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...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...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...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...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...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...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...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...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...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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24 Jun 2009
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