Archive | Jun 2007
Former Green Bay Packer under federal indictment
Sean Jones, a former defensive lineman for the Green Bay Packers, pleaded not guilty today to federal charges of bank fraud. He and four other men are accused of running a mortgage fraud scheme in which they got mortgages based upon inflated property values and pocketed the money personally. Jones has been working as a [...]
Continue reading...More allegations against Michael McGee (Jackson)
14 Jun 2007
Junior McGee is not only accused of shaking down business owners in his district. A federal search warrant released today also alleges that Michael McGee Jackson used his “Rapid Response Team” to solicit bribes from business owners. The Rapid Response Team was supposed to be McGee’s “anti-crime” team, but McGee allegedly used the team as [...]
Continue reading...AirTran candidates elected to Midwest Airlines board
14 Jun 2007
Today three directors favored by AirTran Holdings Inc. (AAI) were elected to the board of directors of Midwest Air Group Inc. (MEH). Three incumbent directors were voted out, and this is one step closer to AirTran completing its hostile takeover of Midwest. The shareholders elected John Albertine, Jeffrey Erickson and Charles Kalmbach, and off the [...]
Continue reading...An interesting commentary on Usana Health Sciences
14 Jun 2007
A poster on the Yahoo message board for Usana Health Sciences provided this interesting analysis early this morning. I am putting in bold the most interesting parts…. Here is why I hope the “insider” is right that others are beginning to come forward: the company has been left with almost no assets after years of operations. In [...]
Continue reading...Usana Insider post
13 Jun 2007
told you the fuller info was true and i have other information just like it. so don’t fear the kroll crew but these guys don’t like you and will recruit anyone to bring dirt on you. even former////// the analysts say we have no debt. three loans at bank of america ending in “75″ “273″, “281″. [...]
Continue reading...Online degrees: Watch out for diploma mills
13 Jun 2007
So many schools are offering online college courses these days, it’s hard to know which ones are legit. Sloan Consortium reports that in 2005, 3.2 million college students too online courses. Naturally, students like online courses for the convenience and flexibility in the time commitment. Buyer beware, however. Diploma mills abound! A diploma mill offers a [...]
Continue reading...Usana’s CPA explanation doesn’t wash
13 Jun 2007
Here’s why Usana’s explanation of the non-existent CPA licenses for two board members described in SEC filings as “Certified Public Accountants” does not wash: 1. The law in Utah is clear. They cannot refer to themselves as Certified Public Accountants without licenses, which is exactly what they did. 2. The listing of the officers as Certified Public [...]
Continue reading...Usana digs deeper with this 8-K filed with the SEC
13 Jun 2007
Does Usana Health Sciences really think anyone believes this? We weren’t really CPAs when we called ourselves CPAs but we think it’s okay because we weren’t practicing CPAs even though we called ourselves CPAs. The Company’s Annual Reports on Form 10-K and Proxy Statements contain biographic information about the directors and executive officers of the Company, [...]
Continue reading...Usana Health Sciences has an excuse for everything
13 Jun 2007
Zac Bissonnette at BloggingStocks points out this morning the apparent need for grammar lessons at Usana Health Sciences. Every time a credential of an executive or director at Usana is found to be inaccurately reported in SEC filings, there is an exuse. Here’s the latest, in response the revelation that despite SEC filings indicating CFO [...]
Continue reading...SEC investigating stock sale by Myron Wentz of Usana
13 Jun 2007
The Salt Lake City office of the Securities and Exchange Commission is investigating a stock sale by Myron Wentz, Chairman and Chief Executive Officer of Usana Health Sciences. On February 12, Wentz sold 85,000 SHARES OF Usana stock, curiously at a five-year high price of $60.89 per share. According to Roddy Boyd at the New York [...]
Continue reading...- A new pyramid scheme: United First Financial
- Mary Kay Cosmetics: Destroying half a million women a year
- Ufirst Money Merge Account: Resistance is futile
- The Sarah Palin pregnancy cover-up that wasn't (updated)
- What does Dave Ramsey think about United First Financial
- Vendor talks, Usana squawks
- United First Financial agent compensation plan
- Why can't I pee on my neighbor's lawn?
- $3,500 wasted with United First Financial, per Dave Ramsey
- Searching for Shop to Earn scam
- Tracy Coenen: Oh.. And if you really want to pay $3,800 toward your mortgage...
- Tracy Coenen: Maurice - You’ve fallen for their crap. $5,000 on your...
- maurice: Tracey, Again, I’m not in favor of purchasing software or...
- Tracy Coenen: Well Paul, you apparently agree with me as well. This has been...
- Paul Haley: Has anyone here actually read anything I’ve written any...
- Tracy Coenen: So what Paul is saying is that there is some link between human...
- Lee D: Climate Change is Identity Politics at it’s highest level. And...
- Duped: Good gracious! Sounds like we have another Al Gore here....
- Paul Haley: Lee, There’s no straw man there. Man wasn’t...
- Lee D: Way to mix affirming the consequent with a straw man argument, Paul....
- SEC employees more worried about future careers than actual enforcement?
- “Climate change”: Just another fraud on consumers
- Latest numbers: MPS still sucks
- Property tax sticker shock
- More TARP secrecy
- Bernard Madoff Ponzi scheme investor losses: Recovery?
- Barry Minkow and Fraud Discovery Institute release proof of James Peterson’s (Microsemi Corp) lies
- James Peterson expands the lie; Microsemi board doesn’t care
- Planned Parenthood violating Indiana’s sexual abuse laws
- More public company executives with falsified credentials
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.
14 Jun 2007
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