This made the list not only for the sheer amount of money involved (at least $65 billion in client’s accounts) but because the people he conned are some of the smartest people in the world. People entrusted him with their charitable funds but they were instead used for his luxurious lifestyle and personal gain.

While this fraud may not be as big as the Madoff’s Ponzi scheme in dollar terms, as Allen Stanford only gained $8 billion, this was a case of trust misplaced. Stanford coaxed his clients to invest in safe Certificate of Deposits, but the money was instead used in hedge funds that could (and did) lose money.

Lance Armstrong is not only a Tour de France champion and the man behind the Livestrong Foundation, but he also owns several businesses and investments. He owns the coffee shop “Juan Pelota Café”, a bike shop named “Mellow Johnny,” and has several million dollars investment in the American bicycle component manufacturer SRAM Corporation. However, due to his doping confessions, he might not only lose his title and his sponsorships, but also need to sell his shares back to SRAM.