The American Greed episode ‘Billionaire Boys Bust’ features former Kalamazoo, Michigan cop John Bravata. After retiring from the force, Bravata became a real estate dealer under the company name BBC (aka Billionaire Boys Club). Bravata proved to be a good salesman. He set up a scam to steal more than $50 million from more than 500 investors. He guaranteed that the investors would not lose money.
[LEFT: Father and son Bravata wrote the book Strategic Thinking: Mastering the inner game of wealth and high achievement two years before they were caught by the FBI and SEC]
Bravata was found guilty of one count of conspiracy to commit wire fraud and 14 counts of wire fraud. His son Antonio Bravata, 25, was also found guilty of one count of conspiracy to commit wire fraud. In 2013, John Bravata was sentenced to 20 years in prison; Antonio Bravata was sentenced to 5 years. In 2014, John Bravata and his wife Shari Bravata were ordered to pay more than $8 million in disgorgement and fines related to the Ponzi scheme. the stealingAmerican Greed airs Mondays at 10pm on CNBC.