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Conflict of interest for Medifast auditors?
Last week Barry Minkow and Fraud Discovery Institute released a report regarding the independence of the auditors of Medifast Inc. (NYSE:MED). The company is audited by Bagell, Josephs, Levine & Company. The audit partner happens to also be a part of BJL Wealth Management, an investment firm with the same address as the audit firm. This [...]
Continue reading...False disclosures to the SEC by Interoil (NYSE:IOC)
23 Jun 2009
Last week, white collar crime fighter Sam Antar reported on interesting false disclosures to the Securities and Exchange Commission by Interoil (NYSE:IOC). The situation is amusing, to say the least, and here’s the heart of it… Interoil has a history of lots of stock and debt offerings. In May 2008, the company did a $95 million [...]
Continue reading...Wisconsin politicians screwing taxpayers one dollar at a time
08 Jun 2009
Wisconsin has been drunk on taxing and spending for a long time. We easily rank in the top ten (or higher) states when it comes to the tax burden. There is no tax our politicians don’t love. There are three reasons why it’s so easy to increase taxes and create new taxes here:
Continue reading...Milwaukee Public Schools spending more next year
05 Jun 2009
Despite the misleading, fraudulent headling in the Milwaukee Journal Sentinel today, the truth is that Milwaukee Public Schools will be spending more taxpayer money next school year. JSOnline reported: “MPS cuts spending, spends stimulus.” The truth is that MPS is not cutting spending, it’s increasing spending. Last year’s budget was $1.2 billion. The budget for this [...]
Continue reading...Buying a job with Haverhill Home Staging? Questionable.
03 Jun 2009
Do-it-yourself home renovation projects are still all the rage, years after shows like TLC’s Trading Spaces became popular. No doubt the economy has also influenced people to try to increase the value of their real estate for little or no cost. People are decorating and selling their homes themselves. And they’re having fun doing it. And [...]
Continue reading...Lennar Corp conspiracy headed up by CEO Stuart Miller
29 May 2009
This week the Fraud Discovery Institute and Barry Minkow released a new (and yes, shocking!) report about a conspiracy involving Lennar Corp. (NYSE:LEN), and spearheded by CEO Stuart Miller and two of the company’s top executives. Check this out… Lennar has been involved in litigation with Nicolas Marsch, the guy who spend ten years helping Lennar make [...]
Continue reading...Fraud Discovery Institute blasts Medifast
21 May 2009
In a surprise move, the company known for its outspoken criticism of the direct selling industry, the Fraud Discovery Institute, Inc today released a report portraying direct seller Avon Corporation in a positive light (www.frauddiscovery.net). To prove that Medifast, Inc (NYSE:MED) is a “scheme pyramid” business opportunity as evidenced by its record breaking first quarter earnings [...]
Continue reading...Note to SEC: Does InterOil (NYSE:IOC) violate Regulation FD?
15 May 2009
The SEC’s Regulation FD is one of those pesky little rules public companies are supposed to abide by. The basic idea behind this rule, called “FD” for “Fair Disclosure,” is to make sure that some parties don’t have an unfair advantage in buying and selling stock. Although the rule itself has lots of details, it essentially [...]
Continue reading...USANA’s sneaky disclosure
12 May 2009
In the Usanan Health Sciences (NASDAQ:USNA) most recent 10-Q filed with the SEC, the company makes reference to restated financial statements:
Continue reading...More financial statement fraud at Overstock.com
05 May 2009
White collar crime fighter and reformed felon Sam Antar has done it again. He has exposed the most recent financial statement fraud being perpetrated by Overstock.com (NASDAQ:OSTK) and wacky CEO Patrick Byrne. Of course, this doesn’t come as any surprise to anyone who has been following the company. Overstock cannot turn a profit, and when management [...]
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- JoeTaxpayer: Jimmy is one of the great NaySayers I run into as I post...
- JoeTaxpayer: MJ - Last I recall, I authored a guest post here regarding the...
- Jim: Fangor, are you going to miss the point of the lesson here because of...
- JimmyDaGeek: “Using the banks money” – We started out by taking out a loan...
- JimmyDaGeek: “Using the banks money” – We started out by taking out a loan...
- JimmyDaGeek: “Using the banks money” – We started out by taking out a loan...
- JimmyDaGeek: “Using the banks money” – We started out by taking out a loan...
- JimmyDaGeek: “Using the banks money” – We started out by...
- Tracy Coenen: MJ – Your scenario sounds nice, but it’s just plain...
- MJ: Can we finally put this issue to rest? I am not a client of the program...
- Conflict of interest for Medifast auditors?
- False disclosures to the SEC by Interoil (NYSE:IOC)
- Wisconsin politicians screwing taxpayers one dollar at a time
- Milwaukee Public Schools spending more next year
- Buying a job with Haverhill Home Staging? Questionable.
- Lennar Corp conspiracy headed up by CEO Stuart Miller
- Fraud Discovery Institute blasts Medifast
- Note to SEC: Does InterOil (NYSE:IOC) violate Regulation FD?
- USANA’s sneaky disclosure
- More financial statement fraud at Overstock.com
About the Author
Tracy Coenen is a forensic accountant and fraud examiner in Chicago and Milwaukee who investigates white collar crimes, including cases of financial statement fraud, embezzlement, tax fraud, and insurance fraud. She is the author of Expert Fraud Investigation and Essentials of Corporate Fraud and more than 100 articles on fraud featured in industry publications.
24 Jun 2009
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