From Unicorn To Uniform, Forbes 30 Under 30 Fraudsters
Forbes' annual "30 Under 30" list celebrates America's top young artists, entrepreneurs, and business leaders under 30, but some honorees have faced scandals or criminal issues, primarily linked to finance
In the last decade, several Forbes entrants were convicted of financial crimes. Here are six:
- Gokce Guven (30U30 list: 2025): The 26-year-old founder of fintech startup Kalder faces up to 52 years in prison for alleged $7 million in fraud.
- Sam Bankman-Fried (30U30 list: 2021) is currently serving a 25-year sentence after being convicted on multiple fraud-related charges tied to the implosion of FTX, his cryptocurrency exchange.
- Caroline Ellison (30U30 list: 2021), Bankman-Fried's co-conspirator, pleaded guilty to fraud in 2023 in relation to the FTX bankruptcy in 2022.
- Charlie Javice (30U30 list: 2019) was convicted of financial fraud and conspiracy in relation to her student financial aid application assistance company, Frank.
- Nate Paul (30U30 list: 2016), the founder of World Class Capital Group, was convicted of falsifying documents to obtain millions of dollars in loans he wouldn't have otherwise qualified for.
- Elizabeth Holmes, the Theranos co-founder, did not appear in the 30 Under 30 list. However, she graced the cover of Forbes and was invited to speak at the Forbes 30 Under 30 Summit. She was later convicted of fraud related to her blood-testing company and ordered to pay $452 million in restitution. Last month, the 37-year-old submitted a request last year to the Justice Department, seeking early release from her more than 11-year sentence.
‘Regrets, We’ve Had A Few’
One LinkedIn user commented under an article related to Guven's arrest and her Forbes 30U30 listing that "maybe they should change the name to 30 over 30 (years in prison)."
Forbes ran an article featuring the "hall of shame" list in 2023, listing the 10 people they wish they could take off the list. The article stated that they have honored more than 100,000 people and vetted another 100,000 candidates.
"But regrets, we've had a few. While our process correctly weeded out folks like Fyre Festival impresario Billy McFarland and, yes, even Elizabeth Holmes — one-time superstars who all wound up fraudsters — others slipped through," the article stated.
So, what is it about private equity and venture capital startups that has encouraged CEOs to commit financial fraud? Many of these financial crimes begin during the company's fundraising rounds or in the early stages of the company’s life.
The "fake it till you make it" culture has paved the way for white-collar crimes such as fraud and embezzlement. Often, startups, particularly those in tech and finance, have very little supervision, making it easier for founders to take shortcuts or engage in fraudulent activities, such as falsifying financial metrics.
The line between selling a future vision and factual reporting has become blurred, raising questions about the transparency of early-stage fundraising.
According to a Boston University report, "steps should be taken to try and deter this kind of fraud from taking place while companies are in this private stage. This phenomenon is on the radar of regulatory agencies as they try to find the best solutions going forward to avoid the next possible Elizabeth Holmes."
Image: Gemini