Allen Stanford

5 Millionaires & Billionaires Who Are Now Flat Broke!

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• published: 04 Jul 2015
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Find Us On Twitter: https://twitter.com/OfficialAll5 Visit our website: http://www.All5.me They say if you're a multi millionaire, you're set for life. Well tell that to these 5 people who despite their mammoth wealth, ended up completely broke. --------------------SECOND CHANNEL------------------- Check out my second channel More5! for funny, weird, interesting news, along with the latest trending topics within the YouTube community. More5! - https://www.youtube.com/channel/UCPohYrquhWwA56kiaxJRe9A Music: "Your Call" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 http://creativecommons.org/licenses/by/3.0/ 5) MC Hammer MC Hammer has made hundreds of millions in his career, Unfortunately he managed to spend it all even faster. When you grow up with less than nothing, quickly earn $33 million from a hit album in the 1990’s while you’re still in your early 20’s, blow your fortune on not one, but TWO private helicopters for you and your posse, it’s not surprising that you can spend that fortune so fast! Though that was all nearly 30 years ago, Hammer seems to still not have hired an accountant to manage his money as in 2011 it was reported he owed nearly $800,000 in back taxes to the IRS. 4) Scott Eyre Eyre played for the White Sox, Blue Jays, Giants, Cubs and Phillies before his career ended after 12 solid seasons. What happened with all of his money afterwards is probably the most surprising thing he’s done. Professional athletes are particularly susceptible to being taken advantage of, losing their millions on scams and bad investments brought to them by friends and family. Scott earned over $17 million in his career up until 2009, but reportedly was left with only $13 in his savings account after being scammed by Allen Stanford in his infamous scheme that cost investors billions of dollars. 3) Allen Stanford Yes this is the same Allen Stanford who we just mentioned that scammed Scott Eyre. At one point Stanford was considered a genius and was worth $2 billion. The SEC started to wonder where Stanford was getting all of this money from, and it turns out he wasn't just a genius, he was also a big time con-man that was taking people for a lot of money. You could say that Allen Stanford’s fall from grace was rather abrupt. Where most people just lose their fortune, Mr. Stanford is currently behind bars in a Federal penitentiary serving a 110 year sentence for defrauding investors out of more than $7 billion! The gig was up when the company eventually went belly-up and investigators determined he spent the bulk of the money on his over the top lavish lifestyle, with mansions, penthouses, and private jets. In addition to the lengthy prison term, he was also ordered to pay a fine, amounting to nearly $13 billion! 2) Jordan Belfort Jordan Belfort was portrayed in the 2013 smash hit movie the “Wolf of Wall Street” by Leonardo DiCaprio. Belfort earned more money in a year than 99% of people will ever see in their entire lives, seeing an amazing annual income of over $250 million in his early 20’s. However his fortune didn't last long as investigators found that Belfort's company Stratton Oakmont was responsible of defrauding investors of around $1 billion. Compared to Allen Stanford’s 110 year prison sentence, Mr. Belfort got off easy with only a 2 year prison term, and a forfeiture of every single dollar, and piece of property he had in his name. He’s still hundreds of millions of dollars in debt as a result of a court decision, but is slowing trying to repay that by doing “inspirational” speaking tours. 1) Sean Quinn Formerly the richest man in all of Ireland, Sean Quinn managed the rare feat of going from a net worth of $6.5 billion to being nearly $4 billion in debt, almost overnight. In an unfortunately poorly timed move, Mr. Quinn invested 25% of his family’s entire wealth in an Irish bank, just before the 2008 Financial Crisis. This wouldn't have been so bad if he didn't leverage his family’s insurance company to make the investment, resulting in both companies, and his entire empire collapsing in billions of debt. To help offset some of his newly found poverty, Quinn tried the age old art of asset stripping. Quinn knew that it was illegal, but took the chance anyway. This led to Quinn being sent to jail by the Irish High Court, but only for nine weeks, so it wasn't a terrible idea if you really think about it. Quinn now has to find a way to rebuild his fortune with five children in tow.