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Showing posts from January, 2007

An Open Letter to KPMG, PricewaterhouseCoopers, Deloitte & Touche, Ernst & Young, and other Accounting Firms Subject to Inspections by the PCAOB

It is evident that the Public Company Accounting Oversight Board (PCAOB) is either in some cases unwilling or unable to release certain important information relating to its inspection reports of your audits. You are great firms staffed with good people who are much more moral than me. Why not voluntarily release the nonpublic portions of such inspection reports? In addition, why not release how many actual inspections the PCAOB actually conducts of your firms on an annual basis? Why not provide the public with the percentage of how many of your audits result in deficiency citations by the PCAOB?
If I can publicly discuss my past deceitful sinful criminal actions in the starkest of terms surely you great people who are much better than me can voluntarily disclose such information about the effectiveness of your audits?
Other respectable people have called for the more transparency from the PCAOB and have apparently been ignored.
Do you have can we say more transparency than a convicted f…

Sam E. Antar and Judd Bagley from Overstock.com Communicate on DealBreaker Blog

The following communications were made between Judd Bagley Director of Social Media for Overstock.com and I, in comments to a post made on the DealBreaker Blog entitled "Judd Bagley: All Class" by Bess Levin on January 16, 2007.Judd:Would you and Pat engage me in a public debate in front of a public audience over the issues of Overstock.com in a public forum?Sam E. Antar (former Crazy Eddie CFO & convicted felon)
Sam,I'll gladly discuss either the substance of antisocialmedia.net (speaking for myself only), or the essence and theory behind the project I'm heading up for Overstock.com, but I won't be the one to publicly speak about the state or direction of the company itself.Email me if either of the first two interest you (or if you just want to go to lunch and chat...you sound like an interesting fellow). Judd Bagley
Judd:If you are against naked short sellers and illegal manipulation of the markets I am with you too.However, many people are genuinely concern…

Overstock.com: An Arsenal of Intimidation and Fear

I have often spoken and written about how white collar criminals use your humanity against you. They take your good traits such as trust and use them as weaknesses to be exploited.
Another tool of the white collar criminal is fear and intimidation. As a criminal I would use it as an effective technique to exploit people to effectively commit my crimes.
There is a public company called Overstock.com led by its CEO Patrick Byrne. Mr. Byrne it seems knows all about fear and intimidation of his critics.
Overstock.com has a Director of Social Media Judd Bagley. Mr. Bagley finally admits after many months to running an anonymous web site antisocialmedia.net, which if you read it, is nothing but a smear machine spewing many lies about critics of Overstock.com, in his “spare time.”
Mr. Bagley now admits to anonymously posting e-mail messages on internet message boards which he claims were objective.
There are serious questions that Patrick Byrne’s actions and those of Judd Bagley acting in concert…

The Real Story of Crazy Eddie's "Lowest Price" Guarantee

There has been much fanfare about Crazy Eddie’s legendary commercials and so-called “lowest price” guarantee. A recent New York Times article by Hal R. Varian, published on January 11, 2007, entitled “Rethinking Why Crazy Eddie Wouldn’t Be Undersold, and Other Mysteries,” discusses the issue of low price guarantees, including Crazy Eddie’s sales policy. The New York Times article was discussed in the Economist’s View Blog in a post entitled “Van Harian: Crazy Eddie’s Low Price Guarantee” by Mark Thoma. I posted a comment which was carried as a separate blog item by Mark Thoma entitled “Crazy Eddie’s “Culture of Deceit.” My response is below:Professor Hal R. Varian:
My name is Sam E. Antar. I am Eddie Antar’s cousin and the former CFO of Crazy Eddie. I helped mastermind at Crazy Eddie's one of the largest securities frauds of the 1980’s. Much attention has been paid to Crazy Eddie’s famous price policy – “Shop around. Get the best prices you can find. Then go to Crazy Eddie's an…

Open Letter to Public Company Accounting Oversight Board

Dear Public Company Accounting Oversight Board:
According to Section 104 of the Sarbanes-Oxley Act you are required to “conduct a continuing program of inspections of registered public accounting firms.”
I am trying to determine how many such inspections you conduct with your limited resources by each individual accounting firm and the scope of each inspection. In addition I would like you to provide the public with the percentage of how many such inspections result in audit deficiency citations by each firm. If you can further classify such audit deficiency citations by degree of seriousness as it relates to the total number of inspections conducted that too would be appreciated. If you have any questions, please call me (my phone number is listed on my web site http://www.whitecollarfraud.com/).
The public needs to know the relative quality of the audits of public companies by the accounting profession. After reviewing your web site I believe that inadequate data exists to make such a …

Financial Fraud: We Don’t Want These Companies to List Here

Let the markets with less “regulation” have them - those companies that do not want to meet our standards of corporate governance, accounting, and internal controls. We do not want them or need them here. The London Market in particular with lower standards attracted these companies and now look what has happened to them.
An article in the New York Post entitled “Brits Get Bit” by Paul Tharp says: London is paying a steep price for poaching a slew of new stock listings from Wall Street last year - financial fraud in the United Kingdom rose 40 percent.Later the article reports: British market watchers believe that shrewd charlatans, whose financial tricks are well known to U.S. authorities, are having a field day in the laid-back London scene.The article is based on a report by BDO Stoy Hayward.
Remember all that talk about IPOs going overseas because of the regulatory burdens of the US markets. Many like the Paulson Committee Capital Markets Regulation blamed Sarbanes-Oxley.
Others like …

Is There a Judgment Gap at The Gap?

Herb Greenberg in his “Market Blog” writes a commentary entitled “Gap Gossip” about the possibility of The Gap Inc. selling Old Navy. He writes in part: “Gap made it clear today that changes are likely at Old Navy and its flagship Gap brands, following disappointing sales results. CEO Paul Pressler made it clear that "with the active involvement of our board" the company is reviewing brand strategies of the two.”I decided to read the recent Proxy Statement filed by The Gap Inc. related to its Board of Directors and wrote the following response to Herb Greenberg on his blog:
Herb,I think it’s a very good idea to get the entire Gap Board of Directors involved in this crucial decision. Maybe they should bring their spouses to the meeting too.After all there is a saying “behind every great man there’s a great woman.” For the female directors, “behind every great woman there’s a great man.”They would not violate company policy as read in a Proxy Statement filed on May 9, 2006: “We…