Month: March 2007

BetOnSports founder and fugitive arrested in the Domincan Republic

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Gary Stephen Kaplan, the founder of BetOnSports PLC, was arrested on Wednesday in the Dominican Republic. He was sent from there to Puerto Rico to appear before a magistrate, and will soon be sent to St. Louis. Kaplan has been wanted by the U.S. on charges of fraud and a racketeering conspiracy. He was charged … Read more BetOnSports founder and fugitive arrested in the Domincan Republic

Usana Covers for Denis Waitley

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After Barry Minkow and Fraud Discovery Institute revealed earlier this week that Denis Waitley (board of directors for Usana) didn’t have the credentials he claimed, Usana is covering for him. They announced late today that he will be retiring, with this statement:

Dr. Denis Waitley has decided not to stand for reelection to the USANA board of directors. Dr. Waitley recently informed USANA that an error appeared in his biography listed in the Company’s proxy statement and that he did not in fact earn a masters degree in Organizational Development from the Naval Post Graduate School in Monterey, California. Dr. Waitley did confirm that he earned a Bachelor of Science degree from the United States Naval Academy in Annapolis, Maryland, and a Ph.D. in Human Behavior from La Jolla University. Dr. Waitley’s board term will end on April 17, 2007, at which time he will retire as a director of the Company.

Read moreUsana Covers for Denis Waitley

Thou Shall Not Steal – Except in Accounting Class

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Marquette students learn to detect fraud by thinking like crooks

The Business Journal of Milwaukee
By Jennifer Batog

In a nondescript room on the third floor of Marquette University’s Straz Hall, a dozen students are learning how to steal.

They’re learning how embezzlers skim money from cash registers, how corporate thieves use fake purchase orders or inventory sheets to pocket money and how such criminals are caught.

They’re students in Maureen Mascha’s “Fraud Examination” class in Marquette’s College of Business Administration, which offers a different spin on the typical accounting class. Rather than relying on textbooks, the class focuses on real-life examples of how people managed to steal from their employers and how they eventually slipped up and were caught. The class hears from guest speakers with practical experience, such as a former FBI agent who now works as an investigator for a large accounting firm.

Read moreThou Shall Not Steal – Except in Accounting Class

Fraud Found at Dell?

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An “internal audit committee” at Dell Inc has found evidence of accounting errors and misconduct. The committee has been investigating accounting and financial reporting issues, which included examining historical earnings statements. A press release issued by Dell said the committee “…identified a number of accounting errors, evidence of misconduct, and deficiencies in the financial control … Read more Fraud Found at Dell?

Another Class Action Suit Against Usana

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The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against USANA Health Sciences, Inc.

CONSHOHOCKEN, Pa.– Goldman Scarlato & Karon, P.C., a law firm with offices in Pennsylvania and Ohio, announces that a lawsuit has been filed in the United States District Court for the District of Utah, on behalf of persons who purchased or otherwise acquired publicly traded securities of USANA Health Sciences, Inc. (“USANA” or the “Company”) (NASDAQ:USNA – News) between July 18, 2006 and March 14, 2007, inclusive, (the “Class Period”). The lawsuit was filed against USANA and certain officers and directors (“Defendants”).

Read moreAnother Class Action Suit Against Usana

Usana Director and Official Spokesman Has a “Secret”

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Note: This is important because the alleged credentials of Denis Waitley have been included in Usana’s SEC filings.

SAN DIEGO, March 28, 2007 — An independent inquiry ordered by the Fraud Discovery Institute, Inc. (FDI) to look into the background of Denis E. Waitley, longtime director and spokesman of Usana Health Sciences Inc. (Nasdaq: USNA – News), could not confirm statements made on multiple, official S.E.C. filings about Mr. Waitley’s educational credentials, it was announced by Barry Minkow and FDI today. Usana has made headlines in the last two weeks after coming under S.E.C. scrutiny following a 500-page report from FDI that was made public and a subsequent investigative cover story in the Money & Investing section of the Wall Street Journal (March 15).

Read moreUsana Director and Official Spokesman Has a “Secret”

Class Action Suit Filed Against Usana

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Dreier LLP Files Class Action Lawsuit Against USANA Health Sciences, Inc. (USNA) Monday March 26, 7:40 pm ET NEW YORK, March 26 /PRNewswire/ — Dreier LLP today announced that a class action lawsuit was commenced in the United States District Court for the District of Utah, on behalf of purchasers of the common stock of … Read more Class Action Suit Filed Against Usana

Ernst & Young censured for lack of independence in audits

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The Securities and Exchange Commission (SEC) censured Ernst & Young LLP for doing work that compromised its indepence with regard to American International Group (AIG) and PNC Financial Services Group. The work included helping AIG develop and market a financial product that was sold to PNC, who was an audit client of E&Y. PNC improperly … Read more Ernst & Young censured for lack of independence in audits