L.A. punk named Barry Minkow who established a carpet-cleaning business worth hundreds of millions of dollars — on papers by blatantly lying to reporters, investors and federal regulators a quarter of century ago is back for an encore. Despite the fact that news organizations were earlier taken in by the straight faced lies on an previous occasion, and their unverified stories cost investors as much as $100 million, they took the bait once again. After his 7 year jail term, when he claimed to have turned a new leaf and sought to redeem himself by becoming a minister and a fraud fighter and starting a company dedicated to rooting out corporate wrongdoing, some of the nation's largest news organizations lapped every word he said eagerly. However, what’s most maddening is the fact that redemption of Pastor Minkow was nothing more than eyewash. Court records going back almost two years confirm that nothing ever changed about Barry Minkow as his sole purpose of levelling unproven allegations against major companies which drove their stock prices down was to profit by it.The Securities and Exchange Commission has been looking into Minkow's activities since January and in one of the cases A Miami judge said that he "will lie, plain and simple."While, Minkow acknowledged that he has been a "horrible defendant in the case" in Miami, a lawsuit that one of the country’s leading home builders filed against Minkow after he blamed the company of shenanigans at a gigantic scale, challenges to his credibility are largely unknown to the readers and viewers of journalists who helped create Barry Minkow 2.0. For readers of Mark Maremont, a Pulitzer Prize–winning senior editor at The Wall Street Journal who openly praised Barry Minkow for his fraud-discovery unit, he is still an upstanding Christian fraud-buster. Despite the fact that Maremont learned in January that Minkow was being scrutinized by SEC scrutiny, he did not write a word about it.In the same way, Fox News has been ardent supporter of Minkow and served as his biggest promoters. He appears regularly on the network as a fraud expert. How they inform their viewers about his frauds and take a U turn is yet to be seen.
About Barry Minkow
Barry Minkow is an American convict who created one of the largest Ponzi schemes in history. After his release from prison for the Ponzi scheme, he created a so-called fraud defense institute, which has been uncovered to be nothing but a vehicle for Minkow to level unproven allegations against companies, driving their stock prices down and personally profiting by doing so.