Last week, Barry Minkow and Fraud Discovery Institute announced that James Peterson, the CEO of Microsemi Corp (NASDAQ:MSCC) had neither the bachelor’s degree nor the master’s degree he claimed in numerous SEC filings.
That revelation was followed with more lies by Peterson, as well as a statement by Microsemi’s board of directors that they did not care if Peterson lied.
Another top executive is caught lying about his credentials, but we’re supposed to think it’s no big deal. First it was Usana Health Sciences (NASDAQ:USNA) board member Denis Waitley lying about his college degrees. Then it was Usana CFO Gil Fuller lying about being a CPA. Then it was Usana exeuctive Timothy Wood lying about his college degree.
Now it’s the Herbalife (NYSE:HLF) president, Gregory Probert, lying about having an MBA from Cal State. But in typical multi-level marketing company (product-based pyramid scheme) fashion, you are urged to “pay no attention to the man behind the curtain,” in Wizard of Oz fashion.
As reported in today’s Wall Street Journal, the MBA degree was listed in at least 19 Securities and Exchange Commission filings. Probert’s excuse? Vanity. (No, we call that fraud, not vanity.) According to the article:
In a stunning release of previously undisclosed information, the ]Fraud Discovery Institute (FDI) released today documented evidence that the entire Usana Health Sciences, Inc. (Nasdaq:USNA) Medical Advisory Board secretly owns large independent Usana multi-level marketing distributorships.
“The company presents their advisory board as an independent medical body of experts that have affirmed the quality and effectiveness of Usana products. But the reality is that the entire board have vested financial interests in Usana’s success as multi-level marketing distributorships,” said Barry Minkow.
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.