Forbes on Usana: FBI Investigation, Possible Loan Covenant Breaches…

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Forbes is reporting on the Usana Health Sciences investigation by Barry Minkow and company, and things aren’t looking good. In an article entitled “Hard to Swallow,” Forbes writer Evelyn Rusli methodically demonstrates the dim reality facing Usana and the Myron Wentz gang.

As Rusli points out, the company seemed “untouchable” as recently as February. The stock was nearing an all-time high and Usana was ready to report the 19th consecutive quarter of record sales.

And then came Barry. On March 15, Usana reported that it was being “informally” investigated by the Securities and Exchange Commission. The problems have snowballed since then.

Usana’s basic defense to all fraud claims has been “Barry’s a liar.” Continue reading