Who wants to be a billionaire? It seems it takes so much more to achieve that dream financial ecstasy than the world believes, and the world’s richest businessmen have the evidence to prove it. Despite money talks, even billionaires must abide by the implications of their criminal acts. On charges ranging from tax fraud to evasion, these billionaires have conned the system, some suffering minor consequences while others are serving life sentences in jail. Here are five convicted criminal billionaires who will leave you speechless.
• Domenico Dolce and Stefano Gabbana
Net worth: $1.65 billion each
Famous for their brands Dolce and Gabbana, Domenico and Stefano have emerged as two of the most high-profile cases in Italy’s crackdown on tax evasion. The fashion power duo was sentenced to 20 months in jail for allegedly hiding profits from tax officials through an offshore company.
In what the judge called a “sophisticated tax fraud”, the designers sold two of their brands to a parent company in Luxembourg called Gado, allowing them to avoid more than US$570 million in taxes. While the designers are appealing, if the conviction is upheld they will be forced to pay more than $470 million in fines, Forbes said.
• Jim Irsay ($1.6 Billion)
Jim Irsay is the current CEO of the Indianapolis Colts. One Sunday night, Irsay was driving from Indianapolis back to his home in suburban Carmel, Indiana. Due to erratic driving and suspicious actions on the road, the police decided to stop Irsay.
What the police found was little more than they expected. Irsay is left speechless and prescribed drugs are found in his car. Irsay should go to jail, and the NFL wasn’t very pleased with him. Irsay was suspended for half the season.
• Allen Stanford (2.2 billion)
After being sentenced to 110 years for his role in what was described as a ‘enormous Ponzi Scheme’, Allen was sentenced to life in jail. The Texan was once the Chairman of the Stanford Finance Group, leading a financial conspiracy geared toward defrauding investors. Stanford’s scheme robbed investors of at least $7 billion. During his time in jail, it is alleged that Allen was seriously injured following a violent attack from a fellow inmate and is now partially visible. Karma wasn’t in his favor.
• Alfred Taubman ($9 billion)
The mall tycoon and former chairman of Sotheby’s spent nine months in jail in 2004 for allegedly rigging an art auction. He insists he’s innocent and published a book in 2007 outlining his path to becoming a billionaire and explaining his time in jail. The mall mogul pledged $56 million to the University of Michigan and is now the biggest donor in the school’s history, having given away $142 million. Altogether he has given more than $250 million to charity, including $26 million to schools in Detroit. Criminal or martyr for society?
• Chey Tey-Won ($2.5 billion)
Chey Tey-Won is the chairman of the well-known South Korean conglomerate SK Corporation, primarily involved in the energy, petroleum and chemical industries. He is best known for securing funds to build Ulsan Grand Park, a major urban park located in South Korea, but he was indicted in 2012 for embezzling almost $45 million from SK companies. When he was found guilty, he was sentenced to 4 years in jail by the Seoul District Court and ultimately resigned as chairman of the company. The odds were in his favor.
