Patrick Byrne, CEO of Overstock.com, has been asked numerous times why he waited nearly a year to disclose a subpoena he received from the SEC. Overstock received a subpoena on May 9, 2006, and Byrne issued a press release about […]
Word is out that Patrick Byrne personally got a subpoena from the Securities and Exchange Commission (SEC) on May 17, 2006, and the company waited until the filing of its most recent 10-Q to disclose it. This seems a bit […]
Supporters of Usana Health Sciences have suggested that Usana’s invitation to ring the Nasdaq closing bell earlier this week somehow gives the company credibility. As if Nasdaq is somehow endorsing Usana, its business model, and the questionable integrity of the […]
Larry Lupton of UGL Equis Corp has been charged with wire fraud and corruptly soliciting an improper payment for seeing a $75,000 kickback. He was offering confidential bid information related to the sale of a $30 million building, and wanted […]
The Wall Street Journal ran a story this morning about another product-based pyramid scheme, Mannatech. The company is a typical multi-level marketing company (MLM). They have a product (generally overpriced and of marginal quality), but the “real” business is in […]
In order to complete the record, I’m posting here the first four Yahoo message board postings by the alleged Usana insider. The insider has been revealing some pretty interesting things, and time will tell if these are fact or fiction…
Sam Antar has been going over the SEC filings done by Overstock.com, including the 10-Ks and 10-Qs. They are “the gift that keeps on giving,” apparently. Sam asks the following questions: The Overstock.com 10-q for the quarter ended 03/31/07 contained […]
In 2005, the Washington County board agreed to pay $4 million dollars to Cabela’s Inc., in exchange for Cabela’s building a store in Richfield. If you don’t know anything about Cabela’s… it’s the worlds largest direct marketer of outdoor gear. […]
Since I have gathered quite a following from the pro-MLM and anti-MLM people alike, I thought this would be a great piece to mention. Of course, I found it because Lee linked to me first. Lee Distad’s opinion on multi-level […]
The saga of the Usana Health Sciences insider continues. In essence the insider alleges that Usana had $22 million in income tax expense for 2006 (confirmed with the 10-K), paid about $13 million of that, leaving a $9 million income […]
