ddMaking a billion dollars is hard. Holding onto it without cutting corners is even harder. While many fortunes are built on innovation or inheritance, a few names on this list made headlines for walking the razor’s edge of what’s allowed by dodging rules, exploiting loopholes, and testing just how far the definition of “legal” can stretch.
Allen Stanford — Built an $8 Billion Ponzi Empire in a Tropical Suit
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For years, Allen Stanford played the part of the polished financial guru by shaking hands in island resorts while running what turned out to be one of the biggest Ponzi schemes in U.S. history. His company, Stanford Financial Group, took $8 billion in operations and pulled in nearly 18,000 investors.
Elizabeth Holmes — Raised Millions on a Blood Test That Didn’t Work
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At 19, Elizabeth dropped out of Stanford to start Theranos and promised a life-changing technology: lab results from just a drop of blood. Yet behind the scenes, lab techs knew the testing devices didn't work. She kept fundraising anyway and attracted high-profile investors. Holmes allegedly covered it all up, even as the valuation hit $9 billion.
Raj Rajaratnam — Turned Insider Tips Into a Billion-Dollar Hedge Fund
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This was one of the biggest trading scandals ever. Raj Rajaratnam made hundreds of millions running Galleon Group, which was known for savvy investments. Some of that savvy came from confidential tips passed under the table. CEOs, consultants, and even friends shared insider info.
Vijay Mallya — Used Glamour and Debt to Fund a Lifestyle That Flew Too High
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Vijay Mallya was dubbed the “King of Good Times.” He ran an airline, owned a Formula 1 team, and threw legendary parties. Unfortunately, he also had $1.3 billion in unpaid loans. He left India under allegations involving financial irregularities and asset misreporting.
Joseph Lau — Bought a $48 Million Diamond While Dodging a Bribery Case
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Hong Kong billionaire Joseph Lau liked extravagant gifts; one of them was the rare $48 million pink diamond for his 7-year-old daughter. Headlines shifted in 2014 when a bribery case linked him to shady land deals in Macau. He never showed up in court and kept running his businesses abroad.
Michael Milken — Made Fortune With Junk Bonds Then Paid a Hefty Price
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Michael Milken's financial engineering funded entire industries and made him one of the richest men in America. Then came allegations of securities violations and market manipulation. He paid hundreds of millions in fines and later rebranded himself as a philanthropist.
Thomas Kwok — Gained Real Estate Intel by Paying Off a Top Official
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As co-chair of one of Asia’s largest property developers, Thomas Kwok helped shape Hong Kong’s skyline. Yet in 2014, he was found guilty of providing cash to a high-ranking official in exchange for land development secrets. He served his time and then re-entered the property world through another branch of the family business.
Eike Batista — Hyped Up Oil and Mining Deals Before It All Crashed
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Eike Batista talked openly about becoming the world’s richest man. For a while, it looked plausible. His oil and mining ventures soared, and he was everywhere from Davos to the F1 paddock. Then, investigators uncovered inflated asset values and hidden debts.
Donald Trump — Used Loopholes to Shrink Tax Bill to Just $750
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Long before his political run, Donald Trump was a fixture in real estate and media. Yet his wealth has always raised questions, especially after a New York Times report revealed he paid only $750 in federal taxes in both 2016 and 2017. Experts pointed to deductions, bankruptcies, and accounting maneuvers.
Silvio Berlusconi — Mixed Media Money With Political Power (and Legal Headaches)
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Silvio Berlusconi wore many hats: prime minister, media tycoon, and soccer club owner. His fortune came from television and real estate, but it was often tangled in political favors and legal scuffles. A bribery case involving senators and multiple tax disputes kept his legal team busy.
Gupta Family — Turned Friendship With a President Into Billion-Dollar Influence
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The Guptas moved from India to South Africa in the 1990s and became close to former president Jacob Zuma. Their influence extended into key cabinet positions and lucrative state contracts. The public called it “state capture,” an informal takeover of government machinery by private interests.
Khadem al-Qubaisi — Threw Lavish Parties With Money From a Missing Billion
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Khadem al-Qubaisi has been linked to one of the messiest financial controversies of the last decade: the 1MDB scandal. Billions went missing, and high-end purchases—yachts, artwork, fancy real estate—started raising eyebrows. His high-profile lifestyle also became the backdrop to deeper financial questions.
Rupert Murdoch — Built a Media Empire That Got Tangled in Phone Hacking
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In 2011, revelations emerged that British tabloids under Murdoch's ownership had tapped phones, including those of public figures and politicians. The scandal triggered resignations, lawsuits, and public outrage. Murdoch claimed he was unaware. Still, the episode left a lasting dent in his empire’s legacy.
Beny Steinmetz — Won Diamond Rights With Bribes and Lost Credibility in Court
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Diamond magnate Beny Steinmetz built his fortune on mining ventures across Africa. One major deal in Guinea turned sour when accusations of bribery surfaced, centered on permits awarded under suspicious terms. Swiss prosecutors took notice, as did courts in Romania.
Ihor Kolomoyskyy — Bought U.S. Real Estate Using Hidden Funds, Say Investigators
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Ukrainian billionaire Ihor Kolomoyskyy has had his hands in oil, media, and banking. He also once governed the Dnipropetrovsk region during a politically tense time. U.S. officials later flagged his financial activity and linked him to murky real estate purchases in Cleveland and Miami.