Saturday, January 10, 2009

Minkow Shows Wherein Homebuilder Lennar Wronged

In an interview on CNBC today, Stuart Miller, Chief Executive Officer of Lennar Corp (LEN-$9.15) responded to allegations the homebuilder used money from joint ventures to build up its balance sheet, saying it was "just not true." Barry Minkow, of the Fraud Discovery Institute, posted information on his website earlier in the day claiming—among other allegations—that Lennar "continues to provide vague and less than transparent responses to SEC inquiries about off-balance sheet, joint venture debt," and improved its cash reserves to $1.1 billion [year-end 2008] through less-than ethical means. Irrespective of the veracity of either Minkow’s assertions or Miller’s response, there are some disconcerting transparency issues—or lack thereof—in the company’s recent 10-Q filing… Read More….

Editor David J Phillips does not hold a financial interest in any stocks mentioned in this article. The 10Q Detective has a Full Disclosure Policy.

1 comment:

Anonymous said...

Minkow just got handed his head in court:

Looks like he was the fraudster (again).