In part 1 of Barry Minkow’s scam story, he just got out of jail. But that didn’t mean he was done scamming. Find out all about his other scam in this video!
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Clean Sweep
Minkow was released just 7 years into his prison term. Inside, he had undergone some personal changes, becoming a devout Christian and founding his very own jailhouse ministry. His new lease on life earned him an early release.
Pastor Barry
In 1997, Barry took another big step forward in his effort to distance himself from the sins of his past. He joined the staff at Community Bible Church in San Diego, California, becoming their senior pastor just two years after getting out of prison.
Fraud Discovery Institute
Minkow's supposed change of heart went beyond his newfound Christian faith. He got involved in weeding out potential scams and schemes like the one he had operated for much of his teenage years.
60 Minutes
In 2005, Minkow and his firm reached new heights of fame and prominence after they received a profile on 60 Minutes. The showcase on primetime television gave viewers an inside look at the investigative operations of the Fraud Discovery Institute.
Short Selling
What happened, you ask? Well, before we get to that, we should first take a look at how Minkow was making money through the Fraud Discovery Institute. As we mentioned, it was a for-profit company, and Barry's meager salary as pastor at Community Bible Church wasn't enough to satisfy his lust for riches, a lust that was still burning inside him.
Simply Greed
Many would question the morality of Minkow's greedy business practices. But it didn't matter. He was getting away with it anyway, and as long as it was lining his pockets with cash, there was no reason for him to stop.
Insider Information
Maybe they should have, though. As it turns out, what Minkow was doing wasn't legal this time. You see, in Minkow's attempt to make a profit by short-selling Lennar stock, he was using information that had not been disclosed publicly to inform his stock buying decisions.
Can’t Stop Scamming
Minkow's troubles weren't through, either. Several members of the Community Bible congregation came out and said that their former pastor had scammed them out of a whole lot of money.
Minkow's Future
In June of 2019, Minkow became a free man once again. But given the crippling weight of restitution payments and the fact that no one will make the mistake of actually trusting him ever again, we're pretty sure his scamming days are officially over. But who knows?
5 сен 2024
