landsource – Fraud Files Forensic Accounting Blog

Lennar Corporation (NYSE:LEN) Confirms Fraud Allegations; Debunks Own Lies

4 May 201229 January 2009 by Tracy Coenen

In an interesting twist in the case of the Barry Minkow (Fraud Discovery Institute) fraud investigation of Lennar Corporation (NYSE:LEN)… it appears that Lennar itself has debunked the company’s own lies.

In a new report released today, FDI lays out the original fraud allegations, the lies Lennar used to cover up, and the new admissions which prove the initial allegations were true (and Lennar’s cover up was full of lies).

Here are the details:

Lennar CEO Lies About Losses in Joint Venture

4 May 201212 January 2009 by Tracy Coenen

Lennar Corporation (NYSE:LEN) CEO Stuart Miller was on CNBC on Friday to “respond” to allegations made by Barry Minkow and Fraud Discovery Institute about the company’s propensity for fraud. In the process of trying to diminish the impact of the serious allegations, Miller got caught in a blatant lie.

One of the allegations made in FDI’s original report on Lennar is that the company profits from cheating joint venture partners out of the money due to them. Minkow specifically named the LandSource venture (a project now in bankruptcy) as an instance in which Lennar profited while the other parties came out big losers.

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