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How The Former Richest Man In Ireland Lost His Fortune

The financial crisis that kicked off in 2008 caused extreme financial devastation around the world. or lots of people. Money was lost by a great number of people. But few suffered losses as great as Sean Quinn.

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Extreme financial destruction was wreaked worldwide by the financial crisis that began in 2008. or lots of people. Money was lost by a great number of people. However, fewer people lost as much money as Sean Quinn did. Prior to 2008, Sean was the wealthiest person in Ireland with a net worth of $6 billion. He started declaring bankruptcy in 2012.

Owner of the Quinn Group was Sean. At its peak, the bank was worth $5 billion and represented half of Quinn’s wealth.

Here is the account of Sean Quinn’s rapid decline from Ireland’s richest person to bankrupt in a matter of years.

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(Photo by PETER MUHLY/AFP via Getty Images)

(Photo by PETER MUHLY/AFP via Getty Images )

Sean Quinn got his start in 1973 when he borrowed roughly $100 and started extracting gravel from his family’s farm. He cleaned the gravel before offering it to nearby builders. Sean Quinn Quarries, Ltd. was his first big success.

Sean then started the Quinn Group and entered the hotel business with Quinn Hotels. He also founded Quinn Glass, Quinn Lite Pac, Quinn Financial Services, and Quinn Direct Insurance.

Quinn spent years creating his business, but it only took one day for creditors to take control of every last piece. Executives and staff were led out of the offices after security teams searched the buildings and changed the locks. They didn’t go in silence. A few hundred of Quinn’s supporters delivered a letter of protest by pushing their way past the security guards and into the building that formerly housed Quinn’s empire. It was a mess. In the thick of everything, a dump truck was stolen and crashed into the entrance gates. Quinn was attempting to reclaim his position as the ruler of his empire during this time. The brother of one of his senior executives controlled the tire manufacturing where he worked.

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Part of his empire was purchased by an Irish partnership that was backed by American investors. The new owners of the Quinn Group’s assets turned the business around, but despite this, Quinn considers the new owners traitors. Quinn organized a rally and march through Ballyconnell that drew thousands of people in the summer of 2012. Quinn was mostly appreciative of the area’s poverty for the decades of employment in his company. His supporters held signs calling the dismantling of Quinn’s empire a scam. Even a priest spoke in Quinn’s behalf.

In 2015, Quinn came out of bankruptcy. His ensuing move? He started Quinn Bet, an online gambling company, in 2015, which is maybe apt.

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