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Minkow Gets Five Years

Former San Diego pastor Barry Minkow was sentenced today (July 21) in Miami to five years in prison for committing securities fraud. While in his teens, Minkow had launched a carpet-cleaning company that turned into a $211 million fraud. He was sentenced to 25 years, but got religion and got out early, becoming pastor of San Diego's Community Bible Church. While serving as a minister, he set up the Fraud Discovery Institute that tracked corporate wrongdoing. He wrote books and put on seminars for the government. But he got into trouble making false and misleading statements about Miami homebuilder Lennar Corp., according to the government. He pleaded guilty in March, and after resigning from the church, left San Diego with his family. The judge ordered him to pay $583 million in restitution.

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Former San Diego pastor Barry Minkow was sentenced today (July 21) in Miami to five years in prison for committing securities fraud. While in his teens, Minkow had launched a carpet-cleaning company that turned into a $211 million fraud. He was sentenced to 25 years, but got religion and got out early, becoming pastor of San Diego's Community Bible Church. While serving as a minister, he set up the Fraud Discovery Institute that tracked corporate wrongdoing. He wrote books and put on seminars for the government. But he got into trouble making false and misleading statements about Miami homebuilder Lennar Corp., according to the government. He pleaded guilty in March, and after resigning from the church, left San Diego with his family. The judge ordered him to pay $583 million in restitution.

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Comments
10

What a joke-5 years for what he did-he made a mistake pleading out. BIG MISTAKE.

I laugh when I see Wall Street fraudsters destroy the entire country and not ONE single prosecution, and then see a low level deal like this get a minnow 5 years in the pen.

Why-because Lennar has BIG $$$$.

We are now a neo-feudalist society where the law is for sale to the highest bidder, we have basically turned into a plutocracy, a banana republic, where the one with the most money makes the rules.

July 21, 2011

Minkow was the victim of home town refereeing in this case. But he did confess and his lawyer said he suffered from hubris. He may have overstepped his bounds in this one, but I agree: Wall Street led us into the abyss and as a result raked in money that was stolen from Main Street. That makes Minkow look like a minnow. Best, Don Bauder

July 22, 2011

That is why I live in Mexico City now and am moving to Costa Rica when escrow closes... The U.S. is going down the drain fast..

July 22, 2011

And you won't find corruption in Mexico and Costa Rica? Come now. I think you are pulling our legs. Best, Don Bauder

July 22, 2011

If claiming there are bigger crooks on Wall Street was a defense, Dahmer, Bundy, and Gacy would walk. After all, Big Tobacco tortures and kills millions.

Minkow gets off easy after his prior. Now study the picture carefully, doesn't it seem that he's turning his round collar and white tee shirt into a priest's collar?

He looks great in orange. I hope he starts a fashion.

July 22, 2011

If claiming there are bigger crooks on Wall Street was a defense, Dahmer, Bundy, and Gacy would walk

No, I am not using the Wall Street crooks as a defense, just as a statement about how out of whack our country is and how money talks.

Dahmer, Bundy, and Gacy were all murders-violent crimes against the person. Minkow wrote some inflamtory hit pieces that were white collar property crimes.

July 22, 2011

I repeat my old line: Money talks; why must it nauseate? Best, Don Bauder

July 23, 2011

The correct observation that there are bigger crooks on Wall Street is not exculpatory, but is a comment on the sickness of our society, particularly the fact that Wall Street runs both political parties even after it dragged the nation close to the abyss three short years ago. We are worse off than we were in the Gilded Age. At least the Robber Barons were philanthropists. Best, Don Bauder

July 23, 2011

I defend the Robber Barons because they left a more just and prosperous world for us today, because of them or in spite of them. I defend Robber Barons because they built railroads, factories, cities, everything. Still they lived in a time far more harsh and evil than today, and correspondingly, were more crooked and despicable.

The Robber Barons were more patriotic than today's Wall Street though. They fought for American market share overseas, and they ran American companies. Their predatory practices made enemies around the world, but they won work for their employees in the US. They were Americans.

July 24, 2011

The Gilded Age's Robber Barons were despicable characters, but nowhere near as despicable as today's Wall Street crowd. Best, Don Bauder

July 25, 2011

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