Is Barry Minkow still married?
How old is Barry Minkow?
Who took ZZZZ Best public?
What happened to Barry Minko?
Did Barry Minkow play himself in the movie?
Where is Barry Minkow now 2021?
Is con man a true story?
Who is ZZZZ Best?
zBarry Jay Minkow (born March 22, 1966) is a former American businessman, pastor, and convicted felon. While still in high school, he founded ZZZZ Best (pronounced "Zee Best"), which appeared to be an immensely successful carpet-cleaning and restoration company. However, it was actually a front to attract investment for a massive Ponzi scheme.
How much was ZZZZ Best worth in 1987?
By February 1987, ZZZZ Best was trading at $18 a share on NASDAQ, valuing the company at $280 million. The company now had 1,030 employees with offices in California, Arizona and Nevada. Minkow's stake was worth $100 million.
What did Minkow ask for in 2011?
One woman said Minkow asked her for $300,000, purportedly to help finance a movie about his redemption.
How long was ZZZZ Best in prison?
2014: Five years in federal prison, $3.4 million in restitution. zBarry Jay Minkow (born March 22, 1966) is a former American businessman, pastor, and convicted felon. While still in high school, he founded ZZZZ Best (pronounced "Zee Best"), which appeared to be an immensely successful carpet-cleaning and restoration company.
When did the Ponzi scheme collapse?
However, it was actually a front to attract investment for a massive Ponzi scheme. It collapsed in 1987, costing investors and lenders $100 million: one of the largest investment frauds ever perpetrated by a single person, as well as one of the largest accounting frauds in history.
What was the ZZZZ Best indictment?
The indictment accused Minkow of bilking banks and investors of millions of dollars while systematically draining his company of assets. It also accused Minkow of setting up dummy companies, writing phony invoices and conducting tours of purported restoration sites. Prosecutors estimated that as much as 90 percent of the company's revenue was fraudulent. On June 16, prosecutors won a superseding indictment charging Minkow with credit card fraud and two additional counts of mail fraud.
When did Minkow go public?
At the suggestion of a friend, Minkow took the company public in January 1986, garnering a spot on NASDAQ. The accountant who audited the company before it went public did not visit the insurance restoration sites himself. Had he done so, he would have discovered they were mailboxes located throughout the San Fernando Valley. Minkow retained a 53 percent controlling interest, making him an instant millionaire on paper. Going public seemingly offered him a way to cover up his fraudulent activities. Under securities law at the time, he had to retain his personal shares for two years. He planned to sell a million shares to the public in January 1988, believing this would give him enough money to pay everyone off and go completely legitimate.
