Matt Potter 9:41 a.m., May 22
Minkow Owes $584 Million
Ex-con man and anti-fraud investigator Barry Minkow owes $584 million to Florida-based homebuilder Lennar Corporation. The judgement, reported by the Dow Jones Newswire, was handed down this week after Minkow plead guilty to extorting the homebuilder and manipulating its stock.
Minkow, a former pastor at Community Bible Church in San Diego, was hired by San Diego developer Nicholas Marsch in 2008, after the development project Bridges at Rancho Santa Fe, failed.
Shortly after, Minkow began comparing Lennar's outfit to Enron. Lennar's stock plummeted by 20 percent, which according to Lennar cost the company $584 million.
Minkow will be sentenced in early July.