From prince to beggar: billionaires who have lost their fortune
'18.12.2018'
Source: Companion Online
To earn a billion is very difficult, but it is even more difficult to use it effectively, so that the state only increases. In the world today there are more than two thousand billionaires who own a huge part of the world's funds. But even such rich people cannot protect themselves from failure and bankruptcy. We represent 7 billionaires who have lost their fortune.
Eike Batista
Brazilian entrepreneur Eike Battista da Silva in 2012 got to 7 a place in the list of the richest people in the world according to Forbes magazine, says Companion Online. He made his fortune by selling oil. In the 2012 year, almost immediately after the opening of his company, Eike Batista’s fortune reached an incredible amount of 36 billion dollars. But after a year, 1% did not remain from his money, and after a few more months, Eike’s condition went into a big minus.
The reason for the billionaire’s bankruptcy is, he said, the fact that fraudsters worked inside the company, a crisis began in Brazil, and also because of a bad astrological forecast. Eike Batista da Silva now works in the huge EBX Group conglomerate in Brazil, but the debts of an entrepreneur are measured in billions.
Elizabeth Holmes
Elizabeth Holmes alone is called the greatest fraud, and others - the genius of modernity. In 2005, she founded Theranos, a medical company that became famous for its unique devices that can perform several blood tests from one small drop.
It almost made a revolution in the world of medicine, but then the former employees said that the company actually spills a drop with other liquids in order to make more analyzes. As a result, it turns out that they did not create anything innovative.
Elizabeth's fortune at 31 for the year was almost 4 billion, but after a few years this amount dropped to zero. Although she still continues to do business and works in the medical field, she will not return to her previous level of income.
Robert Allen Stanford
Starting capital Robert Allen Stanford earned on the crisis in the United States, because of what many already hated him. Offshore and incomprehensible to many financial schemes, he managed to collect more than 2 billion dollars for himself. But soon experts proved that all his schemes were in fact financial pyramids and frauds.
In one year he managed to become a billionaire and again lose all the money. Today, Robert Stanford is on life imprisonment for large-scale fraud.
Alberto Vilar
Alberto Vilar is an American investment manager, a billionaire who became famous for his generous investments in opera houses and educational institutions. Together with his friend, he founded the company Amerindo Investment Advisors, which for several years had a capital of more than 1 billion dollars.
But in 2009, Albert Vilar was convicted of 9 for fraud with money and securities. He was deceiving investors who invested in his charity.
Sean Quinn
Billionaire Sean Quinn was one of Ireland’s richest people in 2008. The state of the entrepreneur was estimated at over 6 billion dollars. The problems of his company began after Sean took a huge loan from an Anglo Irish bank during the economic crisis.
Due to changes in the contract, the billionaire had to urgently return several times the large amount. In 2011, it became clear that Sean Quinn would not regain his fortune.
Sam wiley
Sam Wiley is a US entrepreneur who has been advising investors on investing in the restaurant business and trade. With his brother, he founded a farm, which soon began to make a profit. Over the years, the company has helped Sam earn more than 1 billion dollars.
But almost immediately a businessman opened an offshore fund, where he sent most of his income. This is illegal because, due to offshore accounts, entrepreneurs may not pay taxes. The US Internal Revenue Service is now investigating a fraud case, which is why Sam Wiley already owes the state millions of dollars.
Barbara Davis
Barbara Davis became a billionaire after her husband Marvin Davis died. This businessman founded Davis Petroleum and managed 20th Century Fox. He left his wife and children more than 5,8 a billion dollars, which Barbara began to dispose of. Due to the economic crisis and poor management, in 2005, the state of the Davis family decreased several times. The main reason for the upcoming bankruptcy was that the whole family tried through court to divide Martin’s inheritance and defend the legitimacy of using money.
In addition, one of the relatives of Barbara Martin sold the company for almost a symbolic cost of 150 million, while the company is worth several billion.
Most often, businessmen lose their fortune because they make inefficient decisions, face financial problems and cannot solve them correctly. There are still many billionaires who have also lost the bulk of their money, but after that they did not stop working and after a few years were able to regain their position.
