Essays (Minkow, Internal Auditing)

Essays (Minkow, Internal Auditing) - Valerie Bodden...

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Valerie Bodden K. (10-0014) Professor De La Cruz Accounting November 9, 2010 Barry Minkow and His Life It is an odd thing that a single person manages to trick a whole country into believing that everything that they are doing is being done in a lawfully manner, when in reality it is not. This is the case with Charles Ponzi, Bernard Madoff, and ultimately, Barry Minkow as well. Barry Minkow, born into a Jewish family on March 17, 1967, began his own company called ZZZZ Best at the young age of 16 in his grandmother’s garage. As to be expected, it was very hard for this young man to maintain a fully operational company; therefore he had to seek the aid of an investor who gave him usurious loans to keep his business running. He also was known to recur to check kiting, stealing and selling his family’s jewelry, creating break-ins at his offices and creating fraudulent credit card charges to people in order to keep his businesses running. Originally, ZZZZ Best was a carpet cleaning company, but soon managed to branch out into insurance restorations as well. Nevertheless, Minkow expanded his company throughout Southern California, eventually becoming the largest carpet cleaning company in the state. His home carpet- cleaning business was very successful, yet on the other hand; the insurance restoration was nothing more than a Ponzi scheme façade. This supposedly insurance restoration business was backed up by trails of paper, in order to attract many investors. Minkow
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This note was uploaded on 08/09/2011 for the course ACCOUNTING --- taught by Professor --- during the Spring '11 term at Universidad Iberoamericana.

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Essays (Minkow, Internal Auditing) - Valerie Bodden...

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