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