10 Horrible Companies That Fooled the World
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VOICE OVER: Peter DeGiglio
Uncover the shocking truth behind some of the most notorious corporate deceptions in modern history. From financial fraud to environmental lies, these companies fooled investors, customers, and regulators with their elaborate schemes and unethical practices. Our countdown exposes the dark side of corporate greed, featuring infamous companies like Enron, Theranos, FTX, Volkswagen, and Purdue Pharma that shocked the world with their massive fraudulent activities. Which company do you think has done the most unethical things? Let us know in the comments.
10 Horrible Companies That Fooled the World
Matrix link: https://docs.google.com/spreadsheets/d/1lT8pbXrbK4lf1slOiDVCQ4vsPMqmxjoTqc6Opj7sfKg/edit?gid=0#gid=0
Freelancer Notes (optional):
Welcome to WatchMojo, and today we’re looking at various controversial companies that deceived customers and lawmakers.
[if any Intros or Criteria are requested on the matrix, insert B-roll for them here]
Enron
This energy and commodities company was one the hottest names of its time. By 2000, they were claiming $100 billion in revenue, and their stock price was shooting through the roof. Everyone was getting on that gravy train. It was the Nvidia of the ‘90s. But the bubble had to pop eventually, and pop it did in 2001. Enron had been participating in widespread accounting fraud, using fancy terms like “off-balance-sheet partnerships” and “special purpose entities” to deceive investors and make their numbers look much better than they actually were. The company filed for bankruptcy and $60 billion in market value instantly evaporated. It is now remembered as one of the biggest examples of corporate fraud in American history.
KPRC-TV
CNBC Television
FTX
Crypto trading blew up in the late 2010s, and the charge was led by FTX. Short for “Futures Exchange,” it allowed people to buy and sell digital currencies like Bitcoin and Ethereum, and it quickly became one of the most popular platforms for crypto trading. But its image of reliability was shattered when it was revealed that FTX was grossly mismanaging customer funds. The company allegedly used money from its customers to cover risky investments and losses incurred by its partner firm, Alameda Research. FTX went bankrupt following the news, and its founder, Sam Bankman-Fried, was brought up on numerous fraud charges. In 2024, he was sentenced to 25 years in prison.
CNBC Television
NBC News
Volkswagen
People are trying to make the world a cleaner place, and some companies are having absolutely none of it. Enter Volkswagen, who made international news in 2015 in the midst of Dieselgate. Volkswagen had marketed its diesel vehicles as environmentally-friendly alternatives, drawing praise from activists and lawmakers alike. However, they had secretly installed defeat devices to emit lower levels of nitrogen oxides during emissions testing than they did under normal driving conditions. Once back on the road, the device was disabled and the car emitted up to forty times more NOx than was legally permitted. Despite their promises to the contrary, the company’s deceptive practices increased NOx emissions and significantly contributed to air pollution.
Volkswagen
WXYZ-TV
CNN Business
WorldCom
People just don’t learn. Or don’t care. WorldCom was a major telephone company that played a significant role in the growth of internet infrastructure throughout the 1990s. And it was doing the exact same thing as Enron at the exact same time. Yep, it too was engaging in fraudulent accounting practices, grossly inflating its profits, and artificially raising its price on the stock market. CEO Bernard Ebbers was a charismatic leader who played a key role in maintaining the facade and bolstering public confidence - especially at a time when other telecommunications companies were struggling. But everything collapsed in 2002 when an internal audit revealed massive financial discrepancies - and fraud. WorldCom filed for bankruptcy, people lost billions, and Ebbers was sentenced to 25 years in prison.
WJTV
CNBC Television
Lehman Brothers
The 2008 financial collapse is often blamed on Lehman Brothers and its historic bankruptcy. Founded back in 1850, it grew into one of the largest investment banks in the United States, and they were particularly active in the mortgage-backed securities market. However, they fooled both investors and clients by manipulating balance sheets, over-leveraging, and engaging in risky business practices like collateralized debt obligations. The average investor and even many institutional investors did not fully understand the complexity of the financial products that Lehman was involved with, making it easier for them to mask potential issues. But the company collapsed in 2008, leading to the largest bankruptcy filing in U.S. history and significantly worsening the ongoing financial crisis.
CNBC Television
CBS
Wells Fargo
There was a time when Wells Fargo was regarded as a safe and stable bank. Not anymore. While the bank’s reputation flourished during the financial crisis, it collapsed in 2016 after regulatory bodies uncovered a widespread culture of fraud and deception. Wells Fargo had an aggressive sales culture driven by high-pressure quotas, and to meet these unrealistic goals, employees created millions of fraudulent accounts without customer consent. They were often unaware that these accounts had been opened in their name until they were suddenly hit with maintenance fees and unexpected charges. Investigations revealed that around 3.5 million fraudulent accounts had been opened, leading to massive fines and damaged trust not only in Wells Fargo, but the entire banking sector.
NBC News
KTTV
Boeing
On October 29, 2018, Lion Air Flight 610 crashed into the Java Sea, killing 189 people. Less than five months later, Ethiopian Airlines Flight 302 crashed and killed another 157. Both planes were Boeing 737 MAXs, and both had a secret feature that pilots didn’t know about. Boeing implemented the Maneuvering Characteristics Augmentation System on the 737 MAX, but they hid its existence from pilots and did not feature it in the flight manual. This was likely to minimize pilot retraining costs and rush the plane to market in order to compete with Airbus. Unfortunately, the system erroneously activated on both flights, causing the plane to dip and spiral towards the ground. The pilots failed to regain control.
NBC News
Bernard L. Madoff Investment Securities
It seems like white collar crimes are a dime a dozen, and the 2000s was an especially bad time for it. Former Nasdaq chairman Bernie Madoff ran Bernard L. Madoff Investment Securities, through which he conducted the most prosperous Ponzi scheme in history. He employed a strategy that few understood and kept his business operations opaque, allowing him to steal over $60 billion in investments. Regardless, it took investigator Harry Markopolos literally five minutes to realize that something was up. But his repeated warnings went ignored, and it wasn’t until Madoff’s own sons turned him in that the deception was finally unveiled. Many people lost their life savings, and Madoff was sentenced in 2009 to 150 years in prison. He died in April 2021.
Theranos
You know what they say - if something sounds too good to be true, it probably is. Enter Theranos, a company that claimed to have revolutionized blood testing. They had supposedly made a device that could quickly and accurately test blood from just a small fingerprick. If true, this would have upended the entire blood testing process and revolutionized the healthcare industry. Of course, it wasn’t true. Its founder, Elizabeth Holmes, had deceived investors out of $700 million and gave many customers false hope - not to mention false test results. The truth was eventually unveiled, Theranos was dissolved, and Holmes was brought up on numerous charges, resulting in a prison sentence of just over eleven years.
NBC News
Purdue Pharma
Often considered one of the most deplorable companies in American history, Purdue Pharma was founded back in 1892 but collapsed under the infamous Sackler family. The company developed a number of highly-addictive prescription drugs, most notably OxyContin, which they tricked the world into taking in order to raise their profit margins. They essentially bribed doctors into prescribing it to their patients, but worst of all, they outright lied about the drug’s addictive nature. Purdue claimed it was less prone to abuse compared to other painkillers, which was blatantly false, and they downplayed the health risks to doctors and patients alike. This led to widespread overprescribing, which in turn led to widespread addiction, and resultingly, the ongoing opioid epidemic.
NBC News
Did you fall for the scam? Let us know in the comments below.
Matrix link: https://docs.google.com/spreadsheets/d/1lT8pbXrbK4lf1slOiDVCQ4vsPMqmxjoTqc6Opj7sfKg/edit?gid=0#gid=0
Freelancer Notes (optional):
Welcome to WatchMojo, and today we’re looking at various controversial companies that deceived customers and lawmakers.
[if any Intros or Criteria are requested on the matrix, insert B-roll for them here]
Enron
This energy and commodities company was one the hottest names of its time. By 2000, they were claiming $100 billion in revenue, and their stock price was shooting through the roof. Everyone was getting on that gravy train. It was the Nvidia of the ‘90s. But the bubble had to pop eventually, and pop it did in 2001. Enron had been participating in widespread accounting fraud, using fancy terms like “off-balance-sheet partnerships” and “special purpose entities” to deceive investors and make their numbers look much better than they actually were. The company filed for bankruptcy and $60 billion in market value instantly evaporated. It is now remembered as one of the biggest examples of corporate fraud in American history.
“Fun with Dick and Jane” (2005)
Sony Pictures ReleasingKPRC-TV
CNBC Television
FTX
Crypto trading blew up in the late 2010s, and the charge was led by FTX. Short for “Futures Exchange,” it allowed people to buy and sell digital currencies like Bitcoin and Ethereum, and it quickly became one of the most popular platforms for crypto trading. But its image of reliability was shattered when it was revealed that FTX was grossly mismanaging customer funds. The company allegedly used money from its customers to cover risky investments and losses incurred by its partner firm, Alameda Research. FTX went bankrupt following the news, and its founder, Sam Bankman-Fried, was brought up on numerous fraud charges. In 2024, he was sentenced to 25 years in prison.
“Fast X” (2023)
Universal PicturesCNBC Television
NBC News
Volkswagen
People are trying to make the world a cleaner place, and some companies are having absolutely none of it. Enter Volkswagen, who made international news in 2015 in the midst of Dieselgate. Volkswagen had marketed its diesel vehicles as environmentally-friendly alternatives, drawing praise from activists and lawmakers alike. However, they had secretly installed defeat devices to emit lower levels of nitrogen oxides during emissions testing than they did under normal driving conditions. Once back on the road, the device was disabled and the car emitted up to forty times more NOx than was legally permitted. Despite their promises to the contrary, the company’s deceptive practices increased NOx emissions and significantly contributed to air pollution.
Volkswagen
WXYZ-TV
CNN Business
WorldCom
People just don’t learn. Or don’t care. WorldCom was a major telephone company that played a significant role in the growth of internet infrastructure throughout the 1990s. And it was doing the exact same thing as Enron at the exact same time. Yep, it too was engaging in fraudulent accounting practices, grossly inflating its profits, and artificially raising its price on the stock market. CEO Bernard Ebbers was a charismatic leader who played a key role in maintaining the facade and bolstering public confidence - especially at a time when other telecommunications companies were struggling. But everything collapsed in 2002 when an internal audit revealed massive financial discrepancies - and fraud. WorldCom filed for bankruptcy, people lost billions, and Ebbers was sentenced to 25 years in prison.
“The Wire” (2002-08)
HBO“Better Call Saul” (2015-22)
AMCWJTV
CNBC Television
Lehman Brothers
The 2008 financial collapse is often blamed on Lehman Brothers and its historic bankruptcy. Founded back in 1850, it grew into one of the largest investment banks in the United States, and they were particularly active in the mortgage-backed securities market. However, they fooled both investors and clients by manipulating balance sheets, over-leveraging, and engaging in risky business practices like collateralized debt obligations. The average investor and even many institutional investors did not fully understand the complexity of the financial products that Lehman was involved with, making it easier for them to mask potential issues. But the company collapsed in 2008, leading to the largest bankruptcy filing in U.S. history and significantly worsening the ongoing financial crisis.
“The Big Short” (2015)
Paramount Pictures“The Wolf of Wall Street” (2013)
Paramount PicturesCNBC Television
CBS
Wells Fargo
There was a time when Wells Fargo was regarded as a safe and stable bank. Not anymore. While the bank’s reputation flourished during the financial crisis, it collapsed in 2016 after regulatory bodies uncovered a widespread culture of fraud and deception. Wells Fargo had an aggressive sales culture driven by high-pressure quotas, and to meet these unrealistic goals, employees created millions of fraudulent accounts without customer consent. They were often unaware that these accounts had been opened in their name until they were suddenly hit with maintenance fees and unexpected charges. Investigations revealed that around 3.5 million fraudulent accounts had been opened, leading to massive fines and damaged trust not only in Wells Fargo, but the entire banking sector.
“What We Do in the Shadows” (2019-)
FXNBC News
KTTV
Boeing
On October 29, 2018, Lion Air Flight 610 crashed into the Java Sea, killing 189 people. Less than five months later, Ethiopian Airlines Flight 302 crashed and killed another 157. Both planes were Boeing 737 MAXs, and both had a secret feature that pilots didn’t know about. Boeing implemented the Maneuvering Characteristics Augmentation System on the 737 MAX, but they hid its existence from pilots and did not feature it in the flight manual. This was likely to minimize pilot retraining costs and rush the plane to market in order to compete with Airbus. Unfortunately, the system erroneously activated on both flights, causing the plane to dip and spiral towards the ground. The pilots failed to regain control.
“Frontline” (1983-)
PBSNBC News
Bernard L. Madoff Investment Securities
It seems like white collar crimes are a dime a dozen, and the 2000s was an especially bad time for it. Former Nasdaq chairman Bernie Madoff ran Bernard L. Madoff Investment Securities, through which he conducted the most prosperous Ponzi scheme in history. He employed a strategy that few understood and kept his business operations opaque, allowing him to steal over $60 billion in investments. Regardless, it took investigator Harry Markopolos literally five minutes to realize that something was up. But his repeated warnings went ignored, and it wasn’t until Madoff’s own sons turned him in that the deception was finally unveiled. Many people lost their life savings, and Madoff was sentenced in 2009 to 150 years in prison. He died in April 2021.
“60 Minutes” (1968-)
CBS“Madoff: The Monster of Wall Street” (2023)
NetflixTheranos
You know what they say - if something sounds too good to be true, it probably is. Enter Theranos, a company that claimed to have revolutionized blood testing. They had supposedly made a device that could quickly and accurately test blood from just a small fingerprick. If true, this would have upended the entire blood testing process and revolutionized the healthcare industry. Of course, it wasn’t true. Its founder, Elizabeth Holmes, had deceived investors out of $700 million and gave many customers false hope - not to mention false test results. The truth was eventually unveiled, Theranos was dissolved, and Holmes was brought up on numerous charges, resulting in a prison sentence of just over eleven years.
NBC News
“The Dropout” (2022)
HuluPurdue Pharma
Often considered one of the most deplorable companies in American history, Purdue Pharma was founded back in 1892 but collapsed under the infamous Sackler family. The company developed a number of highly-addictive prescription drugs, most notably OxyContin, which they tricked the world into taking in order to raise their profit margins. They essentially bribed doctors into prescribing it to their patients, but worst of all, they outright lied about the drug’s addictive nature. Purdue claimed it was less prone to abuse compared to other painkillers, which was blatantly false, and they downplayed the health risks to doctors and patients alike. This led to widespread overprescribing, which in turn led to widespread addiction, and resultingly, the ongoing opioid epidemic.
“Dopesick” (2021)
Hulu“PBS News Hour” (1975-)
PBSNBC News
Did you fall for the scam? Let us know in the comments below.
