As a church pastor, Barry Minkow believes in forgiveness and redemption. As a crusader against fraud and resume padding, however, the born again former corporate con man likes to make his targets squirm.
The latest example: MGM Mirage chairman and CEO J. Terrence Lanni, who resigned his posts effective at the end of the month. Lanni’s corporate bio claimed he earned an MBA from the University of Southern California. But Minkow discovered that wasn’t true.
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If the name Minkow rings a bell, it should. Twenty years ago, when he wasn’t yet 21 years old, he masterminded a massive Wall Street fraud with his start-up company, ZZZZ Best.
He spent more than seven years in prison for his crimes. Now, armed with a divinity degree, he’s trying to save souls as senior pastor at the Community Bible Church in San Diego, and fight business fraud through his for-profit Fraud Discovery Institute.
He speaks to law enforcement agencies, businesses and other groups about how to spot white collar criminals and con men. Through his institute, he has exposed several high profile corporate resume enhancers, including officials from Tetra Tech, Herbalife, Usana Health Sciences and Lamar Advertising.
“Why am I good at what I do? I’m a liar and a thief,” Minkow told the Los Angeles Times earlier this year. “I think in the same way as the people I go after.”
In an interview with 60 Minutes in 2006, Minkow said his work uncovering fraud was an extension of his ministry. And because of his own criminal background, he said, he had an extra burden to be accurate.
“One report is wrong, I’m done,” he said. “And, when you’re Barry Minkow and you say something is a fraud, get law enforcement involved, blow the whistle, and you’re wrong, it’s over. Over! It’s called one and done.”
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3 Comments
#1. Dan 11.17.2008
Just another con run by minkow. Now he is running his biggest con……religion! Just a matter of time before he is in the police blotter.
#2. N. worrab 04.15.2009
USA Retirement Management Services of Oakbrook Terrace, IL is promising between 8 .35 and 12% per year on investments. A ponzi scheme? No one seems to know.
#3. Kathy Kerns 06.29.2009
I’m wondering the same thing - anyone with experience with USA Retirement Management Services of Oakbrook Terrace, IL?
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