Following last week’s damaging report by Fraud Discovery Institute and Barry Minkow that Herbalife LTD’s (NYSE:HLF) president and COO Gregory Probert lied about his credentials, Probert has resigned from the company, effective today.
Media reports are cute. Instead of saying he lied, they say he “exaggerated.” Bloomberg gets it right… they say he faked his degree.
Something tells me that Herbalife’s auditors threatened to resign unless Probert resigned. This doesn’t change the fact that the company is selling a fraudulent “opportunity” to the people it recruits into its pyramid scheme, but it is a nice acknowledgment that company executives have been unethical.