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Minkow also forged documents alleging misconduct on Lennar's part, and lied about having to go to the emergency room on the night before he was first scheduled to testify.
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Minkow and also
Minkow was also a business partner with Robert Viggiano, a convicted jewel thief and reputed loanshark.
It also accused Minkow of setting up dummy companies, writing phony invoices and conducting tours of purported restoration sites.
Minkow accused Lennar of not disclosing enough information about this to its shareholders, and also claimed a Lennar executive took out a fraudulent personal loan.
In an unrelated development, it was also revealed that Minkow operated the FDI out of the offices of his church and even used church money to fund it — something which could potentially jeopardize his church's tax-exempt status.
The complaint also revealed that Minkow had sent his allegations to the FBI, SEC and IRS, and that the three agencies found his claims credible enough to open a formal criminal investigation into Lennar's practices.
Minkow and forged
With the help of Tom Padgett, an insurance claims adjuster, Minkow forged numerous documents claiming that ZZZZ Best was involved in numerous restoration projects for Padgett's company.
Minkow and alleging
On July 6, it sued Minkow, alleging that he'd absconded with $ 23 million in company funds.
Minkow and misconduct
Freeman found that Minkow had repeatedly lied under oath, destroyed or withheld evidence, concealed witnesses, and deliberately tried to " cover up his misconduct.
Minkow and on
At the suggestion of a friend, Minkow took the company public in January 1986, garnering a spot on NASDAQ.
Minkow retained a 53 percent controlling interest, making him an instant millionaire on paper.
Minkow had blamed the fraudulent charges on unscrupulous contractors and another employee, and paid back most of the victims.
Minkow and 10 other ZZZZ Best insiders were indicted by a Los Angeles federal grand jury in January 1988 on 54 counts of racketeering, securities fraud, money laundering, embezzlement, mail fraud, tax evasion and bank fraud.
Minkow's recent motives have been brought into question by multiple news stories concluding that Minkow was shorting stock before he releases a report on a public company.
Minkow almost always holds a position in securities that he reports on.
Minkow initially wasn't concerned, since he'd prevailed before in similar cases on free-speech grounds.
Freeman determined that Minkow had perpetuated " a fraud on the court " that was so egregious that letting the case go any further would be a disservice to justice.
The Los Angeles Times obtained a copy of the plea agreement, in which Minkow admitted to issuing his FDI report on Lennar at Marsch's behest.
This could be a potentially ruinous amount for Minkow, on top of the money he still owes the ZZZZ Best victims and Union Bank.
Almost a month later, on July 6, it emerged that officials with Community Bible Church had accused Minkow of running the Fraud Discovery Institute with church funds, applying for credit cards in the names of church members and leading his flock into bad investments.
* 60 Minutes segment on Minkow August 27, 2006
The university contacted MGM Mirage on November 12, 2008 following the Journal's inquiries about a recent discovery by Barry Minkow, a private fraud investigator in San Diego, of a discrepancy between Lanni's corporate biography and a database of college degrees accessible to private investigators.
Minkow and Lennar's
Minkow claimed that irregularities in Lennar's off-balance-sheet debt accounting were evidence of a massive Ponzi scheme.
From January 9 ( when Minkow first made his accusations ) to January 22, Lennar's stock tumbled from $ 11. 57 a share to only $ 6. 55.
Freeman's ruling stated that Minkow and Marsch had entered into a conspiracy to wreck Lennar's stock in November 2008.
Minkow and part
To calm nervous investors, Minkow issued a press release touting record profits and revenues, but did so without notifying Ernst & Whinney ( now part of Ernst & Young ), the firm responsible for auditing the company prior to the KeyServ deal.
Minkow and lied
" According to Freeman, Minkow had even lied to his own lawyers about his behavior.
Minkow and about
After being released from jail, Minkow became a preacher and a fraud investigator, and spoke at schools about ethics.
One woman said Minkow asked her for $ 300, 000, purportedly to help finance a movie about his redemption.
Minkow and before
On March 30, Minkow pleaded guilty before Judge Patricia A. Seitz.
Minkow and was
Minkow was able to devote his entire time to ZZZZ Best after graduating in 1985.
Catain later sued Minkow for not paying him his share of ZZZZ Best's profits, but Minkow claimed Catain was a usurer.
In order to obtain more financing, Minkow was persuaded to raise $ 15 million of capital through an initial public offering of ZZZZ Best stock.
When the Feshbach brothers, a pair of short-sellers, learned that Minkow still stood behind Arrington, they did further investigating and discovered ZZZZ Best's claimed $ 7 million contract to clean carpets in Sacramento was likely a fraud.
Minkow needed another infusion of cash, and thought he had it when he heard that KeyServ, the authorized carpet cleaner for Sears, was being sold by its British parent.
While Minkow admitted to manipulating ZZZZ Best's stock, he claimed that he was forced to turn the company into a Ponzi scheme under pressure from the organized-crime figures who secretly controlled his company ( a story he later admitted was false ).
Suspecting something was amiss, Minkow alerted federal authorities, who discovered the firm was a $ 300 million pyramid scheme.
On March 16, 2011, Minkow announced through his attorney that he was pleading guilty to one count of insider trading.
" The plea, which is separate from the civil suit, came a month after Minkow learned he was the subject of a criminal investigation.
Minkow claimed not to know at the time that he was breaking the law.
On the same day, Minkow resigned as senior pastor of Community Bible Church, saying in a letter to his flock that since he was no longer " above reproach ," he felt that he was " no longer qualified to be a pastor.
Minkow then used confidential knowledge of that investigation to short Lennar stock, even though he knew he was barred from doing so.
The Fraud Discovery Institute was founded by Barry Minkow, who served seven years in jail for stock fraud, and since disclosed that his company was profiting from the allegations by shorting Herbalife stock.
The suit was filed by lawyer Christopher Grell, cofounder of the Dietary Supplement Safety Committee and an associate of Barry Minkow.
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