subject: The Herbalife Scam - Herbalife And The Fraud Discovery Institute [print this page] The Herbalife Scam - Herbalife And The Fraud Discovery Institute
Barry Minkow's Fraud
Barry Minkow is an interesting man. He has spent time in jail after being found guilty by a US court of fraud, but he has held his hands up to the offences, served his time, and come out of jail determined to use his past experiences to help others avoid making the same mistakes that he did.
In They Thought For Themselves, written by Sid Roth in 1996, Barry Minkow opened up about his past, and admitted to a lifetime of fraudulent behaviour, starting at the age of just 9. He recalls how he falsified signatures whilst selling newspaper subscriptions, and how he stole a watch from his own grandmother to trade in for cash. This type of behaviour escalated, and by his teenage years he was faking robberies to claim insurance money for his fledgling company ZZZZ Best, and by his late teens and early twenties he was involved in financial deals with the Mafia, and massive bank-fraud, claiming loans for huge carpet restoration projects that did not exist. On top of this, he was also involved in credit card fraud, and it was this that would lead to his downfall.
Initially, however, Minkow got away with everything, and he admitted that it encouraged him to keep doing it. His carpet cleaning company became a multi-million dollar enterprise, and Minkow became something of a celebrity figure due to the enormous success that it appeared he had achieved by the age of only 21. But the whole business was a sham. Minkow was securing massive bank loans by lying about fictitious restoration projects, which he secured large sums of money to complete, but instead used it to service debts to the Mafia. The company's value was massively overestimated, as Minkow continued to gain money for a product which he wasn't delivering. It was a form of pyramid selling at its worst and, like all pyramid schemes, it came crashing down around him all too soon.
The Fraud Discovery Institute
Minkow's frauds were discovered and he spent 7 years behind bars. During this time he found God, and became a reformed character. When he was released he resolved to help stop fraud for good, and founded the Fraud Discovery Institute.
Herbalife and The Fraud Discovery Institute
Herbalife have fallen foul of the FDI on several occasions, but have always managed to prove their innocence. The FDI accused Herbalife products of containing an illegal amount of lead, for example, but independent tests showed that the products were within acceptable guidelines.
So although Barry Minkow is a reformed character, and his Fraud Discovery Institute is hailed by the FBI as a crucial tool in the fight against fraud, Herbalife have got nothing to worry about.
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