zzzz carpet cleaning

Is Barry Minkow married?

Personal life. In 2002, Minkow married his wife, Lisa. They have two children.

How old is Barry Minkow?

56 years (March 22, 1966)Barry Minkow / Age

Who is Barry Minkow?

Barry Minkow is a convicted conman, and he believes anyone can find redemption. That's one of the reasons the San Fernando Valley native got involved in the three-part “King of the Con” docuseries, which begins streaming on Discovery+ Jan. 14. Yes, it's a TV show: It's also a warning to would-be fraudsters.

Does Zerorez clean carpet?

We had Zerorez clean our stairway carpeting that included hallway areas on two levels. They did an excellent job, the carpets were not exceptionally dirty but they get considerable traffic. When they were done there were no more spots remaining. What I like best about there process is that they don't use a soapy solution to do the cleaning. Our carpets stay cleaner for a longer period of time.

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What caused ZZZZ Best's stock price to decline sharply?

The L.A. Times featured her story, which caused ZZZZ Best's stock price to decline sharply. Lenders began to call their loans and more investigations commenced, unraveling Minkow's dark web of deceit and fraud. Eventually, the truth behind the fictitious companies was revealed and the Ponzi scheme was exposed.

How old was Barry Minkow when he started ZZZZ Best?

Barry Minkow formed ZZZZ Best in his parents' garage. The business performed poorly and 15-year-old Minkow was often inundated with customer complaints and supplier collection requests. To create an illusion of a profitable business, Minkow began committing criminal acts, such as check kiting, theft, insurance scams, and fraud, to fund operations and pay suppliers. 2

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.

What did the CPAs use to perform their audit?

Assuming an independent third party provided the paperwork, the CPAs used false appraisal documents to perform its audit. When the CPA firm requested to visit a building refurbishing customer site, Minkow and his associates rented a building and created a bogus customer job site. 5

What is required for an IPO?

To launch an IPO, the Securities and Exchange Commission (SEC) requires a firm to compile a prospectus, which must include a set of audited financial statements. Independent certified public accountant (CPA) firm Ernst & Whinney (now Ernst & Young) audited ZZZZ Best's financials to provide an opinion as to whether the financial statements were free of material misstatement.

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.

Did ZZZZ Best have a Ponzi scheme?

As the Ponzi scheme continued, ZZZZ Best experienced significant cash flow problems. As a solution, Minkow planned to acquire KeyServ, Sears' authorized carpet cleaner, for $25 million. According to Minkow, the revenues from KeyServ would provide enough cash flow to end the Ponzi scheme. Before the deal was closed, the jilted homemaker sparked a campaign against ZZZZ Best that would expose more than the fraud committed against her. 4

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 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.

What happened to ZZZZ Best?

The company claimed that its assets had been drained to the point that it was forced into Chapter 11 bankruptcy. Two days later, the Los Angeles Police Department raided ZZZZ Best's headquarters and Minkow's home, and found evidence that the company was being used to launder drug profits for organized crime.

Why did Minkow merge with KeyServ?

Minkow began merger talks with KeyServ, as the cash infusion would solve ZZZZ Best's immediate cash flow issues. Additionally, Minkow thought that KeyServ's Sears business would give ZZZZ Best enough cash to end the Ponzi scheme sooner than originally planned.

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.

What was the deal between KeyServ and ZZZZ Best?

Although KeyServ was twice ZZZZ Best's size, the two companies agreed to a $25 million deal in which ZZZZ Best would be the surviving company. The merger would have made ZZZZ Best Sears' authorized carpet cleaner, and also would have made Minkow the president and chairman of the board of the largest independent carpet-cleaning company in the United States. Soon after the KeyServ deal was announced, Minkow began making plans to raise $700–800 million to buy ServiceMaster in a hostile takeover, and planned to expand to the United Kingdom. Outside of carpet cleaning, he had begun preliminary discussions to buy Major League Baseball 's Seattle Mariners.

Why did Minkow commit securities fraud?

At sentencing and in interviews with media, Minkow claimed that he committed securities fraud because he had become addicted to his migraine headache medication Oxycontin.

What is ZZZZ Best?

ZZZZ Best was a carpet-cleaning company set up in Inglewood, California in 1982 by the then 16-year-old Barry Minkow, while he was still in school. The company initially struggled for survival. Minkow (pictured) only survived by engaging in credit-card fraud, stealing money from relatives and staging burglaries in order to collect on the insurance. However, the company seemed to find a way to make large amounts of money when it branched out into carpet restoration for insurance firms. The apparent success of this business enabled ZZZZ Best to float in 1986, reaching a peak market capitalisationof $280m.

Why was Minkow in jail?

For his part, Minkow didn't seem to learn his lesson and was jailed in 2011 for insider trading. Great frauds in history. Investment strategy.

Did ZZZZ Best get jailed?

At the same time it was revealed that some major restoration contracts that ZZZZ Best claimed to have won were made up. By July Minkow resigned as CEO, and was jailed a year later for various counts of fraud.

Did ZZZZ Best go bankrupt?

Shareholders in ZZZZ Best were wiped out by the bankruptcy, although they did win a settlement of $35m from the firm's auditors, Ernst & Whinney. One big red flag that things were not how they seemed was that Minkow employed convicted criminals as senior executives. His chief financial officer stayed in place even after being accused of stealing money from customers of his previous firm. For his part, Minkow didn't seem to learn his lesson and was jailed in 2011 for insider trading.

When did ZZZZ Best float?

The apparent success of this business enabled ZZZZ Best to float in 1986, reaching a peak market capitalisationof $280m.