What does ZZZZZZ best mean?
ZZZZ Best (pronounced: zee best) was a carpet cleaning and restoration company that was created in Inglewood, California in 1982 by Barry Minkow. Minkow was sixteen and still at school when he founded the company.
What was the ZZZZ Best scam?
What was the 'ZZZZ Best'. ZZZZ Best, founded by Barry Minkow, was a carpet-cleaning and restoration company that served as a front for a Ponzi scheme. The company went public in December 1986 and was quickly valued at over $300 million.
Is ZZZZ Best a carpet cleaner?
Minkow launched a massive television advertising campaign portraying ZZZZ Best as a carpet cleaner that Southern Californians could trust. He owned a Ferrari and a BMW, and bought a mansion in the wealthy Valley community of Woodland Hills.
Is ZZZZ Best a Ponzi scheme?
What Was ZZZZ Best? ZZZZ Best was a carpet cleaning and restoration company founded by Barry Minkow that served as a front for a famous Ponzi scheme . The company went public in December 1986 and was quickly valued at over $300 million.
What happened to Barry Minko?
He was convicted of fraud in 1988 after his business was revealed to be the front for a Ponzi scheme that was connected to the mob. Minkow was sentenced to 25 years in federal prison and served almost eight.
How old is Barry Minkow?
56 years (March 22, 1966)Barry Minkow / Age
Who audited ZZZZ Best?
ZZZZ Best Co., the Reseda carpet cleaning firm headed by 21-year-old entrepreneur Barry Minkow, said Wednesday that Ernst & Whinney has resigned as the company's independent auditor and will be succeeded by Price Waterhouse.
When did Barry Minkow start ZZZZ Best?
1982ZZZZ Best was a carpet-cleaning company set up in 1982 by 16-year-old Barry Minkow, who would use it to run a Ponzi scheme that netted millions.
Is king of con in jail?
Minkow was released from prison in 2018 and has since mended his relationship with his sons, who are now seniors in high school, and remarried Lisa.
How did Barry Minkow get caught?
Minkow was eventually sentenced to 25 years in prison for fraud. When released, he ended up convicted for fraud again and sentenced to five more years. The fraud was discovered by a woman who chased the paper trail, al due to an overcharge of only a few hundred dollars.
Who plays Barry Minkow?
Con Man is a 2018 American crime drama film directed by Bruce Caulk and starring James Caan, Ving Rhames, Justin Baldoni, Elizabeth Röhm, Mark Hamill, Talia Shire and Armand Assante. It is based on the real-life story of Barry Minkow, who also appears in the film....Con Man (film)Con ManLanguageEnglish6 more rows
What happened in WorldCom scandal?
The SEC charged WorldCom with civil fraud and reached a $2.25 billion settlement. Several executives and the CEO were indicted on charges of securities fraud, conspiracy, and filing false documents with regulators.
Where is Barry Minkow from?
Inglewood, CABarry Minkow / Place of birthInglewood is a city in southwestern Los Angeles County, California, in the Los Angeles metropolitan area. As of the 2020 U.S. Census, the city had a population of 107,762. It was incorporated on February 14, 1908. The city is in the South Bay region of Los Angeles County, near Los Angeles International Airport. Wikipedia
Did Barry Minkow play himself in the movie?
Con Man2018Protecting Yourself from Affinit...2006Protecting Yourself from Elder...2006Protecting Yourself from Invest...2006RedemptionBarry Minkow/Movies
What is ZZZZ Best?
ZZZZ Best (pronounced: zee best) was a carpet cleaning and restoration company that was created in Inglewood, California in 1982 by Barry Minkow. Minkow was sixteen and still at school when he founded the company. The company was involved in huge amounts of fraud. It was a front for a Ponzi scheme. Fraud occurs when a person uses dishonesty, ...
Who created ZZZZ Best?
BusinessDictionary.com says the following about ZZZZ Best: “Company created in the 1980s by Barry Minkow that was involved in massive amounts of fraud.”. “On the surface the company appeared very successful, but most of the profits acquired were from organized crime groups or simply fabricated.
How much was ZZZ Best worth in 1986?
However, the majority of its profits came from either organized crime syndicates or they had been made up. In December 1986, ZZZZ Best went public and was valued at more than $300 million.
When did ZZZZ Best go public?
In December 1986, ZZZZ Best went public and was valued at more than $300 million. Within seven months of its IPO, it filed for bankruptcy. Its were worth a fraction of the initial $300 million valuation when they were auctioned (just $64,000).
What did ZZZZ Best officials do?
ZZZZ Best officials sued Mr. Minkow. They accused him of misappropriating over $23 million of the company’s money. Minkow was found guilty and received a 25-year jail sentence. Minkow engage in credit-card fraud, stole money from relatives, and staged burglaries so that he could claim the insurance.
What is ZZZZ Best?
ZZZZ Best was a company set up as a front for a Ponzi scheme. Its founder Barry Minkow engaged in a range of criminal acts including insurance scams and check kiting. Minkow and his business associate Tom Padgett set up a fake company called Interstate Appraisal to defraud financial institutions out of millions.
Who created the ZZZZ Best?
Minkow and business associate Tom Padgett created a fictitious company, Interstate Appraisal Service, to defraud banks and other lending institutions out of millions of dollars. Tom Padgett, an insurance claims adjuster, conspired with Minkow to forge documents crediting ZZZZ Best for restoration work and use Interstate Appraisal Services as the source to verify the claims. Increasingly, investors and bankers developed an interest in ZZZZ Best based on fraudulent financial statements produced by Minkow’s firm. 2
When did ZZZZ Best go public?
The company went public in December 1986 and was quickly valued at over $300 million. Within just seven months of the initial public offering (IPO), however, ZZZZ Best was bankrupt and its assets were auctioned for approximately $64,000. 1.
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.
How old was ZZZZ Best?
At the age of 16, while a sophomore at Cleveland High School, Minkow started ZZZZ Best (pronouned 'Zee Best') in his parents' garage with three employees and four phones. In the early days, he had to rely on friends to drive him to jobs since he did not have a driver's license.
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.
Where was ZZZZ Best born?
Beginnings of ZZZZ Best. Minkow was born in Inglewood, California to a Jewish family, and was raised in the Reseda area of the San Fernando Valley. When he was nine years old, his mother got him a job as a telemarketer with the carpet-cleaning business where she worked.
What crimes did Minkow and 10 other ZZZZ Best insiders commit?
Minkow and 10 other ZZZZ Best insiders were indicted by a Los Angeles federal grand jury in January 1988 on 54 counts of racketeering, securities fraud, money laundering, embezzlement, mail fraud, tax evasion and bank fraud.
How many seasons of American Greed are there?
American Greed on CNBC has enjoyed 13 seasons of highlighting greed with famous and not-so-famous names you know. Most of these famous conmen (and women) got their start through illegal gambling activities, using a church as a hiding spot, or even through the funeral industry.
What was the con of Cladek's Ponzi scheme?
The Con: Cladek ran a Ponzi to "invest" into subprime loans to purchase repo’d cars. The people who bought the cars paid exorbitant interest rates to Cladek’s firm. The car notes were the "collateral" for the investments—many of which went bad. Cladek posed as a spiritual philanthropist and enjoyed a ritzy lifestyle in St. Augustine Beach.
When did ZZZZ carpet cleaning start?
Minkow gained national attention as a teenager in the 1980s by founding the ZZZZ Best carpet cleaning company in Southern California. At age 21, he became the youngest person at the time in U.S. history to take a company public, and he became very wealthy on paper.
How long was ZZZZ Best in jail?
And in 1988, Minkow was sentenced to 25 years in prison after being convicted of 57 fraud charges.
What channel is American Greed on?
American Greed is an hour-long American television show that currently airs on CNBC, Escape (TV network), and CourtTV's over-the-air "MYSTERY" channel. The show profiles various cases involving corporate fraud and white collar crimes. Some of the episodes profile two of these cases in a single episode.
Who is the most aggressive CEO in America?
Once described as "The Most Aggressive CEO in America," Tyco 's one-time CEO Dennis Kozlowski stole millions from the company for a lavish party, a gilded shower curtain, and fine art, before being incarcerated for white-collar theft. The episode documents Kozlowski's personal life in prison. 15. 9.
Who was the man who was convicted of price fixing at Christie's?
March 26, 2008. ( 2008-03-26) In case 1, Dana Giacchetto advises Hollywood stars, but then around $10 million goes missing. In case 2, Alfred Taubman, an art collector and a one-time chairman of Sotheby's, is a convicted felon behind the price-fixing scandal at Christie's and Sotheby's.
What is the trend in case 1?
In case 1, in the west, there is a trend for thieves to use identity theft to fund meth addictions, with the victims also robbed. In case 2, in the affluent Chicago suburb Wheaton, Illinois, a serial bank robber is armed and prepared to fight. 5.
Overview
Barry 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. It collapsed in 1987, costing investors and lenders $100 million: one of the largest investment frauds ever perpetrate…
Beginnings of ZZZZ Best
Minkow was born in Inglewood, California to a Jewish family, and was raised in the Reseda area of the San Fernando Valley. When he was nine years old, his mother got him a job as a telemarketer with the carpet-cleaning business where she worked. At the age of 16, while a sophomore at Cleveland High School, Minkow started ZZZZ Best (pronounced 'Zee Best') in his parents' garage with three employees and four phones. In the early days, he had to rely on friends to drive him to …
Going 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 t…
Downfall
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.
The company was still facing severe cash flow shortages from paying investors for the non-existent restoration projects. Minkow learned that KeyServ, the authorized carpet cleaner for Sears, …
Conviction and prison
Minkow and 10 other ZZZZ Best insiders were indicted by a Los Angeles federal grand jury in January 1988 on 54 counts of racketeering, securities fraud, money laundering, embezzlement, mail fraud, tax evasion and bank fraud. 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 …
Release
After Minkow's early release from prison in 1995, he went to work as Pastor of Evangelism at the Church at Rocky Peak in Chatsworth, California. He also became director of the church's Bible Institute.
In 1995, he wrote a first-hand account of the ZZZZ Best scam, Clean Sweep. All of the book's proceeds went toward repaying his victims. His other substantial debt is a $7 million loan from U…
Shorting stock
Minkow's motives were brought into question by multiple news stories concluding that Minkow was shorting stock before he released a report on a public company. According to The San Diego Union-Tribune, Minkow had engaged in this practice as early as 2006. Minkow's critics denounced this practice as unethical, if not illegal. At least one critic accused him of engaging in short and distort, a form of securities fraud which is a reversal of a pump and dump scheme. For instance, …
Lennar
In 2009, Minkow issued a report accusing major homebuilder Lennar of massive fraud. Minkow claimed that irregularities in Lennar's off-balance-sheet debt accounting were evidence of a massive Ponzi scheme. Minkow accused Lennar of not disclosing enough information about this to its shareholders, and also claimed a Lennar executive took out a fraudulent personal loan. In an accompanying YouTube video, Minkow denounced Lennar as "a financial crime in progress" and …