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"Fraud-detector" Barry Minkow gets 5 years/$583 million penalty for fraud


tooskinneejs
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Speaking of "fraud detectors"....from Bloomberg:

 

http://www.bloomberg.com/news/2011-07-21/fraud-detector-minkow-gets-five-years-in-prison-for-stock-fraud-conspiracy.html

 

"Barry Minkow, a convicted confidence man who started a fraud-detection firm, was sentenced to five years in prison for his role in a stock-manipulation scheme.  Minkow, 45, was also ordered today in Miami federal court to pay $583 million in restitution."

 

"After prison, Minkow founded the Fraud Discovery Institute. The San Diego-based company, whose mission is to expose corporate fraud, said it supported itself by trading against companies where it found executives had misrepresented their credentials or allegedly committed other types of fraud."

 

"Prosecutors said Minkow made false and misleading statements about Miami homebuilder Lennar Corp. (LEN)’s financial condition to drive down the company’s share price."

 

 

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$583M!  Maybe they should get Sam Antar and Whitney Tilson to pay, because I doubt if Minkow's got any money left after his defense and the movie he was making about his own life!  ;D  Tin-foil hat Byrne strikes again.  He's crazy, huh?  Cheers!

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This quote from the article is pretty damn funny:

 

“His hubris is what caused this problem,” Minkow’s attorney, Alvin Entin, said today. “His narcissism is what caused this problem. He’s not going to make the same mistake a third time.” Minkow didn’t speak at the hearing except to answer the “yes, ma’am” to judge’s questions.

 

Yes, I'm sure five years in jail will make all the difference.  Next time he certainly won't do this again.  Especially with all the wonderful, less than savory, characters he hangs out with...Antar, Weiss, Conen...etc.  If your lawyer is saying all this, you must really be worse than horses**t.  Cheers!

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