America’s 25 Most Notorious Fraudsters
Bernie Madoff Was The Biggest
From Wild West outlaws to therobberbarons of the Gilded Age, it seems like America as we know it was built on fraudsters. Perhaps none are as notorious as Bernie Madoff, who operated history’s largest Ponzi scheme—but they all have stories that are just as compelling, if not more.
Charles Ponzi Gave His Name
While the first known cases offraudgo back to 300 BC, it was Charles Ponzi who caught the attention of the world. What started as a simple form of arbitrage—buying discounted postal coupons in other parts of the world and redeeming them in the US—eventually became his namesake crime.
Alexander Hamilton Even Got In Trouble
The subject of everyone’s favorite musical found himself in hot water when he was accused of financial corruption in 1797—and the reason why was scandalous. He’d conducted a brief but passionate affair years earlier, and the woman’s husband had blackmailed him to hide his dirty little secret. So while the accusations of financial corruption were true, Hamilton was also a victim of extortion.
The Original Elizabeth Holmes
Long before Elizabeth Holmes and Theranos, there was Geraldine Elizabeth “Liz” Carmichael and the Twentieth Century Motor Car Corporation. Their signature vehicle, the “Dale,” had three wheels and a fantastical design.
But not only was the car never produced, Carmichael ran off with investors’ money.
Inigo Philbrick Was An Art World Darling
Inigo Philbrick represented prominent artists as an art dealer and gallerist—but he borrowed tactics from the financial world, like selling shares in certain works of art that totaled over 100%, falsifying documents to inflate value, and selling artworks without the knowledge fo their owners.
His punishment? $86.7 million and a 7-year sentence.
