BetOnSports founder and fugitive arrested in the Domincan Republic

Posted by Tracy Coenen on March 31, 2007 · Leave a Comment 

Gary Stephen Kaplan, the founder of BetOnSports PLC, was arrested on Wednesday in the Dominican Republic. He was sent from there to Puerto Rico to appear before a magistrate, and will soon be sent to St. Louis.
Kaplan has been wanted by the U.S. on charges of fraud and a racketeering conspiracy. He was charged in [...]

Usana covers for Denis Waitley

Posted by Tracy Coenen on March 30, 2007 · 2 Comments 

After Barry Minkow and Fraud Discovery Institute revealed earlier this week that Denis Waitley (board of directors for Usana) didn’t have the credentials he claimed, Usana is covering for him. They announced late today that he will be retiring, with this statement:
Dr. Denis Waitley has decided not to stand for reelection to the USANA board [...]

Three more class action suits against Usana on Thursday

Posted by Tracy Coenen on March 30, 2007 · Leave a Comment 

That’s four in one day!

Fraud found at Dell?

Posted by Tracy Coenen on March 29, 2007 · Leave a Comment 

An “internal audit committee” at Dell Inc has found evidence of accounting errors and misconduct. The committee has been investigating accounting and financial reporting issues, which included examining historical earnings statements.
A press release issued by Dell said the committee “…identified a number of accounting errors, evidence of misconduct, and deficiencies in the financial control environment.”
Dell [...]

Another class action suit against Usana

Posted by Tracy Coenen on March 29, 2007 · 1 Comment 

The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against USANA Health Sciences, Inc.
CONSHOHOCKEN, Pa.– Goldman Scarlato & Karon, P.C., a law firm with offices in Pennsylvania and Ohio, announces that a lawsuit has been filed in the United States District Court for the District of Utah, on behalf of persons [...]

Hooray for Trademark Properties and Richard Davis!!!

Posted by Tracy Coenen on March 28, 2007 · 3 Comments 

Let the fun begin! A couple days ago I saw a commercial for a program called “A Home Run for Trademark” on TLC. It looked like this will be the warmup for the new show featuring Richard Davis, Ginger, and Trademark Properties. Richard and crew are out of the clutches of A&E and the [...]

Class action suit filed against Usana

Posted by Tracy Coenen on March 26, 2007 · Leave a Comment 

Dreier LLP Files Class Action Lawsuit Against USANA Health Sciences, Inc. (USNA)
Monday March 26, 7:40 pm ET
NEW YORK, March 26 /PRNewswire/ — Dreier LLP today announced that a class action lawsuit was commenced in the United States District Court for the District of Utah, on behalf of purchasers of the common stock of USANA [...]

Ernst & Young censured for lack of independence in audits

Posted by Tracy Coenen on March 26, 2007 · Leave a Comment 

The Securities and Exchange Commission (SEC) censured Ernst & Young LLP for doing work that compromised its indepence with regard to American International Group (AIG) and PNC Financial Services Group. The work included helping AIG develop and market a financial product that was sold to PNC, who was an audit client of E&Y.
PNC improperly accounted [...]

The Carnival of Fraud!!!

Posted by Tracy Coenen on March 26, 2007 · Leave a Comment 

Wise Bread discusses a scam at Best Buy that looks like it may have been resolved. Apparently Best Buy was selling items at lower prices on the internet. If you went into a store to buy the item (which the internet said was in stock), you would see the higher price. If you asked a [...]

On making money as a fraud investigator

Posted by Tracy Coenen on March 23, 2007 · 3 Comments 

The recent publication of a report detailing the results of an investigation of Usana Health Sciences done by Barry Minkow, Fraud Discovery Institue, and other professionals has prompted some criticism.
One criticism I’ve seen is the fact that *gasp* the Fraud Discovery Institute is a for-profit corporation and there was a paying client in the [...]

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