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Barry Minkow, ex-convicted Ponzi schemer who ran the Fraud Discovery Institute while a San Diego pastor, was charged by Miami federal officials today with conspiracy to commit securities fraud, according to Bloomberg News. Earlier this month he said he would plead guilty to insider trading in the same case. Government charges will include trading on insider information and allegations that Minkow in concert with a co-conspirator agreed to affect the securities of big builder Lennar "by means of false statements," according to Minkow's attorney, Alvin Entin. The co-conspirator was responsible for the misinformation and Minkow "has agreed that he recklessly published these false statements," said Entin. A lawyer for Lennar said that the co-conspirator is San Diego developer Nicholas Marsch, who had been involved in a failed joint venture with Lennar.
Minkow served a prison sentence from 1988 to 1995. He got religion, got sprung early, got theology degrees and became pastor at San Diego's Community Bible Church. When he announced earlier this month that he would plead guilty to insider trading charges, he resigned from the church.
Barry Minkow, ex-convicted Ponzi schemer who ran the Fraud Discovery Institute while a San Diego pastor, was charged by Miami federal officials today with conspiracy to commit securities fraud, according to Bloomberg News. Earlier this month he said he would plead guilty to insider trading in the same case. Government charges will include trading on insider information and allegations that Minkow in concert with a co-conspirator agreed to affect the securities of big builder Lennar "by means of false statements," according to Minkow's attorney, Alvin Entin. The co-conspirator was responsible for the misinformation and Minkow "has agreed that he recklessly published these false statements," said Entin. A lawyer for Lennar said that the co-conspirator is San Diego developer Nicholas Marsch, who had been involved in a failed joint venture with Lennar.
Minkow served a prison sentence from 1988 to 1995. He got religion, got sprung early, got theology degrees and became pastor at San Diego's Community Bible Church. When he announced earlier this month that he would plead guilty to insider trading charges, he resigned from the church.