Varying from economic sectors to private bedrooms, this scandalous page of TopYaps is listing ten corporate monsters, who decimated the fortunes and lives of millions of innocent investors and employees.
10. Sanjay Kumar (Computer Associates):
Sanjay Kumar, the Chief Executive Officer of Computer Associates International Inc. was sentenced to 12 years in prison along with $8 million fine for masterminding a corporate fraud of more than $500 million. Born in Srilanka in 1962, Sanjay moved to United States at the age of 14 and later became the director of software department at UCCEL Corporation. In 1987, UCCEL was merged in Computer Associates and in 1994 he was appointed the CEO of CA, replacing Charles Wang.
9. Harry Stonecipher (Boeing):
Harry Stonecipher was forced to resign from Boeing for having a consensual relationship with a female executive. According to sources, Harry’s act violated the company’s code of conduct. However, Stonecipher was majorly appreciated for directing the merger between Boeing and McDonnell Douglas but his improper relationship with Debra Peabody polluted his power to lead the company.
8. James McDermott (Keefe, Bruyette & Woods):
James McDermott, a father of two was charged with disclosing confidential bank secrets to his mistress, Marilyn Star, an X-rated movie star of Canada. Renowned for his financial artistry and one-time Wall Street wiz, McDermott’s “bedroom policy” dragged him in the jail with $230,000 fine. Marilyn utilized this disclosure and cooked more than $80,000 in the share market after passing this secret to her real lover, Anthony Pomponio.
7. Robert Moffat (IBM):
The stimulator of International Business Machines, Robert Moffat was arrested by the FBI for his back-channel dealings between prominent bankers and master players of high tech industries. During the confession, the 6-foot-2 and 265-pound frame cracked down with tearful emotions but after the final prosecution, he was sentenced to six months in prison.
6. John Rigas (Adelphia):
Founder and CEO of the powerhouse company, Adelphia Communications Corporation, John Rigas was charged with securities fraud, wire fraud and bank fraud and was sentenced to 15 years in prison. Prosecutors charged him for misusing corporate fund for his lengthy list of personal luxuries and also for hiding $2.3 billion from investors.
5. John Browne (BP):
President of the Royal Academy of Engineering and CEO of BP, Edmund John Philip Browne, resigned from the post when his alleged gay-affair was exposed by his former partner, Jeff Chevalier. However, he tried his best to keep the business life separate from his private life but this corporate giant was left open mouthed when his play “beyond the petroleum pitch” was blobbed by the international media.
4. Kenneth Lay (Enron):
Responsible for the downfall of Enron Corporation, Kenneth Lay is now a synonym of accounting fraud as well as corporate abuse. With the chain of complex financial and political implications, Enron lied to its shareholders and finally went bankrupt in December 2001 after wiping out $67 billion. Lay was charged for this mega-economic scandal but he died of a heart attack before his scheduled sentencing.
3. Martha Stewart (Martha Stewart Living Omnimedia):
High profile American business magnet, Martha is well know for violating the insider trading. After selling all share of her ImClone Systems, she drew heavy media scrutiny and later she was indicted by the court with charges of obstruction of justice and securities fraud. After a high-aired jury trial, she was sentenced to five months in prison along with a fine of $30,000.
2. Bernard Ebbers (WorldCom):
Bernard Ebbers was convicted for orchestrating the largest bankruptcy in U.S. history. His consistent manipulation in the fiscal results of WorldCom moderated the sophisticated accounting fraud of $11 billion. Facing a 25 year imprisonment in Louisiana, he is expected to be released in July 2028, at the age of 85 year.
1. Mark Hurd (HP):
One of the most ironic scandal that stunned the Silicon Valley. On August 6, 2010, Mark resigned his post amid charges that he molested Jodie Fisher, a former actress and marketing consultant of HP. Dismissal of Hurd from HP was condemned in the corporate world as he was counted among one of the most flamboyant figure of business sector. Larry Ellison, CEO of Oracle, even stated: “The HP board just made the worst personnel decision since the idiots on the Apple board fired Steve Jobs many years ago.”