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Biggest Failures of Forbes 30u30
Forbes 30 Under 30 features who were charged with a crime
Investor Briefcase
December 05, 2024
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The new Forbes 30 Under 30 list for 2024 was released yesterday, showcasing 600 rising talents across 20 industries. However, this list has a reputation for creating as many scandals as it does success stories, with the most notable investment failures collapsing after their inclusion.
This week, we’re featuring the three biggest failures from Forbes 30u30, and what their stories say about the fine line between ambition and accountability.
👤 The startup with millions of fake users
🏛️ An $8 billion dollar fraud
❓ Selling a product that didn’t exist
— Investor Briefcase Team
In 2019, Charlie Javice was featured as a rising star on Forbes’ 30 Under 30 list for her startup, Frank, which promised to simplify student financial aid. She claimed the platform had over 4 million users and $20 million in annual revenue.
Two years later, JPMorgan Chase acquired Frank for $175 million, eager to tap into what it believed was a thriving platform serving millions of students. However, the deal unraveled when the bank uncovered shocking discrepancies. Investigators found that Javice had allegedly fabricated user data to inflate Frank’s valuation.
“Charlie Javice engaged in a brazen scheme to defraud JPMorgan.”
In a desperate attempt to sell the illusion of success, she reportedly hired a data scientist to create fake user profiles, masking a real user base of just 300,000. Now, Javice faces charges of conspiracy, wire fraud, and bank fraud.
In 2021, Sam Bankman-Fried, founder of cryptocurrency exchange FTX, was listed on the cover of the Forbes' 30 Under 30 list, with his net worth peaking at $22.5 billion.
A year later in 2022, FTX imploded, exposing over $8 billion in customer losses and revealing Bankman-Fried’s alleged misuse of funds. Investigators uncovered that Bankman-Fried had allegedly funneled billions from FTX customer accounts into his trading firm, Alameda Research, to cover risky bets and fund lavish purchases including luxury real estate and major political donations to keep his fraud quiet.
“It felt like a house of cards... we were told everything was fine until it all fell apart and became fraud.”
In March 2024, Bankman-Fried was convicted on multiple counts of fraud and sentenced to 25 years in prison. The downfall of FTX stands as one of the most significant financial frauds in recent history.
In 2015, Elizabeth Holmes was also on the cover of Forbes, listed as the youngest self-made billionaire. Her biotech startup, Theranos, promised to change healthcare with a device that could perform hundreds of blood tests using just a single drop.
Investors valued the company at $10 billion, and even called her the next Steve Jobs. But behind the scenes, Theranos’ technology was a sham. Investigations revealed that the device didn’t work, and Holmes had knowingly misled investors and patients.
“We were told Theranos was going to be the next Apple.”
In 2022, Holmes was convicted of fraud and sentenced to 11 years in prison, marking another jail sentence for a Forbes list alumni.
Over 30 alumni have faced legal charges, scandals, or jail time—where ambition spiraled into deception and fraud. The so-called "Forbes Curse" casts a shadow over the prestige of early recognition, raising tough questions about the price of rapid success. With the release of the 2024 list, only time will tell if some of these rising stars are unknowingly on a fast track to a jail sentence.
More Stories
More Forbes 30 Under 30 Scandals
> Joanna Smith-Griffin: Smith-Griffin, the founder of AI Education startup AllHere Education, was charged with securities fraud, wire fraud, and identity theft.
> Martin Shkreli: Shkreli, also known as "Pharma Bro" and founder of Turing Pharmaceuticals, was sentenced to seven years in prison for securities fraud.
> Cody Wilson: Wilson, who created the world's first fully 3D-printed gun, took a plea deal in relation to sexually assaulting a minor and was given seven years of probation.
> Nate Paul: Paul, the founder of the real estate investment firm World Class Capital Group, is facing federal criminal charges for bank fraud.
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Each week we profile the most notorious investment stories.
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