Conservatism is no excuse for false financial statements, Overstock.com

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I’ve written extensively in the past about the train wreck that is Overstock.com (NASDAQ:OSTK) and its nutty CEO, Patrick Byrne.  Just when I think there couldn’t possibly be more to write about the horrible company and Byrne’s crazy antics, I’m proven wrong.

For those that have been following Overstock.com for the past few years, it came as a great surprise that the Securities and Exchange Commission decided to investigate the company and its financial reporting. It came as a surprise because for three years, Sam Antar (former CFO of Crazy Eddie and convicted felon) has been exposing their financial reporting misdeeds on his blog. Yet the SEC didn’t seem willing to take any action. Continue reading

More Financial Statement Fraud at Overstock.com

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Wacky Patty ByrneWhite 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 claims they have turned a profit (or managed to record a lower loss than usual), the one thing you can be sure of is that they’ve violated a bunch of accounting rules and are committing blatant acts of financial statement fraud. Continue reading