A story in the Wall Street Journal on Saturday reported on the Denis Waitley credential problem, as well as another Usana executive with credential problems. After trading closed on Friday, Usana announced that director Waitley was stepping down after an “error” with his credentials. The fact is that Waitley did not have the Masters degree that was listed in SEC filings and Usana promotional materials. It also appears that his Ph.D. is from a diploma mill and not an accredited university, but the company did not admit or deny that allegation.
Additionally, according to WSJ:
In several filings with the SEC, including a proxy statement filed two weeks ago, Usana has said that its executive vice president of research and development, Timothy Wood, earned a master’s degree in environmental sciences and a Ph.D. in biology, both from Yale University
Yale says Mr. Wood’s degrees were both in forestry, not biology. He earned a master’s in forest science from Yale’s professional school of forestry in 1972 and, in 1980, a Ph.D. in forestry and environmental studies from Yale’s graduate school, according to the university. Mr. Wood didn’t return repeated telephone calls for comment.
Wow. What will turn up next?
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. Continue reading
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). Continue reading