Exposed! Forbes Names 10 on New “Hall of Shame” List

Forbes’s Hall of Shame list is out, highlighting 10 individuals it regrets featuring on its prestigious 30 Under 30 list. This list acknowledges the achievements and subsequent legal troubles of these formerly celebrated young entrepreneurs and innovators.

Here Is a Detailed Look at Each Forbes Hall of Shame Person

1. Sam Bankman-Fried

Topping the list is Sam Bankman-Fried, the founder of FTX, who was featured on Forbes’ 30 Under 30 in 2021.

Bankman-Fried was convicted of $10 billion in crypto fraud in November 2023. His meteoric rise and subsequent fall began when FTX’s close ties with its sister trading firm, Alameda Research, were revealed, leading to FTX’s bankruptcy. He and other executives were accused of misusing customer funds for luxury expenses.

2. Caroline Ellison

Caroline Ellison, the former co-CEO of Alameda and Bankman-Fried’s ex-girlfriend is also in the Hall of Shame.

She was part of the 2022 Forbes finance class but later pleaded guilty to seven offenses, including wire fraud and money laundering. Ellison testified against Bankman-Fried, cooperating with the government to potentially receive a lighter sentence.

3. Martin Shkreli

Known as the “pharma bro,” Martin Shkreli appeared on the 30 Under 30 list in 2013.

Shkreli gained notoriety for raising the price of a life-saving drug from $17.50 to $750. He later served four years in prison for securities fraud and was fined $65 million, also receiving a lifelong ban from the pharmaceutical industry. Shkreli was released early from prison in May 2022 after serving over six years.

4. Charlie Javice

Charlie Javice, founder of the startup Frank, which claimed to help students get financial aid, was listed in the 2019 Forbes finance class.

She sold Frank to JPMorgan Chase for $175 million, falsely claiming it had 4.25 million users. In reality, it had only 250,000 users, leading to her indictment on fraud and conspiracy charges.

Prosecutors allege Javice significantly inflated the number of Frank’s users. They claim she created millions of fake accounts to make the company appear much larger and more successful than it truly was.

Featured on Forbes 30 Under 30 list in November 2022, but was later added to the Forbes Hall of Shame list. Javice has pleaded not guilty, with her trial set for October.

5. Nate Paul

Real estate investor Nate Paul, who was featured in Forbes’ finance class in 2016, saw his business valued at around $1 billion. In 2019, the FBI and the Department of the Treasury raided his home and business offices. This raid was part of a broader investigation into allegations that Paul had made false statements to financial institutions to secure loans​.

However, he was charged with fraud and conspiracy for allegedly lying to lenders. Paul has pleaded not guilty, with his trial scheduled for July.

6. Cody Wilson

Cody Wilson, the founder of Defense Distributed, made the 30 Under 30 Law and Policy list in 2014. Wilson was later convicted of paying $500 to have sex with a 16-year-old girl, resulting in a requirement to register as a sex offender.

Wilson’s legal battles haven’t stopped there. He has clashed with the U.S. government over the online distribution of gun schematics, pushing the boundaries of what constitutes a firearm. He further blurred the lines with Ghost Gunner, a company selling partially complete firearms easily finished with a 3D printer at home.

7. James O’Keefe

James O’Keefe is a controversial figure known for his hidden camera videos targeting organizations he perceives as liberal or biased. Founder of Project Veritas, a group known for using these tactics to expose what they claim is wrongdoing.

The organization ousted him after 13 years due to accusations of misusing donor funds for personal expenses, including private jet flights.”

“The board fired him in February 2023 after accusing him of financial impropriety. While he has launched his own media group, O’Keefe remains a significant figure in conservative activism.

8. Phadria Prendergast

Phadria Prendergast, editor-in-chief of Women of The City Magazine, made the 2023 Forbes list. Allegations arose regarding WOTC Magazine’s connection to a potentially controversial church, SPAC Nation. Some reports claimed the church had financial issues. Additionally, people questioned whether WOTC Magazine was truly empowering women or aligning with a specific religious group.

Later, people accused her of running a pay-to-play operation, where cash payments secured coverage in her magazine. Around 11 former customers claimed she absconded with approximately $195,000.

9. Steph Korey

Steph Korey, co-founder and CEO of the luggage brand Away, was on the cover of the 2018 Under 30 issue. There have been allegations of a toxic work environment at Away during Korey’s tenure as CEO. These allegations led to her departure from the company in 2020. Accusations of bullying employees and enforcing a grueling workload led to her resignation following a 2019 report.

For her work with Away, Forbes featured Korey on the 30 Under 30 list in the Retail & E-commerce category in 2016. She now appears on the Forbes Hall of Shame list.

10. Lucas Duplan

Lucas Duplan, founder of the mobile payments company Clinkle, was featured in 2014. Despite raising $30 million from notable investors, Clinkle failed to produce a viable product, leading to massive layoffs and investor dissatisfaction. Clinkle was able to raise a significant amount of funding but ultimately faced challenges and did not achieve the level of success initially anticipated

Closing Segment

Forbes has included over 10,000 rising stars on its famous 30 Under 30 lists over the years, celebrating young innovators across various sectors. However, the recent introduction of the Forbes Hall of Shame reflects an acknowledgment of the pitfalls and unforeseen consequences of rapid success.

The Forbes Hall of Shame list serves as a sobering reminder that even those who rise quickly to fame and fortune can fall just as swiftly, often due to unethical behavior, legal issues, and moral failings.

The Forbes Hall of Shame List as a Call to Action

The publication of this list underscores the importance of integrity and transparency in business practices. Forbes’ regretful acknowledgment of these individuals aims to highlight the necessity of ethical conduct and responsibility among young entrepreneurs.

This Hall of Shame teaches a lesson to all, emphasizing that true success relies on honesty, transparency, and respect for ethical standards.

A New Era of Responsible Leadership

This Forbes Hall of Shame list aims to instill a deeper sense of responsibility among young entrepreneurs, encouraging them to not only dream big but also act with integrity, ensuring their success benefits society as a whole.

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