Minkow Beneath the Iceberg

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Barry Minkow
Beneath the Iceberg

By Len Clements
Copyright © 2011

Although the heat on Barry Minkow has melted his iceberg, this exposé is warranted more for the purpose of exposing all those who unconditionally, obligatorily, and so selfishly supported and promoted Minkow's fraudulent activities. The title "Minkow Beneath The Iceberg" plays off one of Barry's favorite catch phrases, "You've got to look beneath the iceberg". Well, the FBI and the Circuit Court for the 11th Judicial District in Miami did look beneath Minkow's iceberg and found a bunch of lies, stock fraud, a little libel, and a great big extortion scheme. The result was Minkow's guilty plea to fraudulent stock manipulation, a criminal offence which has sent him back to prison for five more years, plus three years probation. Minkow was also found guilty of libeling Lennar Corporation, one of the nations largest home builders, and slapped him with a $583.4 million civil judgment. Minkow was paid by a past unsuccessful litigant against Lennar to publicly bash them in an effort to get Lennar to pay off the litigant. In doing so Minkow accused Lennar of several allegedly illegal, unethical and/or immoral acts that were ultimately proven false (or at the very least, Minkow could not prove true). Minkow publicized his anti-Lennar propaganda with press releases, professionally produced YouTube videos, and a now defunct website called "Lenn-Ron.com"1 (which has oddly since been adopted by a legitimate company). All the while Minkow had purchased put options1 on Lennar fully expecting his hammering of them to pound down their stock price as well. Which it did. After his first hit on January 9th, 2009 Lennar's share price dropped 19.88% (17.7% after factoring out the overall market activity, which I refer to as the "Minkow Effect"3). His extortion and stock manipulation schemes were further empowered by the unconditional support, endorsement and promotion of bloggers such as Sam Antar4, Gary Weiss5 and "certified fraud examiner" Tracy Coenen6, and the promotion afforded him by The Wall Street Journal, who routinely published articles concerning Minkow's allegations, as well as several other major online, video and print media.

"I've been asked what I think of Barry Minkow and I've always said the jury is still out.
Well now the jury has come back and Mr. Minkow is at it again."
– Former U.S. District Court Judge Dickran Tevrizian

Part 2: The Dark Side Beckons

Part 3: A Lifetime of Lies

Part 4: Puppetry of the Press

Part 5: Sinister Signs

Part 6: Usana: Minkow's First "Lennar"

Part 7: Coenen The Enabler

Part 8: The Past Leaves Clues

Part 9: The Beginning of the End – Again

Part 10: Not All Were Fooled


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