Yes, unfortunately, Mr Minkow is now convicted of "fleecing his flock."
I remember as a very young buck going into my dad's office at the height of ZZZZ Best. I had been reading a story in the Wall Street Journal about how wonderful Barry Minkow was doing with his carpet cleaning company. No, I was no sophisticated enough to read the WSJ on daily basis (although I am sure Yeadon was) - my sophisticated old college roommate told me abut it.
I told my dad we needed to get in contact with this guys company and try to sell them some equipment. I read him some of the "numbers" Minkow was claiming to do in carpet cleaning business. My dad told me to sit down in the chair across from his desk. He said "son (he only called me that when I was about to be taken out behind the proverbial verbal woodshed), I love this industry more than anything else I have ever done. It provides any entrepreneur who wants to work hard the chance to make a great living and build a successful company. But you know what, there isn't that much money in this business. Something fishy is going on there, and we ain't gonna be there when the rotten fish start stinking."
About two months later he SEC started investigating Mr. Minkow. As usual, my dad turned out to be spot on correct.
