California Real Estate Fraud Report

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26
Jul

Barry Minkow Off to Prison Again, This Time, for Real Estate Fraud

Barry Minkow, who went to prison in the 1980s after conning investors in a Ponzi scheme with his ZZZZ Best carpet cleaning company, is going back to prison.

Last week, Minkow, who became “born again” during his first prison stint and reinvented himself as a preacher at Community Bible Church in San Diego, was sentenced to five years in prison. Minkow’s other reinvention was the Fraud Discovery Institute, in which he claimed to have contacts with the FBI and other law enforcement, which were purportedly used to catch criminals.

Minkow pleaded guilty this May to conspiring to essentially ruin the stock shares of builder Lennar in order to force it to the table to settle a legal dispute with another developer in a private golf community in nearby Rancho Sante Fe. He went so far as to characterize Lennar as “a financial crime in progress.” Of course, while he was condemning Lennar, he was also placing bets on its stock.

Barry Minkow’s sentencing by the judge includes an order to pay $583 million in restitution to Lennar.

Read the original article in the Los Angeles Times.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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