Dang, Barry…we thought you’d learned!
Associated Press
March 24, 2011, 10:39 a.m
“in a plea agreement filed in a Miami federal court, Barry Minkow admitted to spreading lies about Lennar that caused its stock price to plummet in January 2009.
The losses to Miami-based Lennar were estimated in the plea agreement to total $583.6 million.
Minkow, who traded in Lennar shares for his personal benefit once the stock plunged, was thought to face a stiff prison sentence if convicted as a repeat offender. But his plea agreement indicated he is unlikely to serve more than five years behind bars.
Minkow, who already served seven years in prison after his conviction in a stock fraud case in 1988, was due to be sentenced on June 16.”
Minkow was convicted of defrauding investors through his ZZZ Best carpet cleaning company. He started the company as a teenager in his family’s Southern California home and at 21 became the youngest person in U.S. history to take a company public.
After serving seven years in prison, he became a pastor and operated a for-profit fraud investigation firm in San Diego, the Fraud Discovery Institute. Documents released Thursday described Minkow as a confidential source for the FBI, and investigators have credited him with helping uncover a number of fraud cases.
I had some informants like this too. Can’t trust nobody.
See previous post “PEOPLE DON’T CHANGE.”