The super-rich who did jail time
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The super-rich imprisoned for their crimes
The super-rich are not immune to breaking the law, either to boost their wealth or to protect it. We take a look at 17 of the most notorious incarcerated tycoons.
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A. Alfred Taubman: a-year-and-a-day sentence
In 2002 billionaire A. Alfred Taubman – the ex-chairman and principal owner of Sotheby's auction house – received a year and a day sentence and a $7.5 million (£6.35m) fine. Why? For the part he played in a price-fixing scheme that cheated auction buyers out of over $100 million (£84.6m). Despite being found guilty of these crimes, however, Taubman always claimed he was innocent.
A. Alfred Taubman: a-year-and-a-day sentence
Even letters written by former President Gerald R. Ford and former Secretary of State Henry A. Kissinger to the Judge presiding over the case didn't help to keep Taubman out of prison. That said, he only spent 10 months incarcerated, and even on his release continued to insist that he was innocent. He passed away in 2015.
Nochi Dankner: three-year sentence
One of Israel's most powerful financiers, Nochi Dankner was involved in a number of disastrous investments in Las Vegas and elsewhere during the early 2010s, which caused public bank IDB to lose millions of dollars, knocking a considerable amount of money off its value.
Nochi Dankner: three-year sentence
In 2012, Dankner, who was the controlling shareholder of the bank, hired a team of brokers to buy and sell IDB stock, artificially inflating the value of the bank just before its IPO. The authorities soon caught wind of the securities fraud and Dankner was sentenced to two years in prison for the crime in 2016. He appealed in August 2018 but Israel's Supreme Court rejected the appeal and increased his sentence to three years. He was released early, in February 2020.
Jay Y. Lee: initially a five-year sentence
In January 2017, Samsung's de facto boss Jay Y. Lee was charged with bribery, embezzlement and perjury by the South Korean prosecutor's office and arrested for the crimes in February, sending shockwaves through the South Korean establishment.
Jay Y. Lee: initially a five-year sentence
The 'Crown Prince of Samsung' was accused of bribing disgraced former president Park Geun-hye and her close friend Choi Soon-sil to the tune of $40 million (£33.9m) in exchange for preferential treatment. In August 2017, Lee was sentenced to five years in prison, but just six months after initial sentencing, Seoul High Court suspended his sentence and he walked free. In 2022, Lee was granted a special presidential pardon on the grounds that he was 'needed back at the helm' of Samsung post-pandemic in order to take his place at the forefront of South Korea's economic recovery.
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Thomas Kwok: five-year sentence
In 2012, Hong Kong property tycoon Thomas Kwok who, along with his brother Raymond, was worth in the region of $17.2 billion (£14.5bn), was accused of bribing Rafael Hui, Hong Kong's former Chief Secretary for Administration, over a period of several years during the 2000s.
Thomas Kwok: five-year sentence
While his brother Raymond was cleared of any wrongdoing, Thomas Kwok fell foul of the powers that be and was convicted in December 2014 of conspiracy to commit misconduct in public office. The property magnate was sentenced to five years imprisonment and fined $64,000 (£54.1k). His final appeal against the charges was rejected in June 2017. Kwok was released in 2019 and said that while he'd been incarcerated, he'd spent most of his time working on a theology paper.
Xu Xiang: five-and-a-half-year sentence
China's answer to Carl Icahn, the once-revered hedge fund manager Xu Xiang amassed a fortune of $2.2 billion (£1.9bn) after founding ridiculously successful investment firm Zexi Investment in 2009. But rumours soon spread that Xu was up to no good and he was arrested in November 2015 for insider trading.
Xu Xiang: five-and-a-half-year sentence
The Chinese authorities went as far as to seal off the Hangzhou Bay Bridge to arrest Xu. The corrupt hedge fund supremo was convicted in January 2017 of insider trading and manipulating the securities market. He was sentenced to five-and-a-half years in jail and fined an eye-watering $1.6 billion (£1.35bn). He was released from prison in 2021 after five and a half years.
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Michael Milken: 10-year sentence
Financier Michael Milken is the embodiment of a comeback king. In the 90s he went to jail for developing a market for high-yield "junk" bonds. He was fined $600 million (£507.7m) and sentenced to 10 years in prison.
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Michael Milken: 10-year sentence
Milken only served two years of his sentence and was released in 1993. The same month Milken was diagnosed with prostate cancer, which led the billionaire to set up the Prostate Cancer Foundation for research into the disease. He has also founded other foundations including the Milken Institute, a non-profit economic think tank, which has conferences with guests such as Joe Biden, pictured with Milken.
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Marco Muzzo: 10-year sentence
On 27 September 2016, Canadian property heir Marco Muzzo was drunk behind the wheel when his speeding SUV careered into a vehicle in Ontario carrying Gary Neville and his three young grandchildren: Daniel Neville-Lake, nine; his brother Harrison, five; and their two-year-old sister Milly, who all died in the crash.
Marco Muzzo: 10-year sentence
Muzzo, who was returning from his bachelor party in Miami, had two to three times the legal limit of alcohol in his system. The billionaire playboy, who is filled with “great remorse, sympathy and unimaginable regret” for the DUI crash, was sentenced in March 2016 to a 10-year prison term for the devastating crime. He was released in 2021, when the Parole Board of Canada granted him full parole following a virtual hearing.
Raj Rajaratnam: 11-year sentence
Sri Lankan-American financier Raj Rajaratnam founded the New York-based Galleon Group, one of the world's leading hedge fund management firms, back in 1997, and had accumulated a fortune of $1.8 billion (£1.5bn) by October 2009, when the FBI came knocking on his door.
Raj Rajaratnam: 11-year sentence
Rajaratnam was arrested for insider trading and prosecuted for the crime. The billionaire investor was eventually found guilty of 14 counts of conspiracy and securities fraud, and was sentenced to 11 years in prison on 13 October 2011, and fined $150 million (£115.4m). He served almost eight years of his sentence and was released in 2019. He immediately began promoting a book defending his actions, called Uneven Justice: The Plot to Sink Galleon.
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Huang Guangyu: 14-year sentence
The one-time richest man in China, billionaire Huang Guangyu was the chairman of GOME Group, China's largest consumer electronics retailer until one fateful day in 2008 when he was arrested and charged with stock market manipulation, illegal foreign exchange dealing and bribery.
Huang Guangyu: 14-year sentence
In 2010, Huang was sentenced to a hefty 14 years in jail for the crimes, but his stint in prison hasn't stopped him from gaining control over the electronics retailing giant and running the firm from his cell. His sentence was shortened twice before 2020, when after almost ten years in prison, he was released on parole.
Marcelo Odebrecht: 19-year sentence
A slew of Brazilian billionaires have been prosecuted for their involvement in endemic corruption at the state-owned oil company Petrobras as part of Operation Carwash, but Marcelo Odebrecht, the former CEO of Odebrecht, has received the longest prison sentence.
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Marcelo Odebrecht: 19-year sentence
The moneyed heir to his eponymous family business was arrested in June 2015 and convicted in March 2016 for paying government officials more than $30 million (£25.4m) in kickbacks. Although Odebrecht was handed a 19-year sentence for his crimes, it was reduced to 10 years in December 2016, and he stayed under house arrest at his luxury home until his early release in 2017.
Odebrecht announced that it would be changing its name to Novonor in 2020, in an attempt to distance itself from the scandals that had dogged the company.
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Samuel Israel III: 22-year sentence
During the late 1990s and early 2000s, American-born hedge fund manager Samuel Israel III ran a complicated Ponzi scheme, even going as far as to create a fake accounting firm in an attempt to cover up his dodgy dealings. The US authorities discovered the dubious scheme in 2005 and Israel was indicted.
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Samuel Israel III: 22-year sentence
Israel went on the run not long after and even attempted to fake his own death in order to elude the cops. The crooked billionaire was sentenced in absentia to 20 years in jail, and eventually surrendered to the FBI in July 2008. Israel was sentenced to an additional two years for absconding. In 2019 Israel asked the courts for leniency under the First Step Act, which was signed by President Donald Trump to allow older prisoners their freedom early. The judge declined, saying that "it would not promote respect for the law to go easy on white-collar criminals who have privileged backgrounds." Israel remains in prison to date and is not due for release until 2027.
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Bernard Ebbers: 25-year sentence
Canadian-born billionaire Bernard Ebbers was behind one of the largest accounting scams in US history. As CEO of WorldCom, Ebbers oversaw false financial reporting and defrauded investors on an epic scale between January 2001 and March 2002.
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Bernard Ebbers: 25-year sentence
Ebbers was indicted on 15 counts of false financial reporting in August 2003 and eventually convicted of nine felonies in March 2005. Four months later, the shady fraudster was sentenced to 25 years in a low-security jail for masterminding the scam. He died in February 2020 at the age of 78, just over a month after his early release due to health issues.
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Eike Batista: 30-year sentence
Brazilian oil and gas billionaire Eike Batista used to be the country's richest man. Not any more. After being found guilty of bribing and threatening government members, Batista received a 30-year sentence in July 2018.
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Eike Batista: 30-year sentence
Batista got caught out in a nationwide probe into corruption called Carwash. Following the investigation Batista was convicted of paying $16.6 million (£14.1m) to the former governor of Rio de Janeiro for certain contracts.
In 2017 Batista was fined another $6.3 million (£5.3m) for insider trading. He was declared a fugitive when police raided his estate in Rio de Janeiro and found that he'd flown to New York a few hours previously. He returned voluntarily, only to be put under house arrest. In 2018, he was found guilty of bribery and sentenced to 30 years in prison. More money laundering and insider trading charges followed in 2019. He remains under house arrest, pending appeal.
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Allen Stanford: 110-year sentence
As chairman of the Stanford Financial Group, Texan executive Allen Stanford was indicted by US federal authorities in February 2009 for setting up a massive Ponzi scheme, which relieved investors of billions of dollars in certificates of deposits
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Allen Stanford: 110-year sentence
Stanford turned himself in on 18 June 2009, and was convicted of the fraud in March 2012. The disreputable boss was sentenced to a colossal 110 years in jail, and is currently serving time at the high-security United States Penitentiary, Coleman in Florida. In 2021, it was reported that around $1 billion (£84.4m) had been recovered in compensation for victims of the scam. June 2022 saw Stanford start a final appeal to the US Supreme Court.
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Bernard Madoff: 150-year sentence
The brains behind the largest and most audacious financial fraud in US history, Bernard Madoff duped 4,800 clients out of $64.8 billion (£54.8bn). The notorious scammer was investigated by federal authorities on several occasions during the 2000s and finally indicted for the fraud in December 2008.
Bernard Madoff: 150-year sentence
Madoff confessed to transforming his wealth management business into a massive Ponzi scheme during the 1990s and pleaded guilty in March 2009 to 11 financial felonies. The infamous fraudster was eventually sentenced to a staggering 150 years in prison for the scheme, the maximum possible sentence allowed. He died in prison in April 2021, aged 82.
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Xiao Jianhua: 13-year sentence
Chinese Canadian billionaire Xiao Jianhua, who is one of China's richest people, was sentenced to 13 years in jail in 2022. Xiao, along with his company Tomorrow Holdings, were found guilty of embezzlement and bribery, "illegally absorbing public deposits, breaching trust in the use of entrusted property... [and] illegal use of funds" according to a statement from the court in Shanghai.
In addition to jail time, the billionaire was fined over $8 billion (£6.7bn).
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Ding Yuxin: 20 year sentence
Ding Yuxin the billionaire chairwoman of Boyou Investment Management Corp, confessed to bribing the then Chinese railways minister Liu Zhijun (pictured) huge sums of money in return for contracts and introductions. Between 2008-10, she confessed to the court that she'd won around 49 million yuan ($27 billion/£22.8m) in lucrative contracts from Zhijun. In 2014, she was sentenced to 20 years in prison, fined $404 million (£340.3m) and had personal property confiscated.
Liu Zhijun fared even worse for accepting the bribes. He was sentenced to death, with a two-year reprieve, for the crimes of bribery and abuse of power. Suspended death sentences in China don't tend to mean death and are usually commuted to life imprisonment. Liu is still likely to spend at least 10 years in jail.