Utah Business magazine should be ashamed of itself. Its first ever “CFO of the Year” award went to Gil Fuller, the CFO of Usana Health Sciences (NASDAQ:USNA) who lied about being a CPA. The lies were repeated over and over in SEC filings until Barry Minkow and Fraud Discovery Institute revealed that in fact, Fuller was not a licensed CPA as he had represented.
Details about the award were reported in a Usana press release: Continue reading
See! Usana Health Sciences (NASDAQ: USNA) CFO Gill Fuller was right when he said that everyone was lying about their credentials (including him!).
The CEO of CellCyte (Public, OTC:CCYG) was recently busted for embellishing his resume, and the stockholders have paid dearly. Gary Reys, the co-founder and CEO of CellCyte Genetics was busted by The Seattle Times, who challenged the accuracy of statements in his biography on the company website.
The original biography on the website says, in part: Continue reading
Is there something in the water in Utah? Or have Usana Health Sciences executives been lunching with Patrick Byrne, CEO of Overstock.com?
It seems that Byrne’s naked short selling conspiracy theories have worn off on Usana. Usana executives haven’t been caught whispering about Sith Lords yet, but for all we know, it’s only a matter of time.
Byrne is convinced that Overstock’s dwindling stock price is completely unrelated to the fact that Overstock is a poorly run company that can’t turn a profit. No. The problem is naked short sellers of the stock. Continue reading
Barry Minkow and the Fraud Discovery Institute have just released a report indicating that Ladd McNamara, the Usana spokesperson, Advisory Board member, and high level distributor lost his medical license in Ohio due to fraud. It was previously reported by Minkow that McNamara was practicing medicine in California without a valid medical license.
According to the latest report: Continue reading
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?
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