The Forbes ’30 Under 30′ list honours the brightest young innovators and entrepreneurs globally, marking a pivotal milestone in their careers and spotlighting a new wave of industry leaders shaping the future each year.
Over the years, the Forbes ’30 Under 30′ list has transformed from a prestigious badge of success to an unexpected recruitment drive for the world’s most ambitious prison cellmates, proving that sometimes unchecked ambition comes with a side of handcuffs.
Hereunder are 15 of the most shocking fraud cases involving celebrsted Forbes ’30 Under 30′ members:
1. Sam Bankman-Fried (FTX)
Sam Bankman-Fried’s rise to fame as the founder of FTX, a leading cryptocurrency exchange, was rapid, earning him a spot on the Forbes 30 Under 30 list in 2021.
In 2022, FTX collapsed in one of the most catastrophic financial scandals in crypto history.
Bankman-Fried is accused of embezzling billions from customers to fund his lavish lifestyle and political donations.
His arrest in December 2022 and subsequent trial in 2023 for wire fraud and money laundering have shocked the industry, with the potential for over 100 years in prison hanging over his head.
Bankman-Fried’s sentencing came four months after a highly publicized trial in which he took the stand to claim that FTX’s collapse was the result of mistakes and not ill intent.
Ultimately, he was found guilty on all seven of the criminal counts he was charged with by the Department of Justice; the jury took less than five hours to come to their decision.
2. Obinwanne Okeke (Invictus Group)
A Nigerian, Obinwanne Okeke, was named to the 2016 Forbes 30 Under 30 list for his success on the Nigerian business scene.
In 2021, he was sentenced to 10 years in prison for his involvement in a computer-based fraud scheme that defrauded victims out of $11 million.
Okeke, also known as Invictus Obi, used Nigerian-based companies to defraud people in the US, his companies used phishing emails to steal funds from victims.
Okeke’s Invictus Group companies were also accused of working with conspirators to create profiles of hundreds of victims including people in the US’s Eastern District of Virginia.
3. Caroline Ellison (Alameda Research)
Caroline Ellison, former CEO of Alameda Research and close associate of Bankman-Fried, was also featured on the 30 Under 30 list in 2022.
She played a central role in the mismanagement of FTX’s funds and was charged with several crimes, including fraud and conspiracy.
After agreeing to cooperate with prosecutors, Ellison received a reduced sentence of two years in prison, the crimes Ellison pleaded guilty to carried a maximum sentence of 110 years.
Ellison has described herself as a remorseful participant in the fraud. Prosecutors said her cooperation helped convict FTX mastermind and her former boyfriend Sam Bankman-Fried in 2023.
In her testimony against Bankman-Fried, she described a chaotic environment where lying and stealing could be rationalized in the name of the greater good — and she expressed a sense of relief when it all came crashing down.
4. Elizabeth Holmes (Theranos)
A former Silicon Valley darling, Elizabeth Holmes was lauded for founding Theranos, a blood-testing startup that promised to revolutionize the healthcare industry.
It was revealed that the company’s technology was a fraud.
Though she wasn’t on the list, Forbes named Holmes the world’s youngest self-made woman billionaire, worth $4.5 billion in 2014, when she was 30 years old.
Holmes was convicted of defrauding investors out of millions, and in 2021, she was sentenced to 11 years in prison for her role in the scandal.
A jury convicted Holmes of three counts of wire fraud and one count of conspiracy to commit wire fraud by lying to investors to raise money for her blood-testing company, Theranos.
Holmes claimed the company had developed technology that could run an array of medical tests from a single drop of blood.
Taking the stand for two weeks, Holmes tried to convince 12 men and women she shouldn’t be sent to prison for defrauding investors and patients.
5. Martin Shkreli (Turing Pharmaceuticals)
Known as “Pharma Bro,” Martin Shkreli earned a spot on the 2012 Forbes 30 Under 30 list due to his success in the pharmaceutical industry.
He became infamous for raising the price of the life-saving drug Daraprim by 5,455%, drawing widespread outrage.
After a trial in 2017, Shkreli was found guilty of two counts of securities fraud and one count of conspiracy and sentenced to seven years in prison.
He was also forced to pay a $75,000 fine, on top of $7.4 million in funds seized by the government.
6. Charlie Javice (Frank Financial Aid)
Charlie Javice was named to the Forbes 30 Under 30 list in 2017 for founding Frank, a startup aimed at simplifying financial aid for students.
She was indicted in 2023 for allegedly fabricating data to inflate her company’s value before selling it to JPMorgan Chase. She faced multiple fraud charges, including conspiracy to commit wire fraud, which could result in up to 30 years in prison.
According to the indictment, Javice and codefendant Olivier together conned the nation’s largest bank into paying a small fortune for Frank, a for-profit tech company she launched at age 24 that featured software to help students apply for college financial aid.
Javice began wooing JPMorgan Chase in the summer of 2021. Then 28, Javice was something of a media darling, giving interviews to major news publications and making not only the Forbes list but Crain’s New York’s 40 under 40 list as well.
7. Trevor Milton (Nikola Corporation)
Trevor Milton, founder of Nikola, a company promising zero-emission trucks, appeared on the Forbes 30 Under 30 list in 2016.
He was accused of misleading investors about the company’s technological capabilities, including staging a video of a truck driving by itself.
He was indicted for securities fraud in 2021, and while he maintained his innocence, the case tarnished the reputation of Nikola and exposed the risks of “greenwashing” in the tech industry.
8. Cody Wilson (3D Printed Guns)
Cody Wilson, featured on the 2014 Forbes 30 Under 30 list for creating the world’s first fully 3D-printed gun, became embroiled in legal trouble in 2019 when he pleaded guilty to charges of sexual assault involving a minor.
Wilson, through a tentative plea agreement his lawyers reached with Travis County prosecutors, pleaded guilty to a reduced charge of injury to a child in exchange for a recommended sentence that kept him out of prison but required him to register as a sex offender for seven years while he serves deferred adjudication probation.
Prosecutors say Wilson arranged to meet up with the teen girl in September 2018 after connecting with her on the dating website SugarDaddyMeet.com. Wilson and the girl met in the parking lot of an Austin coffee shop before going to a hotel and having sex, according to an arrest affidavit. The girl told investigators that Wilson paid her $500 when the two parted, the document stated.
9. Nate Paul (Real Estate)
Nate Paul, a real estate investor once heralded as a “prodigy,” appeared on the 2016 Forbes 30 Under 30 list.
Paul found himself facing federal charges for bank fraud in 2023, accused of falsifying loan applications to secure over $170 million in loans and building a real estate investment firm that had amassed a $1 billion portfolio in 17 states of office buildings, retail centres, apartments and student housing.
Some of his big initiatives include founding Great Value Storage, a large player in self-storage facilities, and buying the KPMG Tower in downtown Dallas.
State District Judge Jan Soifer instructed Paul to begin serving his 10-day sentence on November 15, 2024, related to the contempt finding she first handed him, saying he “continuously refused” to comply with a court order in a civil case in which he is accused of defrauding a nonprofit.
The sentence had been delayed as Paul sought an appeal of Soifer’s order. U.S. District Judge David Allan Ezra on Thursday cleared the way for Soifer to order Paul to jail.
10. Joanna Smith-Griffin (AllHere Education)
Joanna Smith-Griffin made the 2021 Forbes 30 Under 30 list for her work in AI and education. She was arrested in 2023 for securities fraud, wire fraud, and identity theft.
Officials said for nearly four years, she used her company to fraudulently obtain millions of dollars, hundreds of thousands of which she kept for herself.
They added that she inflated her startup’s financials to deceive investors and secure millions under pretences.
“Joanna Smith-Griffin allegedly misrepresented the composition of her startup company to defraud investors of millions and masqueraded as a financial consultant to perpetuate the scheme once discrepancies were discovered,” said FBI assistant director in charge James E. Dennehy in a statement. “Her alleged actions impacted the potential for improved learning environments across major school districts by selfishly prioritizing personal expenses.”
11. Kwon Do-Hyeong (Terraform Labs):
Forbes wrote that Kwon’s “price-stable cryptocurrency, or stablecoin, attracted 40 million users to work with the company at launch in January 2018”.
In 2019, he was featured in Forbes’ 30 under 30 Asia list.
The co-founder of Terraform Labs was arrested in 2024 after orchestrating a massive cryptocurrency fraud that wiped out $40 billion from investors, including many who trusted his promises of stablecoin innovation.
Once hailed as a genius, South Korean entrepreneur Do Kwon — now facing multiple criminal charges over his failed cryptocurrency — was a brash industry figure whose fame disintegrated into global notoriety
12. James O’Keefe (Project Veritas)
James O’Keefe, founder of the conservative media company Project Veritas, was once celebrated for his undercover investigative work.
After 13 years in charge, O’Keefe was ousted from his position as chairman and CEO in February 2023.
He faced accusations from staff and board members regarding his leadership style and misuse of donor funds, including extravagant expenses like private jet flights. O’Keefe responded by launching a new media venture, O’Keefe Media Group, but his troubles didn’t stop there.
In August 2023, O’Keefe found himself under investigation by the Westchester County District Attorney’s Office, though the specifics of the inquiry have not been made public.
13. Phadria Prendergast (Women Of The City Magazine)
Phadria Prendergast, former editor-in-chief of Women Of The City magazine, was included in the 2023 Forbes 30 Under 30 list for her work in media and marketing.
However, her reputation quickly unravelled following a Forbes investigation into the magazine’s operations.
It was alleged that Prendergast was running a “pay-to-play” scheme, offering media coverage in exchange for cash.
Eleven former clients accused her of stealing approximately $195,000, leading to further scrutiny of her financial dealings, including connections to the controversial church of Nigerian-British pastor Tobi Adegboyega, SPAC Nation church, which has been labelled a cult by former members.
Prendergast and WOTC denied the claims, but the allegations cast a dark shadow over her once-promising career.
14. Steph Korey (Away)
Steph Korey, co-founder of the popular luggage brand Away, was featured on the 2018 Forbes 30 Under 30 list.
Her company, known for its sleek, modern designs, had made waves in the retail and e-commerce space.
In 2019, a The Verge article exposed a toxic workplace culture at Away, fueled by Korey’s alleged bullying and harsh management style.
In response, Korey resigned, only to return a month later as co-CEO alongside former Lululemon executive Stuart Haselden.
Her time at the company continued to be marked by controversy, with social media posts critical of the media industry stirring up further tension. By 2021, Korey resigned as CEO once again, and the company’s journey became a lesson in balancing ambition with employee well-being.
15. Lucas Duplan (Clinkle)
Lucas Duplan, the founder of the fintech startup Clinkle, once appeared to be on the fast track to success after raising an impressive $30 million in seed funding.
Investors such as Peter Thiel and Andreessen Horowitz backed the company, which aimed to revolutionize mobile payments.
However, despite the large funding and initial hype, Clinkle never delivered a viable product.
The company’s ambitious plans failed to materialize, leading to massive layoffs and a loss of top talent.
As competitors like Venmo and Apple Pay took the lead in the mobile payments space, Duplan’s company fizzled out by 2015, leaving behind a cautionary tale of unmet expectations.
