stuart miller – 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.

Lennar CEO Stuart Miller: Transparency? Or lies?

14 August 201111 January 2009 by Tracy Coenen

On Friday, Stuart Miller, the CEO of Lennar (NYSE:LEN) went on CNBC to respond to fraud allegations made by Barry Minkow and Fraud Discovery Institute. But did he really respond? Do you feel he is being transparent? Or is he creating more lies in response to the damaging report?

You be the judget. Here’s the transcript of the relevant portion of the interview:

Lennar CEO responds to Barry Minkow and Fraud Discovery Institute

4 May 20129 January 2009 by Tracy Coenen

Early today, Barry Minkow and Fraud Discovery Institute released a report on Lennar Corporation (NYSE:LEN), highlighting what the authors believe to be ten red flags of fraud at the company. Lennar’s stock was hit hard by the news.

It didn’t take long for Lennar’s CEO Stuart Miller to speak out against the allegations. About all he was able to do, however, is try to discredit the messenger. Lennar didn’t have any substantive response to any of the allegations, they simply highlighted Barry’s well-known criminal past and referred to Nicolas Marsch (Barry’s client) as a “disgruntled litigant.”

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