It Is Possible to Sell Your Internet Company for $70 Million and Still End Up a Drug Dealer

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Bags of heroin seized by the Thai narcotic police department are seen on display before being incinerated in Ayutthaya on September 17, 2011. Yingluck Shinawatra has announced the government will begin an urgent anti-drugs campaign.  AFP PHOTO / Nicolas ASFOURI (Photo credit should read NICOLAS ASFOURI/AFP/Getty Images)
Photo: NICOLAS ASFOURI/2011 AFP

At the very peak of the dot-com bubble, then-28-year-old Jennifer Sultan and her boyfriend Adam Cohen sold their web-streaming company, Live On Line, for a cool $70 million —  not Facebook billions, but still a respectable Internet fortune. Yesterday, however, a now-bankrupt Sultan was arraigned in Manhattan court for running a high-volume drug business just to make ends meet. (Her co-defendants include a prominent Queens heroin and guns dealer, his 64-year-old downstairs neighbor, and a carnival worker turned corrupt NYPD officer.) It's not clear where the Internet money went — the New York Post reported only that Sultan and Cohen "lived lavishly" in a $6 million Flatiron penthouse and once had a $400,000-a-season Hamptons rental — but we would really, really like to know.