Securities Fraud Case Is Second Accusation for Former Fraudster
Barry Minkow, who has already served seven years of prison time for an
investment scam in the past, is now facing sentencing in a
new securities fraud case against him. He faces a potential five years in prison this time
around, but has started a campaign for leniency in his case, including
writing letters to the US District Judge in Miami and filing testimonials.
Minkow has been accused of being involved in the manipulation of stock for Lennar Corp. Minkow admitted in March of this year that he wanted to bring the Florida company's stock price down and that he made illegal bets that the shares would go down. Minkow apparently wanted to collect cash and stocks from Lennar Corp. in exchange for his retraction of accusations made against them. Lennar fought back, and Minkow has been ordered to pay the company $585 million.
After his original prison sentence for investment fraud in the 1980's, Minkow started his Fraud Discovery Institute, in which he touted himself as a fraud-detection specialist and government informer. He also became the pastor of Community Bible Church in San Diego. Unfortunately, he's been accused of funneling church funds into his Fraud Discovery Institute, as well.
Minkow claims that he has "deep character flaws" and expresses regret and a desire to change. Minkow claims to suffer from multiple ailments in his campaign for leniency, including Attention Deficit Disorder, migraines, and hormone issues. Minkow believes that these disorders "will tax the medical services of the Bureau of Prisons." Minkow also cites his two learning-disabled sons as a reason for leniency in his case.
The investment fraud attorneys with David P. Meyer & Associates help victims of Florida investment scams recover losses through stockbroker mediation, arbitration, and litigation.