10 Billionaires Who Have Gone Broke or Declared Bankruptcy — Read the wild stories of how they lost their fortunes

Bernie Madoff is widely known as the leader of the largest Ponzi scheme in US history.

One person many won’t forget – Bernie Madoff enters the Manhattan federal courthouse on March 10, 2009.   Photo: REUTERS/Shannon Stapleton




Some of the most well-known billionaires have declared bankruptcy at some point in their lives, either personally or on their companies. Other wealthy billionaires have claimed to be completely broke.

Many factors contributed to these wealthy people losing it all — economic downturns, bad investments, and even massive fraud cases that landed them in hot water, to name a few. Some of these billionaires have returned to prominence and are just as rich as they once were. However, others failed to regain much, if any, of the wealth they once had.

BusinessInsider.com rounded up 10 famous billionaires who went broke or declared bankruptcy, plus the wild stories of how they lost it all or how their companies went under.

Read the complete article at ‘From Billionaire To Broke – Losing It All




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