Background[ edit ] Usana was founded by immunologist and microbiologist Myron Wentz.
The business performed poorly and year-old Minkow was often inundated with customer complaints and supplier collection requests. To create an illusion of a profitable business, Minkow began committing criminal acts, such as check kiting, theft, insurance scams, and fraud, to fund operations and pay suppliers.
Although Minkow assigned blame to contractors and employees, he repaid all of the victims except for one: The Scheme and the Downfall Minkow and business associate Tom Padgett created a fictitious company, Interstate Appraisal Service, to defraud banks and other lending institutions out of millions of dollars.
Tom Padgett, an insurance claims adjuster, conspired with Minkow to forge documents crediting Barry minkow Best for restoration work and use Interstate Appraisal Services as the source to verify the claims.
According to Minkow, the revenues from KeyServ would provide enough cash flow to end the Ponzi scheme. Before the deal was closed, the jilted homemaker sparked a campaign against ZZZZ Best that would expose more than the fraud committed against her.
Eventually, the truth behind the fictitious companies was revealed and the Ponzi scheme was exposed.
Assuming the paperwork was provided by an independent third party, the CPAs used false appraisal documents to perform its audit. When the CPA firm requested to visit a building refurbishing customer site, Minkow and his associates rented a building and created a bogus customer job site.
Minkow after ZZZZ Best In JanuaryMinkow and 10 other company insiders were indicted by a grand jury on counts of racketeering, money laundering, securities fraud, embezzlement, mail fraud, bank fraud, and tax evasion.
Separately, Minkow was also indicted on counts of credit card fraud and mail fraud. After his early release inhe became an ordained minister and served as a pastor of a church in California.
Minkow informally investigated and reported other Ponzi schemes. From this success, he formed the fraudulent Fraud Discovery Institute. A few years later, he was sentenced to an additional five years in prison for defrauding his church.Usana Health Sciences, Inc., or USANA, is a Utah-based multi-level marketing company that produces various nutritional products, dietary supplements and skincare products.
Usana products, most of which are manufactured at the company’s West Valley City facility, are sold in 24 countries via a network of independent distributors (referred to as "associates"). USANA is a large health and wellness network marketing company.
Every MLMs biggest nightmare came true with USANA. They were investigated by the SEC and the FBI, and took a HUGE hit because of it. Financial fraud is a serious white-collar crime that often comes with heavy punishment and fines, but the details of the misdeeds can be stranger than fiction.
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Clean Sweep: The Inside Story of the Zzzz Best Scam One of Wall Street's Biggest Frauds [Barry Minkow] on ashio-midori.com *FREE* shipping on qualifying offers. The headlines proclaimed year-old Barry Minkow a phenomenon as he took his multimillion dollar carpet cleaning firm public. Just one year later the newspapers told a different story.
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