Archive | Jun 2007
Bill Newsome’s Usana connection
It wasn’t until recently that I became aware of a man named Bill Newsome. Bill is a man who once tried to do the right thing, but blinded by hate, is now engaging in blatant acts of defamation. My sources tell me that Bill Newsome is currently posting on the Usana message board on Yahoo as [...]
Continue reading...The effect of Sarbanes-Oxley on boards of directors
22 Jun 2007
Earlier this year, a paper was released called “The Effects and Unintended Consequences of the Sarbanes-Oxley Act, and its Era, on the Supply and Demand for Directors.” Clearly there is a one significant cost of SOX noted here - an increase in the D&O premiums. The abstract of the paper (emphasis added): We provide the first comprehensive [...]
Continue reading...Canaccord Adams negative report on Usana
22 Jun 2007
USANA Health Sciences | Scott Van Winkle, CFA, 1.617.371.3759 USNA : NASDAQ : US$43.16 | US$814.9M | Buy , Target US$55.00 Negative news continues Event A former distributor in California has filed a lawsuit accusing USANA of fraud and deception. While the plaintiff lost just $500, the suit seeks class action status and an injunction to stop USANA from [...]
Continue reading...PCAOB slaps Deloitte on the hand, sort of
22 Jun 2007
According to CFO.com, the most recent evaluation of Deloitte & Touche by the Public Company Accounting Oversight Board has them coming up a bit short. The PCAOB report said that four times in 2005, Deoitte failed to do enough work related to its audit clients’ fair value calculations. The auditors did not do enough testing [...]
Continue reading...Usana distributor class action suit filed
21 Jun 2007
A class action lawsuit on behalf of Usana Health Sciences distributors has been filed today in San Diego County by attorney Alexander M. Schack. The plaintiffs include Jeannette Johnson, Christopher Crane, and the Plaintiff Class. This is huge. The most notable snippets from the complaint include:
Continue reading...AP story on Usana class action suit
21 Jun 2007
Vitamin Marketer Sued by Distributors Thursday June 21, 5:24 pm ET By Paul Foy, AP Business Writer Vitamin Marketer USANA Hit With Proposed Class-Action Lawsuit by Distributors SALT LAKE CITY (AP) — Independent distributors filed a lawsuit Thursday accusing USANA Health Sciences Inc. of fraud and deception, the latest public-relations blow for the marketer of vitamins and nutritional supplements. The [...]
Continue reading...Crazy Eddie v. Sam E. Antar
21 Jun 2007
Decades after their crimes, Crazy Eddie and Sam E. Antar meet face to face. The two were a the helm of a huge fraud called Crazy Eddie’s. The story will be on Business Nation on June 27. Here’s the promo piece. The promo write-up:
Continue reading...Winner of the Hubbard Award from ACFE
20 Jun 2007
I was just notified by the Association of Certified Fraud Examiners that I won the 2007 Hubbard Award, which will be presented to me at the 18th Annual Fraud Conference next month. The award honors the late Regent Emeritus Thomas Hubbard, Ph.D., CFE, former chair of the Association’s Continuing Education Committee, and professor emeritus and [...]
Continue reading...Audit fees and Sarbanes-Oxley
20 Jun 2007
Last month, a paper was released regarding a study of Sarbanes-Oxley and audit fees. “The Effect of the Sarbanes-Oxley Act (Section 404) Management’s Report on Audit Fees, Accruals and Stock Returns” found that audit fees have effectively doubled for public companies and lowered stock valuations. Is there any doubt that SOX has cost a lot [...]
Continue reading...Another Usana Insider post
19 Jun 2007
The message left on your voice mail on the weekend was a set up for me. They think you or the female accountant may be me so while the stock price was high in value and you were in a supposed desperate to discredit Usana mental state they left a voice mail on your company [...]
Continue reading...- Is Shop to Earn a scam or a legitimate business?
- More on why ShopToEarn sucks (and so do MyPowerMall and TeamNational)
- MonaVie: Scam or not?
- Mary Kay Cosmetics: Destroying half a million women a year
- Primerica Financial Services a scam?
- Shop To Earn lawyer bullying bloggers
- The Pyramid Scheme aspect of Primerica Financial Services
- The Sarah Palin pregnancy cover-up that wasn't (updated)
- What does Dave Ramsey think about United First Financial
- A new pyramid scheme: United First Financial
- Teresa Botial: who cares if the customer likes the products and it fits their...
- quixtarisacult: Thomas… I am sure you are the kind of reader that Tracy...
- Tabitha: Pet owners are responsible for their pets, just like parents are...
- Duped: Thank you for researching Ms. Palin, a larger than life individual who...
- Thomas: A friend of mine recently got involved with UFF. He gave me a quick...
- David Brear: Since the original police investigation of Amway in Andhra...
- Tracy Coenen: Sorry, Charlie. You still don’t get it. All you have to...
- Mercedes: All I was saying Tracy (I think I understand your sarcasm) is that...
- Charlie: you know, I was following some of the links posted here and some of...
- Barbara: Glad to see that not only is Average Joe American having trouble...
- Searching for Shop to Earn scam
- Debunking Sarah Palin rumors and lies
- Check out the pork in the bailout bill
- The $700 billion bailout should fail on its own merits
- Criminal charges against Amway in India
- The lure of multi-level marketing
- The UFF Money Merge Account money shuffle explained
- Mark Cuban’s idea on a private bailout of the financial sector
- Somebody please check Henry Paulson
- Bailout to include consumer debt?
About the Author
Tracy Coenen is a forensic accountant and fraud examiner who investigates white collar crimes, including cases of financial statement fraud, embezzlement, tax fraud, and insurance fraud. She is the author of Essentials of Corporate Fraud and more than 100 articles on fraud featured in industry publications.
22 Jun 2007
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