This week I’ve been writing about the cyberstalking activities of Judd Bagley on behalf of the Deep Capture website funded by Patrick Byrne, CEO of Overstock.com. In a nutshell, Byrne and company published a list of their enemies, which essentially includes journalists, bloggers, and hedge fund managers who think Overstock.com is a massive failure and aren’t afraid to talk about it.
The enemies list published this week included all the Facebook friends of these enemies, in an apparent attempt to demonstrate the conspiracy to manipulate the stock market these alleged conspirators are involved in. Continue reading
Sam Antar has often referred to Overstock.com and CEO Patrick Byrne as the gifts that keep on giving. And he sure is right! There is never a dull moment when it comes to wacky conspiracy theories and accounting woes that never end.
Last week, Overstock (NASDAQ:OSTK) announced that it wouldn’t be filing its 10-Q for the third quarter on time. The reason? Patrick Byrne had created another clever (but completely wrong) accounting treatment for another accounting error recently discovered, and the auditors wouldn’t sign off on it. Continue reading
This week Overstock.com (NASDAQ:OSTK) notified the public that they wouldn’t file their third quarter 10-Q on time. The reason:
The registrant has been unable to complete its financial statements for the quarter ended September 30, 2009, as it is continuing to analyze the proper accounting treatment for $785,000 the registrant received during the first quarter of 2009 as repayment under a new agreement with the vendor for amounts the registrant overpaid to the vendor in 2008 and early 2009. The registrant believes the amount is properly recognizable in the first quarter of 2009, when the cash was received. However, the registrant is continuing to review the issue, and may ultimately conclude that the amount should have been recognized in 2008. Continue reading
White collar crime fighter and reformed felon Sam Antar has done it again. He has exposed the most recent financial statement fraud being perpetrated by Overstock.com (NASDAQ:OSTK) and wacky CEO Patrick Byrne.
Of course, this doesn’t come as any surprise to anyone who has been following the company. Overstock cannot turn a profit, and when management claims they have turned a profit (or managed to record a lower loss than usual), the one thing you can be sure of is that they’ve violated a bunch of accounting rules and are committing blatant acts of financial statement fraud. Continue reading
The tinfoil hat-wearing crew over at Deep Capture thinks they’ve finally demonstrated an actual case of Naked Short Selling damaging a company. (They’ve been asked repeatedly to prove that naked short selling has ever severely damaged a company, and have yet to produce proof that any such thing has happened.)
What they’ve instead demonstrated is what an utter moron Patrick Byrne, the incompetent CEO of Overstock.com (NASDAQ:OSTK) is. Maybe this most recent article written by Byrne is definitive proof of why Overstock.com cannot turn a profit and has to resort to fraudulent financial frolicking to make it seem like they’re doing something right. Continue reading
Last week, Sam Antar exposed yet another set of accounting manipulations by Overstock.com (NASDAQ:OSTK) and CEO Patrick Byrne. Those who have carefully followed the Overstock saga are no doubt unsurprised at company’s use of a little accounting “presto chango” to make the fourth quarter of 2008 look better.
Had the company reported its financials properly for the year, the fourth quarter would have shown a loss of $800,000. With this bit of accounting magic, Overstock.com instead reports a profit of $1 million. Continue reading
How much does it cost to get Mark Shurtleff, Utah’s Attorney General, to lie for you? Apparently only $5,000. What a bargain!
Today Sam Antar has an enlightening piece on his blog, entitled “Overstock.com (NASDAQ: OSTK) CEO Patrick Byrne Pays Utah Attorney General Mark Shurtleff to Defame a Blogger.” It details a situation in which a $5,000 Overstock.com campaign contribution to Shurtleff was followed immediately by public lies by Shurtleff. And there’s plenty of evidence to support the claim that Shurtleff blatantly lied. Continue reading
Judd Bagley, paid Overstock.com (NASDAQ:OSTK) cyberstalker (and now “Deep Capture reporter”) has openly admitted to using spyware against third parties. It has long been believed that he maliciously and inappropriately placed spyware on people’s computers, but this appears to be the first time he’s actually admitting to it.
He writes on the Investor Village Overstock.com message board under his screen name De Daumier-Smith:
Dan Schoenherr factoid
Back in the day (early to mid 2006), when I first started doing recon on the obviously paid bashers, my first master stroke was getting a tracking cookie placed on the laptop computer of Dan Schoenherr (also known as Wilburonefor3, HeadLizard, htis2008, etc, etc).
What made this so great, was being able to see where Dan was (based on his IP address) when he would access certain webpages.
As far as I know, putting spyware on someone’s computer without their knowledge or permission is not against any law. However, this certainly is completely unethical.
UPDATE: I must clarify my comments here. The ethics or lack thereof depend upon how Judd got the cookie on the computer. If Dan visited one of Judd’s sites, then a cookie could have been legitimately received. If, however, Judd used his methodology of secretly inserting tracking software in message board posts on sites he did not own, and where readers would have no reason to believe they’d be secretly receiving cookies from random outsiders, that would be unethical. Thanks for pointing this out to me, Judd. I forget that not everyone is aware of how your shenanigans work.
COURT RULES THAT GRADIENT ANALYTICS’ CROSS-COMPLAINT MAY PROCEED AGAINST OVERSTOCK.COM, INC. ON ALL COUNTS
AMENDED CLAIMS TO BE FILED AGAINST OVERSTOCK CEO PATRICK BYRNE
Scottsdale, July 10, 2008
Gradient Analytics, Inc. announced today that the Marin County Superior Court has ruled in the case of Overstock.com, Inc., v. Gradient that all of Gradient’s cross-claims against Overstock (NASDAQ:OSTK), including claims for defamation, intentional interference with prospective economic advantage, and unfair business practices, may proceed, thereby rejecting Overstock’s challenge to certain of those claims. Continue reading
Overstock.com (NASDAQ:OSTK) announced today that the Salt Lake City office of the SEC notified them that it is not recommending any enforcement action against the company.
The following was reported:
“I know that the SEC has an obligation to look into allegations it receives about any company — even when those allegations are false,” said Patrick Byrne, Overstock.com’s chairman and chief executive officer. “I believe that this inquiry was initiated, and persisted, because of false allegations made by a cohesive group of short sellers and a few financial journalists who dutifully serve them. In this case, I believe these folks fomented the SEC investigation against Overstock.com then tried to claim that the existence of an SEC investigation was evidence of wrong doing. We knew that was false.”