• Scam Diego alerts

According to the Wall Street Journal today (Jan. 11), the Securities and Exchange Commission is no longer investigating Utah-based Usana Health Sciences. The agency says there will be no enforcement action. In February of last year, San Diego's Fraud Discovery Institute issued a 500-page investigation charging that the company, which sells its products through multi-level marketing, is a pyramid scheme. It turned out that several bios of Usana officials were false, as reported in the Reader Sept. 13 and also in the Journal. The Fraud Discovery Institute is headed by ex-con Barry Minkow, pastor of a San Diego church. Usana has sued Minkow and the institute.

  • Scam Diego alerts

Comments

Don Bauder Jan. 12, 2008 @ 7:27 a.m.

I have always found it interesting that 45 percent of the Usana stock is held on the Isle of Man tax and secrecy haven by company founder Myron Wentz. That offshore pile of stock is in turn controlled out of another tax and secrecy haven, Liechtenstein. Best, Don Bauder

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JohnnyVegas Jan. 11, 2008 @ 11:04 p.m.

Barry is ZZZZ coolest guy around!

I wonder how the defamation lawsuit is going?? That might be a can of worms that Usana does not want opened, because in lawsuits depositions are given under OATH......

Ask Marion Jones or Barry Bonds how these little things can trip you up......

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JohnnyVegas Jan. 12, 2008 @ 6:07 p.m.

Don, how exactly does one set up an offhsore account in Liechtenstein or the Isle of Man ?????

Are there companies that do this here in the USA????

I have always thought it would be sort of complex to do something like this......

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Don Bauder Jan. 12, 2008 @ 8:47 p.m.

Response to posst #3: There are lawyers who specialize in setting up offshore trusts. Most are disreputable. I wouldn't put a nickel in these Caribbean havens, or those in other countries, either. If you want information, go to www.quatloos.com. Best, Don Bauder

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