Following last week’s damaging report by Fraud Discovery Institute and Barry Minkow that Herbalife LTD’s (NYSE:HLF) president and COO Gregory Probert lied about his credentials, Probert has resigned from the company, effective today.
Media reports are cute. Instead of saying he lied, they say he “exaggerated.” Bloomberg gets it right… they say he faked his degree.
Something tells me that Herbalife’s auditors threatened to resign unless Probert resigned. This doesn’t change the fact that the company is selling a fraudulent “opportunity” to the people it recruits into its pyramid scheme, but it is a nice acknowledgment that company executives have been unethical.
Wow!. I used to work with Greg Probert at DMX Music. I always thought things were a little strange. Everyone in the executive offices there was so secretive. This is nice to know that if you wait long enough, you will see karma in action. I can’t tell you how reading this has confirmed what I thought all along, and it is comforting to know that justice has been served.