Lifestyle Analysis in Criminal Cases: Proving Income Without Full Documentation
Both civil and criminal cases often involve an element of proving or disproving income of an individual or business. It is not unusual for a divorce case to include allegations of hidden income or assets. In contract disputes alleging the loss of sales or profits, an accurate determination of income is critical.
In criminal cases, the [...]
Medifast files lawsuit, Fraud Discovery Institute reopens investigation
On Tuesday, Barry Minkow and the Fraud Discovery Institute issued a press release stating they were ending their investigation of Medifast Inc. (NYSE:MED) in order to focus on other companies.
One day later, Medifast filed a defamation suit in California against Minkow, FDI, Robert Fitzpatrick, William Lobdell, iBusiness Reporting, me, my company Sequence Inc., and an [...]
Koss says they’ll be more profitable now that their VP of Finance isn’t stealing $31 million from them
Koss Corporation (NASDAQ:KOSS) filed a 10-Q with the Securities and Exchange Commission yesterday that pointed out the obvious… Now that their VP of Finance isn’t stealing at least $31 million from them, they think they’ll be more profitable.
The company says they’ll be restating the financial statements for the fiscal years ended June 2008 and June [...]
Fraud Discovery Institute ends investigation of Medifast Inc.
In mid-2009, Barry Minkow and Fraud Discovery Institute began investigating Medifast Inc. (NYSE:MED), and published several reports on the company and its business model. The company was compared to Your Travel Biz (YTB), a company that was under fire from the authorities for being an alleged pyramid scheme.
There were questions about Medifast’s auditors, but most [...]
The U.S. Government wastes our money, and wants us to let them “run” health care?
You don’t have to look far for examples of the ineptitude of the American Government. They waste billions and billions of dollars each year, but somehow, we’re supposed to believe they’ll do better with health care?
Hardly. It’s not even a challenge to find examples of waste and mismanagement in our government. And it would be [...]
Timothy Sykes calls foul, Shaq and his lawyer cry
Timothy Sykes is a fantastically successful blogger, penny stock trader, and educator. He makes a living by teaching people how to recognize “pump and dump” schemes by penny stock promoters… and then short those stocks for a profit. They make money when the price of the stock they’ve shorted goes down… which is inevitable if [...]
Even an MLM scammer says MLMs are scams…
Who do you trust? That’s an issue that often arises in my work with reformed felon Barry Minkow. Barry is most well-known for the fraud he committed through his carpet cleaning company ZZZZ Best. He is much less known for his work helping the FBI uncover fraud since he’s been out of prison. Barry has [...]
Compliance Week article: Koss Fraud Spotlights Small Filers’ Internal Control Issues
An article in today’s Compliance Week, Koss Fraud Spotlights Small Filers’ Internal Control Issues (subscription required), quotes me on internal controls and the auditors as it relates to the huge fraud committed by VP of Finance Sue Sachdeva at Koss Corp (NASDAQ:KOSS).
I’m no fan of Sarbanes-Oxley because I believe it was ridiculously expensive, and hasn’t [...]
