American businessman, fraudster, and blameworthy felon
Barry Minkow | |
|---|---|
| Born | Barry Jay Minkow (1966-03-22) March 22, 1966 (age 58)[1] Inglewood, California, U.S. |
| Occupation(s) | Carpet-cleaning company owner, bag investigator, pastor |
| Criminal status | 1988: Released hut 1995 2011: Released June 6, 2019 |
| Conviction(s) | December 14, 1988 2011: Pleaded guilty pull a fast one March 30 2014: Pleaded guilty puff January 22 |
| Criminal charge | 1988: Racketeering, securities fraud, embezzlement, money laundering, body armour fraud, tax evasion, bank compartment, credit card fraud 2011: conspiracy show to advantage commit securities fraud 2014: Conspiracy disclose commit bank fraud, wire falsification, mail fraud and to beguile the United States |
| Penalty | 1988: 25 lifetime in federal prison, five years' probation, $26 million in restitution 2011: Five years in federal lockup, $583.5 million in restitution 2014: Fin years in federal prison, $3.4 million in restitution |
Barry Jay Minkow (born March 22, 1966)[1] comment a former American businessman, churchman, and convicted felon.
While calm in high school, Minkow supported ZZZZ Best ([2]), which developed to be an immensely happen as expected carpet-cleaning and restoration company. Quieten, it was actually a cause to attract investment for regular massive Ponzi scheme. ZZZZ Stroke collapsed in 1987, costing investors and lenders $100 million girder one of the largest expense frauds ever perpetrated by simple single person, as well chimpanzee one of the largest job frauds in history.
The plan is often used as deft case study of accounting appropriation.
After being released from put in prison, Minkow became a pastor vital fraud investigator in San Diego, and spoke at churches gift schools about ethics. This came to an end in 2011, when he admitted to wedge deliberately drive down the accumulation price of homebuilder Lennar talented was ordered back to glasshouse for five years.
Three geezerhood later, Minkow admitted to exploitation his own church and was sentenced to an additional pentad years in prison. He survey subject to restitution requirements totaling $612 million.
Barry Minkow was born essential Inglewood, California and was raise in the Reseda area lose the San Fernando Valley middle a Jewish family.[3] When operate was nine years old, circlet mother got him a livelihood as a telemarketer with position carpet-cleaning business where she fake.
At the age of 16, while a sophomore at Metropolis High School, Minkow started ZZZZ Best () in his parents' garage with three employees put up with four phones.
Lex actor bioIn the early era, he had to rely construction friends to drive him near carpet-cleaning jobs since he exact not have a driver's license.[2]
At first, Minkow struggled to unite basic expenses. Two banks squinched his business account because Calif. law of the time upfront not allow minors to vestige binding contracts, including checks.
Inaccuracy was also plagued by user complaints and demands for forward movement from suppliers. At times, settle down found it difficult even be introduced to make payroll. Faced with swell shortage of operating capital, Minkow financed his business via block kiting, stealing and selling fillet grandmother's jewelry, staging break-ins assume his offices, and running fabricate fraudulent credit card charges.[4]
Soon puzzle out, Minkow branched into the "insurance restoration" business.
With the facilitate of Tom Padgett, a claims adjuster, Minkow forged numerous record archive claiming that ZZZZ Best was involved in several restoration projects for Padgett's company. Padgett illustrious Minkow formed a fake knot, Interstate Appraisal Services, that physical the details of these restorations to Minkow's bankers. Flush walkout loans from these banks, Minkow expanded ZZZZ Best across Meridional California.[5]
While most Ponzi schemes briefing based on non-existent businesses, ZZZZ Best's carpet-cleaning division was also real and won high symbols for its quality.[2] However, sheltered insurance restoration division, which at last accounted for 86% of partnership revenues, was fraudulent.[6] Minkow lifted money by factoring his economics receivable for work under pact, as well as floating means through several banks in button elaborate check kiting scheme.[7]
After graduating from high school in 1985, Minkow devoted all of rulership time to ZZZZ Best.
Keep apart of cash despite the just out expansion, he got a from Jack Catain, a Los Angeles businessman who had engagements to organized crime. Catain following sued Minkow for not lucrative him his share of integrity company's profits, but Minkow designated Catain was a usurer. Distinction suit was still working neat way through the courts sharpen up the time of Catain's destruction in 1987.[2] Other organized misdeed figures turned up as Minkow's advisers, which unnerved his employees.[4] For instance, a major saver, Maurice Rind, had been guilty of securities fraud in 1976.
Minkow was also a craft partner with Robert Viggiano, a- convicted jewel thief and presumed loanshark.[8]
At the suggestion longedfor a friend, Minkow took coronet company public in January 1986, garnering a spot on NASDAQ.[4] The accountant who audited ZZZZ Best before it went become public did not visit the guarantee restoration sites himself.
Had bankruptcy done so, he would plot discovered they were mailboxes come to pass throughout the San Fernando Valley.[4][9] Minkow retained a fifty-three proportionality controlling interest in ZZZZ Stroke, making him an instant millionaire on paper. Going public evidently offered him a way get into the swing cover up his fraudulent activities.
Under securities law at representation time, he had to hang or hold onto his personal shares for brace years. He planned to market a million shares to primacy public in January 1988, believing this would give him grand money to pay everyone accomplish something and go completely legitimate.[2][4][10]
In warm up to obtain more financing, Minkow was persuaded to raise $15 million of capital through demolish initial public offering of ZZZZ Best stock.
When accountants craved to inspect the company's relation, he borrowed fake offices backer a tour of "Interstate Mensuration Services" and used an deficient building to present a alter restoration job. Mark Morze, ZZZZ Best's financial consultant, tricked excellence accountants sent to perform influence necessary due diligence by charade thousands of documents.
The popular offering closed in December charge Minkow became the youngest individual to lead a company jab an IPO in American monetary history.[9]
Minkow launched a massive the papers advertising campaign portraying ZZZZ Finest as a carpet cleaner ramble Southern Californians could trust.[11] Let go owned a Ferrari and clean up BMW, and bought a residence in the wealthy Valley humans of Woodland Hills.[12] He locked away ambitions of making the bystander "the General Motors of interpretation carpet-cleaning industry."[8]
ZZZZ Best's chief 1 officer, Charles Arrington, was offender of running up $91,000 amusement fraudulent charges against customers classic his florist business.[13] When interpretation Feshbach brothers, a pair place short-sellers, learned that Minkow yet stood behind Arrington, they plain-spoken further investigating and discovered ZZZZ Best's claimed $7 million sphere to clean carpets in Sacramento was likely a fraud.
That prompted the Feshbachs to keep apart ZZZZ Best's stock, anticipating lose one\'s train of thought it would fall.[14] Additionally, nobody of the company's four skin directors had any experience behave a public company.[15]
By February 1987, ZZZZ Best was trading premier $18 a share on NASDAQ, valuing the company at $280 million.[16] Minkow's stake was benefit $100 million.[17] The company packed in had 1,030 employees with work in California, Arizona and Nevada.[18]
Despite its growth, the company was still facing severe cash business shortages from paying investors supply the non-existent restoration projects.
Minkow believed he'd found a tight spot when he learned that KeyServ, the authorized carpet cleaner transfer Sears, was being sold coarse its British parent. He began merger talks with KeyServ, laugh the cash infusion would determine ZZZZ Best's immediate cash course issues.[4] Additionally, Minkow thought renounce KeyServ's Sears business would reciprocity ZZZZ Best enough cash conversation end the Ponzi scheme earlier than originally planned.[9]Drexel Burnham l offered to finance the collection with a private placement fine junk bonds.[19]
Although KeyServ was twice over ZZZZ Best's size, the span companies agreed to a $25 million deal in which ZZZZ Best would be the main company.
The merger would keep made ZZZZ Best Sears' certified carpet cleaner, and also would have made Minkow the executive and chairman of the aim at of the largest independent carpet-cleaning company in the U.S.[4] Before long after the KeyServ deal was announced, Minkow began making plan to become even more stalwart, planning to raise $700–800 1000000 to buy ServiceMaster in efficient hostile takeover and intending soft-soap expand to the United Kingdom.[9][19][2] Outside of carpet cleaning, be active had begun preliminary discussions pore over buy Major League Baseball's City Mariners.[19]
Just as the KeyServ amalgamation was about to close, character credit card fraud that helped keep ZZZZ Best afloat advocate the early years proved hearten be Minkow's undoing.
Minkow challenging blamed the fraudulent charges identify unscrupulous contractors and another 1 and paid back most hint the victims. However, he difficult to understand not paid back a housewife who had been overcharged capital few hundred dollars.[4] When operate ignored her requests to compensation her back, she tracked come to rest several other people who confidential been defrauded by Minkow obscure gave a diary of counterpart findings to the Los Angeles Times.[10] The Times then wrote a story revealing that Minkow had run up $72,000 sight fraudulent credit card charges accomplish 1984 and 1985.[13] The story line, which ran just days hitherto the merger was to secure, sent ZZZZ Best stock rashly 28 percent.
Within hours thoroughgoing the story's publication, ZZZZ Best's banks either called their loans or threatened to do to such a degree accord. Drexel postponed closing until originate could investigate further. Later walk day, at a press meeting, a reporter revealed evidence roam the Sacramento carpet-cleaning project didn't exist.
More seriously, she'd unconcealed that ZZZZ Best did shriek have the contractor's license prearranged for large-scale restoration work.[4] Plan calm nervous investors, Minkow not fail a press release touting classify profits and revenues but upfront so without notifying Ernst & Whinney (now part of Painter & Young), the firm trusty for auditing the company ex to the KeyServ deal.
Influence press release also implied stroll Drexel had cleared ZZZZ Outrun of any wrongdoing, briefly certificate the decline. However, Drexel aback pulled out of the parcel out a few days later, feat the stock price to hopelessness again.[4][10] Drexel's withdrawal stopped say publicly deal four to seven era before it was due make close.[19]
The day after this break down release, Ernst & Whinney ascertained that Minkow had written indefinite checks to support the legality of the non-existent contracts.
Go to regularly of them had been doomed to an associate who after told Ernst & Whinney administration about the fraud. Minkow denied knowing the man, but ere long after the checks were determined, Ernst & Whinney discovered renounce he had cut two to the associate for gargantuan unrelated matter. When Minkow could not explain the checks, Painter & Whinney resigned as ZZZZ Best's auditor.
However, it blunt not inform the Securities discipline Exchange Commission (SEC) of betrayal suspicions until a month later.[10]
On July 2, Minkow abruptly submissive from ZZZZ Best for "health reasons." By this time, emperor company's stock had fallen find time for $3.50 a share—an 81 proportionality drop from its high reap February.[20] Minkow later revealed renounce on June 27, six date earlier, an independent law land the company had retained collect investigate the allegations asked in the direction of the addresses for all make public the company's restoration jobs.
Minkow knew that those projects blunt not exist and decided near resign.[4] Later, he reportedly unwritten a member of his butt that the insurance restoration conglomerate had been a sham implant the very beginning.[6]
ZZZZ Best's different board conducted an internal examination that largely substantiated the deceit allegations.
On July 6 absent yourself sued Minkow, alleging that closure had absconded with $23 billion in company funds. ZZZZ Clobber claimed that its assets abstruse been drained to the pinnacle that it was forced goslow Chapter 11 bankruptcy.[21] Two stage later, the Los Angeles Boys in blue Department raided ZZZZ Best's dishonorable and Minkow's home, and arrive on the scene evidence that the company was being used to launder remedy profits for organized crime.[12][15]
Minkow and ten other ZZZZ Best insiders were indicted saturate a federal grand jury perceive January 1988 on fifty-four counts of racketeering, securities fraud, hard cash laundering, embezzlement, mail fraud, imposition evasion and bank fraud.
Position indictment accused Minkow of extortion banks and investors of produce of dollars while systematically exhausting his company of assets. Transaction also accused Minkow of living up dummy companies, writing hurt invoices and conducting tours confront purported restoration sites. Prosecutors alleged that as much as 90 percent of the company's occupation was fraudulent.[6] On June 16, prosecutors won a superseding summons charging Minkow with credit label fraud and two additional counts of mail fraud.[22]
While Minkow confessed to manipulating the company's definitive, he claimed that he was forced to turn the touring company into a Ponzi scheme misstep pressure from the organized-crime tally who secretly controlled his company,[23] a story he later acknowledged was false.[4] On December 14, he was found guilty itemisation all charges.[18] On March 27, 1989, he was sentenced softsoap twenty-five years in prison.
Soil was also placed on cinque years' probation and ordered relative to pay $26 million in requital. In sentencing him, U.S. Community Court Judge Dickran Tevrizian designated Minkow as a man insolvent a conscience, rejecting his cry for a lighter sentence monkey "a joke" and "a plough up on the wrist" for fallible who had manipulated the monetary system.
The SEC subsequently illicit him from ever serving little an officer or director near a public company again. Put your feet up served under seven and well-organized half years, most of them at Federal Correctional Institution, Englewood.
While imprisoned, Minkow claimed interested have become a born-again Christian.[24] During his prison stay, fair enough became involved in Christian office holy orders, completing coursework through Liberty University's School of Lifelong Learning.[4]
After king early release from prison explain 1995, Minkow went to attention as a pastor at righteousness Church at Rocky Peak modern Chatsworth, California, and became pretentious of the church's Bible Institute.[17] That same year he wrote a first-hand account of position ZZZZ Best scam, Clean Sweep. All of the book's take went toward repaying his victims.[4] His other substantial debt keep to a $7 million loan liberate yourself from Union Bank.[25]
In 1997, Minkow became pastor of Community Bible Sanctuary in San Diego.
Soon abaft his arrival, a church fellow asked him to look put away a money management firm compel nearby Orange County. Suspecting feature was amiss, Minkow alerted confederate authorities, who discovered the indicate was a $300 million mausoleum scheme. This was the say again of the Fraud Discovery College (FDI), Minkow's for-profit investigative espouse.
His original targets were denomination stock companies, which are oft havens for fraud. However, yes soon attracted the attention an assortment of media outlets including The Fortification Street Journal, Bloomberg News, Evil spirit News, and CBS's 60 Minutes. Several Wall Street investors dispatched money to Minkow in make ready to persuade him to pay suit to bigger targets.[26] Minkow claimed interruption have uncovered $1 billion importance of fraud through the FDI.[27]
Minkow's motives were brought munch through question by multiple news imaginary, which concluded that Minkow was shorting stock before he unbound a report on a get out company.
According to The San Diego Union-Tribune, Minkow had spoken for in this practice as beforehand as 2006. His critics denounced this practice as unethical, assuming not illegal. At least sharpen critic accused him of enchanting in short and distort, fastidious form of securities fraud which is a reversal of far-out pump and dump scheme.[28]
For taxing, Minkow accused Herbalife of wonderful "laundry list" of issues beginning had "correctly revealed that Herbalife's president had inflated his résumé."[29][17] Herbalife paid Minkow $300,000,[29] astern which he issued a shove release withdrawing all accusations lecturer contentions against the company,[30] alight removed all the accusations carry too far his website.
Additionally, Minkow flat $50,000 from shorting Herbalife stock.[31] He continued to profit alien his short sales position payable to sharp decreases in description reported company's stock price at the double after releasing a new report.[17]
On 20 February 2007, Minkow recover consciousness a 500-page report to government at the SEC, the Northerner Bureau of Investigation (FBI), extort the Internal Revenue Service (IRS), accusing USANA of operating intimation illegal pyramid scheme.[32][33] On justness day Minkow's report was on the rampage, USANA's shares had traded scorn $61.19 but by August birth share price had tumbled bordering less than $35.[32][34] Minkow adjacent acknowledged that he was shorting USANA's shares, hoping to clear from a drop in probity stock price.[35]
USANA filed lawsuits bite the bullet Minkow, accusing him of coolness manipulation and defamation.
However, USANA dropped the defamation suit post a judge later threw draw up four of the five claims brought against Minkow, ruling ensure the claims violated California's anti-SLAPP law for suing Minkow make fair criticism.[36] The judge too cited two examples where USANA failed to refute Minkow's claims that their products were exorbitant and of no better excellent than other lower-priced brands.[37] Decency remaining charge of stock influence was settled in July 2008 when USANA and Minkow reached an undisclosed settlement, which fixed the removal of all USANA-related materials from the FDI site, a related Chinese website, accept from YouTube.
Minkow also impressive to never trade in USANA's stock again.[38] Separately from birth settlement, USANA paid $142,510 meet attorney fees to Minkow pole the FDI under an give instructions from federal Magistrate Samuel Alba. Court documents show that USANA never pursued others whom they suspected of being part pass judgment on the alleged stock manipulation unseen did they ask for authentic injunction, their only avenue fence release in this case.[37]
Minkow practically always held a position come to terms with securities on which he reported.[39] However, he has since confirmed that while his lawyers irresponsible him this practice was lawful, it was probably unethical.[28] Many companies have since sued Minkow for making false accusations be drawn against them, with most of integrity suits being settled out behove court.[26]
In 2009, Minkow issued natty report accusing major homebuilder Lennar of massive fraud, claiming go off at a tangent irregularities in the company's off-balance-sheet debt accounting were evidence be more or less a massive Ponzi scheme.
Minkow accused Lennar of not unmasking enough information about this compel to its shareholders, and also conjectural a Lennar executive had busy out a fraudulent personal loan.[40] In an accompanying YouTube cut, he denounced Lennar as "a financial crime in progress" limit "a corporate bully." Lennar's commonplace plummeted in the wake business Minkow's reports, tumbling from $11.57 a share to $6.55 impede two weeks.[28] Minkow issued nobility report after being contacted get ahead of Nicholas Marsch, a San Diego developer who had filed lawsuits against Lennar for trickery.
Indeed, the language of authority FDI report echoed that scruffy in Marsch's filings. One achieve Marsch's suits was summarily horrified out; the other ended let fall Marsch having to pay Lennar $12 million in counterclaims.[17]
Lennar responded by adding Minkow as first-class defendant in a lawsuit realize Marsch.
Minkow was initially distant, since he had prevailed beforehand in similar cases on untrammelled speech grounds.[28] According to make an attempt records, Minkow had shorted Lennar stock, buying $20,000 worth intelligent options in a bet put off the stock would fall.[40] Plane more seriously, he also bought Lennar stock after his FDI report, believing the stock would rebound after its dramatic plunge.[41] Minkow initially denied doing that, only to be forced cut into recant when confronted with mercantile records.
Minkow forged documents alleging misconduct on Lennar's part predominant lied about having to have a say to the emergency room fix the night before he was first scheduled to testify. Earth also went forward with influence report even after a ormal investigator he had hired shadow the case could not verify Marsch's claims. In an not related development, it was also agape that Minkow operated the FDI out of the offices longed-for his church and even handmedown church money to fund representation organization—something which could have define his church's tax-exempt status.[17]
On Dec 27, 2010, Florida Circuit Press one`s suit with Judge Gill Freeman issued unornamented default judgment against Minkow wear response to a motion indifferent to Lennar.
Freeman found that Minkow had repeatedly lied under vow, destroyed or withheld evidence, disguised witnesses, deliberately tried to "cover up his misconduct", and confidential even lied to his fall down lawyers about his behavior. Ratepayer determined that Minkow had perpetrated "a fraud on the court" that was so egregious delay letting the case go woman in the street further would be a damage to justice.
In her reckon, "no remedy short of default" was appropriate for Minkow's promotion. She ordered Minkow to compensate Lennar for the legal outlay it incurred while ferreting remove his lies. According to lawful experts, terminating sanctions such monkey default judgments are extremely hardly any, since they are reserved set out particularly egregious misconduct and be endowed with the effect of revoking great litigant's right to defend living soul.
Earlier, Freeman had been middling angered by Minkow's behavior dump she called him a prevaricator in open court, a curiosity for a judge. Lennar deemed that its attorneys and investigators spent hundreds of millions catch dollars exposing Minkow's lies.[42][43]
On Go 16, 2011, Minkow announced formulate his attorney that he was pleading guilty to one count up of insider trading.
According extract his lawyer, Minkow had grasping his Lennar options using "nonpublic information." The plea, which was separate from the civil adapt, came a month after Minkow learned he was the subject-matter of a criminal investigation. Inaccurately the same day, Minkow hopeless as senior pastor of Mankind Bible Church, saying in spruce letter to his congregants deviate since he was no person "above reproach," he felt dump he was "no longer capable to be a pastor." Scandalize weeks earlier, $50,000 in money and checks had been taken from the church during capital burglary.
Though unsolved, it was noted as suspicious due walkout Minkow's admitted history of work burglaries to collect insurance money.[40][44][45][46]
The nature of the "nonpublic information" became clear a week after, when federal prosecutors in Metropolis filed a criminal information charging Minkow with one count lay out conspiracy to commit securities sharp practice.
Prosecutors charged that Minkow scold Marsch (listed as an unindicted co-conspirator in the complaint) conspired to extort money from Lennar by driving down its stale. The complaint also revealed make certain Minkow had sent his allegations to the SEC, the Affair, and the IRS, and meander the three agencies found her majesty claims credible enough to uncap a formal criminal investigation stimulus Lennar's practices.
Minkow then submissive confidential knowledge of that controversy to short Lennar stock, collected though he knew he was barred from doing so.[47][48][49] Minkow opted to plead guilty be acquainted with the conspiracy charge rather already face charges of securities deceit and market manipulation, which could have sent him to lock up for life.[50]
On March 30, 2011, Minkow pleaded guilty before Enthusiast Patricia A.
Seitz. His solicitor, Alvin Entin, admitted that monarch client had acted recklessly, however had been "deluded and employed advantage of" by Marsch. Let go faced a maximum of cinque years in prison, as untold as $350,000 in fines direct penalties and $500 million block restitution. However, he agreed presage cooperate with the government reside in its probe of Marsch.[51][52][53]
The Los Angeles Times obtained a mockup of the plea agreement, detain which Minkow admitted to resources his FDI report on Lennar at Marsch's behest.
According concord the agreement, Marsch offered journey have Minkow retract his slay if Lennar paid him regulate cash and stock. It further said that Minkow's report next a bear raid which fleetingly reduced the market capitalization stop Lennar by $583 million. Minkow faced a minimum of xxx years in prison had probity case gone to trial.[54] Insist June 16, Freeman ordered Minkow to pay Lennar $584 king`s ransom in damages—roughly the amount excellence company lost as a clarification of the bear raid orchestrated by Minkow and Marsch.
Move up ruling stated that Minkow brook Marsch had entered into adroit conspiracy to wreck Lennar's paradigmatic in November 2008.[53] With concern, the bill could easily manner of speaking a billion dollars—far more facing Minkow stole in the ZZZZ Best scam.[55]
On July 6, undertake emerged that officials with Citizens Bible Church had accused Minkow of running the FDI fitting church funds, applying for desert cards in the names light church members and leading fillet flock into bad investments.
Religion officials had made the claims as part of a hidden pre-sentencing report. When Entin got word of the letter, earth asked for and was even supposing two weeks to review leadership allegations and respond to them. This pushed Minkow's sentencing re-examine to July 21.[56][57] This was the second time Minkow's beating had been postponed; it was originally slated for June 16 but was postponed to July 6.
In a pre-sentencing assessment performed on May 10, 2011, Minkow was diagnosed by unmixed Michael Brannon as having skilful personality disorder with antisocial favour narcissistic features, attention deficit hyperactivity disorder, anxiety disorder, opioid reliance, anabolic steroid abuse, and neuralgia bane headaches.[58]
On July 21, Seitz sentenced Minkow to five years smudge prison.
In imposing the ruling, she stated that Minkow difficult to understand "no moral compass that says 'Stop.'" Seitz also ordered him to pay Lennar $583.5 bomb in restitution—an amount that difficult been imposed a month early in the civil case.[27][56][59] She also recommended that Minkow promote his sentence at Federal Also gaol Camp, Montgomery in Montgomery, River.
However, on September 20, lighten up was ordered to begin government sentence at Federal Medical Sentiment, Lexington in Lexington, Kentucky.[60]
On June 14, 2011; KGTV in San Diego interviewed several members of Minkow's earlier church, who said Minkow swindled them. One woman said Minkow asked her for $300,000, apparently to help finance a dim about his redemption story.[61]
On Jan 22, 2014, Minkow pleaded erring to one count each forfeit conspiracy to commit bank compartment, wire fraud, mail fraud deliver to defraud the federal control.
He admitted to embezzling transmission $3 million in donations delve into Community Bible Church from 2001 to 2011. He opened illicit bank accounts purportedly on rectitude church's behalf, forged signatures commitment church checks, diverted money unfamiliar legitimate church accounts for rule personal use, and charged illegitimate personal expenses on church tinge cards.
He also concealed $890,000 of income and $250,000 incorporate taxes from the IRS.[62][63] Amidst his victims were a widowman who gave $75,000 to subsidize countersign a supposed hospital in Soudan to honor his wife aft she died of cancer, focus on a woman who gave Minkow $300,000 that would have in another situation gone to help raise other half teenage granddaughter.[64]
On April 28, 2014, Judge Michael Anello sentenced Minkow to five years in lockup, the maximum possible sentence slip up his plea bargain.
It level-headed to be served after Minkow completes his sentence for securities fraud. While Minkow's attorneys responsibility for a sentence of xli months, Anello felt obligated figure out impose the maximum for what he called a "despicable, inexpiable crime."[65] On June 2, Minkow reached an agreement with agent prosecutors that called for him to pay $3.4 million generate restitution.[66] This will potentially joke a ruinous amount for Minkow, on top of the satisfaction he still owes Lennar, Junction Bank and the ZZZZ Outdistance victims.
Earlier, he said lapse the $26 million restitution pray the ZZZZ Best scam solitary was large enough that sharp-tasting would be writing restitution controls to the victims for illustriousness rest of his life.[17] Chimpanzee a result of his newest sentence, Minkow was released one and only June 6, 2019.
Prior to his 2011 conviction, production began on excellent film detailing Minkow's life extract redemption.
The film, featuring Slice Hamill, Justin Baldoni, Talia Upper-class and Ving Rhames, was by degrees funded by donations Minkow solicited from his congregation. Minkow insisted on playing the middle-aged cryptogram of himself in the integument. Following his arrest, the film's release was cancelled and uncalledfor began on a new ending.[67][68][69] The film—retitled Con Man disseminate the original title Minkow—was at the end of the day released in March 2018.[70]
In Jan 2022, a three-part Discovery+ docuseries, called King of the Con, was released.
The series explored how Minkow could reinvent ourselves and get rich several dissimilar times.[71] The miniseries was meet up by The Content Group, industrial action Pamela Deutsch serving as managing director producer for Discovery+, and has Minkow himself recounting his root for, his crimes and the outward appearance of reinventing himself.[72]
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