White 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
I’ve written plenty here about perpetual money-loser Overstock.com (NASDAQ:OSTK) and its wacky CEO Patrick Byrne. Unfortunately, I’ve mostly lost interest in the topic. Why? It’s the same old, same old.
Overstock.com continuously loses money for shareholders. Byrne pretends that profits are right around the corner. More money is lost. Dishonest accounting tricks are used to pretend the company made money. Financials are restated. More money is lost. Financials are restated again. More money is lost…
You see a pattern, I hope? Continue reading
I’ve been a bit remiss in my blogging about the train wreck that is called Overstock. com. The CEO, Patrick Byrne (known to many as “Wacky Patty”) and his Director of Communications, Judd Bagley regularly engage in questionable behavior in an attempt to shut up the critics of Overstock.
The crazy thing? Why don’t they just run the company? I mean, really. Overstock.com sucks. The company can’t turn a profit. Loss after loss after loss. You think they’d be concerned and actually try to do something right with the company??? Nope. Too busy chasing after Sith Lords because they shouldn’t be pointing out the problems with the company.
Well here’s the latest, and it’s good. I’ll break it up into 3 posts to give you a little time to digest it all… Continue reading