Picture this you have a billion dollars and you're on top of the world your life consists
of fast cars big houses private jets and then just like that it all comes crashing down welcome back
Charlie here get ready because we're about to look at real stories of billionaires who lost
it all from a man who stole 65 billion dollars and got caught to a cryptocurrency billionaire
who ended up penniless and in prison first we have to look at Sam bankman freed he might not
look like it but a few weeks ago this man was the world's youngest billionaire Sam bankman freed or
SPF created a cryptocurrency exchange known as FTX for a long time everyone thought this man was a
genius the news loved him he was a billionaire but seemed so humble YouTubers even made videos about
him calling him the most generous billionaire but the truth is this was all a big scam his crypto
exchange FTX had their very own token this was was called ftt it turned out this token
was basically a Ponzi scheme he used this token as collateral to borrow billions of dollars he
would give these billions of dollars to his other company named Alameda research Alameda would then
use the money to make very risky crypto bets bets that lost them billions of dollars people
who used FDX thought they were buying Bitcoin and other cryptocurrencies but really all they were
buying was an IOU basically promising they would be able to withdraw their crypto if they wanted
to this would all be fine and was for many years the only danger would be if too many people wanted
their cryptocurrency at once and a few weeks ago that's exactly what happened this man sees
he who is Sam's biggest rival decided to take him down CZ owns The Exchange named binance which was
ftx's biggest competition with a few tweets CZ created lots of fear about FDX causing everyone
to take their money out at once FTX couldn't pay their customers back so where did all their money
go well it turns out Sam had misused over four billion dollars of user funds he also spent 21
million dollars on Super Bowl commercials 45 million dollars in campaign donations and 300
million dollars on a giant Penthouse in the Bahamas at one point Sam was worth 27 billion
dollars but in a recent interview said his net worth was down to just one hundred thousand now
even that's been seized meaning his net worth has gone to zero two days ago Sam was also arrested
in the Bahamas he was denied bail and now faces up to 115 years in jail if convicted moving on let's
look at Elizabeth Holmes for years many people thought this woman was a genius they called her
the next Steve Jobs and many famous investors gave her billions of dollars for her Company
the company named theranos created groundbreaking technology for diagnosing diseases and soon became
one of the fastest growing companies in the world by 2014 she'd already gained 400 million
of Investments theranos was valued at nine billion dollars and she was on top of the world
her personal net worth at 4.5 billion dollars everything theranos did was incredibly secretive
but despite this investors trusted Elizabeth but this all changed in 2015 the FDA uncovered
something shocking none of the technology theranos had actually worked their main product a blood
analysis machine did nothing in 2018 theranos was shut down for GERD and Elizabeth was charged with
massive fraud in November of 2022 she was sentenced to more than 11 years in prison
making this one of the biggest fools from grace of all time I guess for Elizabeth orange really
is the New Black moving on we have to look at dokwa dokwon was a South Korean cryptocurrency
billionaire that was until summer of 2022. dokwon founded the cryptocurrencies terror
and Luna users invested billions of dollars in these but in May of 2022 does blockchain
came crash down more than 40 billion dollars was wiped out in a matter of days dokwon lost
billions of dollars but what's worse is he lost over 40 billion dollars of other people's money
South Korea soon put out an arrest warrant for doe but he was in Singapore at the time then
in September Interpol issued an international warrant for his arrest and three days ago doe
was confirmed to be hiding in Serbia Interpol does operate in Serbia if convicted dokwon could spend
years in prison in South Korea moving on let's look at Bernie Madoff Bernie Madoff is known
as the man who stole 65 billion dollars he ran the largest Ponzi scheme in history Bernie would
take investors money and say he was investing it but in reality he was simply keeping it in
a bank account he would tell his investors that they were getting returns of 20 percent
that's double the standard stock market return this worked well as he would simply tell people
their Investments were growing it would only be bad if people wanted their money back but
because everyone thought the Investments were going well no one ever did it all came crashing
down when he confessed to his sons that he was running a massive Ponzi scheme and wasn't actually
investing any of the money 65 billion dollars was gone Bernie was soon arrested he had to Forfeit
his 17 billion fortune and was sentenced to 150 years in prison sadly one of Bernie's Sons named
Mark took his own life after hearing this news in 2021 Bernie Madoff passed away from natural
causes while serving his sentence in prison moving on we have to look at Alan Stanford in
the 1980s Alan Stanford made a massive amount of money in real estate and a few years later made
his own bank the only problem was Alan loved spending money he would give away 20 million
dollars in a cricket tournament by private jets costing hundreds of millions of dollars purchase
Mansions worth tens of millions of dollars and also by Yachts it turned out to get rich Allen
had been bribing lots of politicians and also participating in money laundering he would also
treat his bank as a personal ATM in 2009 Allen was arrested and his company was deemed a Ponzi scheme
his personal Fortune at the time was 2 billion dollars but he was told by a court he had to repay
7 billion dollars making his net worth minus five billion dollars he was sentenced to 110 years in
prison but most of his investors never got their money back finally let's look at Sean Quinn Sean
Quinn from Ireland came from humble beginnings he owned a small gravel business but soon moved into
construction insurance and Hospitality leading to his net worth ballooning to six billion dollars in
2008. he was the richest man in Ireland most of his money was tied up in anglo-irish Bank
Sean owned 30 of this bank but when the 2008 financial crash came the bank collapsed Sean
Quinn's insurance company also lost billions of dollars leading to him going bankrupt in 2011
his net worth was then minus three billion dollars sure now works a normal job as a consultant which
must be a pretty weird change he went from being the richest man in Ireland to working a normal
nine to five it's amazing how some of these billionaires lost all of their money overnight
surprisingly many of these billionaires have bounced back and they're Now Rich once again but
many of these billionaires are still in debt or broke to this day or they're just working normal
nine-to-five jobs but now it's time for you to make your voice heard do you feel sorry for any
of these people or was it their own fault let me know in the comments down below if you want to see
my shorts videos then check out my second Channel I've been Charlie thanks for watching drop a like
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