AskMen story: “History’s Greatest Fraudsters”, May 2013

A Top 10 story for AskMen. Excerpt below.

catch me

In March this year, the curtain came down on the Joel Morehu-Barlow affair, the former Queensland Health employee sentenced to fourteen years in prison for skimming $16 million from the public purse. If Barlow reminded us of anything, it’s the relative ease with which fraud can be perpetrated, even if keeping the secret hidden in the long-term is almost impossible.

Indeed, laugh at the folly of fraud victims all you like, but the perps are arguably just as naive: eventually even the shadiest accountants and laziest regulators have to balance books and catch crooks. The following ten blowhards were all done in by their own greed, and all make Barlow look a little small fry. Whatever you do, never split the bill with any of these guys.

No. 10 Kim Woo Choong

Lionised as the man who built a small textile house into South Korea’s second-largest industrial conglomerate, the legend of Kim Woo Chong crumbled under the whopping $80 billion of debt with which he’d laden Daewoo Group by 1999. Not only that, but Kim escaped to France, taking $3.2 billion out of the country with him. In 2006, he eventually returned to South Korea to face charges of accounting fraud, money smuggling and illegally borrowing $10.3 billion, and was sentenced to ten years in prison.

For the full article, visit AskMen.

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