Community Bible Church $50,000 Burglary:Is There More To Pastor Barry Minkow Than What Meets The Eye Article

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Community Bible Church $50,000 Burglary:Is There More To Pastor Barry Minkow than What Meets the Eye

Barry Minkow is current head of the Fraud Discovery Institute also served more than seven years in prison for the infamous ZZZZ Best scam. Barry Minkow is an American convict who created one of the largest Ponzi schemes in history.

Author: Colin Brandan

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The Christian doctrine says that once a sinner confesses his sins and repents his sins should not only be forgiven but also forgotten. When an American convict Barry Minkow showed repentance for his crimes way back in 1980’s and showed willingness to change his ways, he was accepted by church and community with open arms. Despite a long history of deceptions and felony, people of Church at Rocky Peak in Chatsworth, California accepted him as their pastor, mentor and spiritual leader when he returned after his early release from the prison in 1995. They trusted every word he said about his turning a new leaf and when he founded the Fraud Discovery Institute in San Diego they genuinely believed that he was using his inside knowledge of white collared crimes to bring the erring to the book.

However, many of those who were enthusiastic about Barry Minkow’s conversion are now having serious doubts if he ever changed. Last two months have changed completely the way people perceived this “born again” convict. Even the most gullible and trusting have reached the point where they cannot ignore the facts that have emerged in recent months, especially related to his Fraud Discovery Institute in San Diego. Court records of the last two years confirm that the sole purpose of Barry Minkow while levelling unproven allegations against major companies was to earn profit as after each such allegation their stock prices dipped.

When he accused a leading company, Lennar Corporation of irregularities on a massive scale, their stocks crashed. They retaliated by filing a libel and extortion lawsuit against him which he lost in December 2010.

He was also forced to admit that he used $2500 from the church funds to pay one of his consultants in the Lennar case. Earlier he had testified in the court that he had spent his own money to pay the consultant.

Judge Freeman in her ruling said, “The court finds that Minkow’s misconduct was willful, tactical, egregious and inexcusable and that such misconduct has permeated the entirety of this litigation.”

If that was not enough, the Church where he is a senior pastor was broken into and weekly collection of over $50,000 stolen from the safe. The safety alarm failed to respond for no apparent reason and while the fingerprint report is awaited, many believe it to be an inside job.

Barry Minkow has an admitted history of staging burglaries to collect insurance money.

Daniel Akst, in his book, Wonder Boy: The Kid Who Swindled Wall Street, described an incident where Minkow staged a phony burglary at his office to collect insurance money.

He wrote, "Barry saw to it that the door was kicked in, and the next morning he called police. He claimed steam cleaners and various other tools were taken, and when he had to be more specific, he cooked up the Cornwell Triple-Vac Dual Pump Waterhead Steam cleaner, a mythical beast that might have dwelt in the land of Seuss or Mary Poppins. The Cornwell Triple-Vac was based on real machines except that 'waterhead' was added... The scam worked so well that Barry pulled this stunt again and again, until he was claiming ZZZZ Best was victimized by thieves half a dozen times."

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About Barry Minkow

Barry Minkow is an American convict who created one of the largest Ponzi schemes in history. After his release from prison for the Ponzi scheme, he created a so-called fraud defense institute, which has been uncovered to be nothing but a vehicle for Barry Minkow to level unproven allegations against companies, driving their stock prices down and personally profiting by doing so.
http://www.forbes.com/2009/02/17/medifast-minkow-madoff-markets-equity-0217_ponzi_28.html

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Community Bible Church $50,000 Burglary:Is There More To Pastor Barry Minkow than What Meets the Eye