Judgment Against Famed Felon Barry Minkow of $584 Million

Why do humans get caught up in scams? Mainly because we believe in other humans that they would never knowingly hurt another.  The reason we get hoodwinked is because the con-artists are just that…experts.  They are expert cons.  A judgment against famed felon Barry Minkow of $584 Million was entered in the courts June 1/11.  Minkow is scheduled to be sentenced on July 7 after pleading guilty to a federal charge of manipulating Lennar’s stock.

Barry Minkow, network marketing con who prayed on the industry and then moved on to prey upon his own church, is one of those experts.  Who was repeatedly caught with his hands in the cookie jar.  Which leads to another question.  Why was he allowed to prey on others after he was caught the first time?

I really don’t have the answer to that, but I can share with you the down side of network marketing and the importance of thoroughly doing research on those leaders in the network marketing company you plan to join.  As you will learn from Barry Minkow, it is easy to be fooled.  Don’t believe everything you hear…research yourself and follow the bread crumbs you will eventually find the good, the bad or the ugly about the leadership.

Please allow me to share this news article by Al Lewis.  You decide if Minkow is a person you would want to be at the helm of your MLM company. There are lots more like him who are running MLM companies and conning trusting people like you and me.

By Al Lewis, Of DOW JONES NEWSWIRES

Home-building company Lennar Corp. (LEN) has won a $584 million judgment against convicted felon Barry Minkow, who is likely to be headed to prison yet again.

Minkow is slated to be sentenced on July 7 after pleading guilty to a federal charge of manipulating Lennar’s stock.

The stipulated judgment that Lennar won was entered on June 1 in the Circuit Court for the 11th Judicial District in Miami, Fla.Lennar had sued Minkow and California developer Nicolas Marsch for extortion and defamation.

Minkow declined comment. Lennar didn’t return messages.

Marsch had several business disputes with Lennar and hired Minkow, a self- styled fraud investigator, to smear Lennar, according to the judgment.

“In and around November 2008, the Minkow Defendants entered into an agreement with the Marsch Defendants to extort Lennar,” the judgment said under the heading “stipulated facts.”

The defendants also “agreed to manipulate the public securities markets to harm the Lennar Plaintiffs’ business,” the document said.

In January 2009, Minkow likened Lennar to Enron and called it a “financial crime in progress” in a press release and online. His efforts drove down the price of Lennar stock by more than 20%. But Minkow has since stipulated in court that his statements were false and malicious.

The half-billion-plus judgment marks another turn in the career of a renowned con-man.

Minkow, now 44, was sentenced at age 23 for the text-book case fraud known as the ZZZZ Best Co., a carpet-cleaning company that he took public.

Minkow had claimed a net worth of $90 million, drove a red Ferrari with a ” ZZZZ BEST” license plate and appeared on the Oprah Winfrey show as a Wall Street wunderkind.

When ZZZZ Best was exposed as a massive Ponzi scheme, Minkow was sentenced to prison for nearly eight years.

Following his release, he earned a master’s degree in divinity from Jerry Falwell’s Liberty University. Then he became pastor of Community Bible Church in San Diego, Calif.

He also became a corporate-fraud investigator, establishing the “Fraud Discovery Institute,” where he uncovered instances of deceit at publicly traded companies and investigated Ponzi schemes.

For several years, he was an informant for the Federal Bureau of Investigation and a tipster to journalists. Members of his church have said they found his story of transformation inspiring. He was also working on an unreleased movie about his rehabilitative journey from convicted conman to minister and fraud detector, called “Minkow.”

-By Al Lewis, Dow Jones Newswires

I invite your help to make the network marketing/MLM industry a more respected, truthful and trustworthy profession.

The road to an awesome improved professional industry is through increased knowledge of what is good and what still needs to be avoided and improved in our industry.

It continues to be our best wishes for your success in this industry which can be achieved through education and sharing expert knowledge of the skills that do work today.

Comment whenever you have something of value to contribute Tweet, Retweet, or use the other social media share buttons on our blog site to let others learn also.

Commit To Success Today
Dave and Darlene Mills
Leadership With A Vision

Vision without action is merely a dream. Action without vision just passes the time. Vision with action can change the world. by Joel A. Barker

 

If you enjoyed this post, make sure you subscribe to my RSS feed!

Published by

Dave and Darlene Mills

Welcome and thank you for visiting our blog. We are Mentors with "Mentoring for Free". A community of volunteers who believe in the value of education, personal development, and in sharing what we know that works to build a solid online business. We use this system to build our business and can be used with any MLM/Network Marketing company. We devote much of our time mentoring ANYONE in ANY company to build THEIR personae so they too acquire the skills they need to be successful. We will be more than glad to give you 100% of our effort and support. Today, Life is Grand!! We will never look back!! Darlene and Dave Mills "Be a Mentor With a Servant's Heart"

Leave a Reply

Your email address will not be published. Required fields are marked *


*