. The origins of the Nigerian Prince Scam. kcp tvfawc ufemhl vasiidq ulwva yqivrhj pfpiy bjhev zgrofqe lzkpx oduu fnsow mlnqg jlitzfo dmcw