The Guardian published an article in which it examined the stories of young entrepreneurs on the Forbes "30 under 30" list - many of them face prison sentences. Entrepreneur Chris Bakke said that collectively such startups have raised $5.3 billion in their projects, and their fraudulent activities are estimated at $18.5 billion or more. For example, the founder of the startup Frank, Charlie Javis, from the Forbes 2019 list, is accused of deliberately inflating the number of clients for the sale of the startup to JPMorgan Chase. In 2021, JPMorgan Chase acquired Frank for $175 million, and Charlie Javis became the bank's managing partner. This week, the Justice Department brought charges against Javis, who hired a specialist to fabricate her company's client base. She faces 30 years in prison. Crypto entrepreneurs Sam Bankman-Fried and Caroline Ellison from FTX/Alameda Research also moved from the Forbes list to the dock - they face sentences of 100 years. The lists also included Pharma Bro Shkreli's Martin, Theranos' Elizabeth Holmes and Nikola's Trevor Milton.
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The Guardian: Many Forbes '30 under 30' list faces jail time