Barry Minkow Calls Lennar Corporation a "Financial Crime in Progress"

In a video just posted on YouTube late Thursday evening, convicted felon turned fraud fighter Barry Minkow (co-founder of the Fraud Discovery Institute) called Lennar Corporation (NYSE: LEN) a "financial crime in progress."

He added:

We know fraud and you're (Lennar) just fraud.... I'll be back very soon with interviews from past employees and interviews from experts that further corroborate how Lennar Corporation is a financial crime in progress and will not be allowed to get away with this by taking advantage of people any more.

Note: Bold print and italics added by me. Bracketed information added by me for clarity.

Barry Minkow plans on issuing a "top ten red flags for fraud at Lennar Corporation" on a new web site called lenn-ron.com Friday afternoon.

According to Minkow, he was brought into this case by a local California developer client who alleges that they were defrauded by Lennar.

This blog will provide more details soon. Until then, please watch the video.

Written by:

Sam E. Antar (former Crazy Eddie CFO and a convicted felon)

Disclosure (Updated):

I am not short or long Lennar Corporation. The Fraud Discovery Institute and Barry Minkow disclosed that they are working on behalf of a paying client and do not have any position in Lennar securities, short or long.Over a year ago, I provided funds to Fraud Discovery Institute (FDI) to help pay costs of its investigations, though I had no control over any monies spent. I am not an owner, manager, employee, or consultant of Minkow or FDI and I have not received any compensation from them.