Barry Minkow is a convicted conman, and he believes anyone can find redemption.
That’s one of the reasons the San Fernando Valley native got involved in the three-part “King of the Con” docuseries, which begins streaming on Discovery+ Jan. 14. Yes, it’s a TV show: It’s also a warning to would-be fraudsters.
“When you lie to get money, that thing has one ultimate destination,” Minkow said in a recent telephone interview.
Minkow was once known as a whiz-kid who gained national fame as a 16-year-old after founding ZZZZ Best, a carpet-cleaning company, in the garage of his Reseda home in 1982. He became a Wall Street star when he was 20 as the youngest person at that time to take a company public. His success even landed him on “The Oprah Winfrey Show” in April 1987.
He was convicted of fraud in 1988 after his business was revealed to be the front for a Ponzi scheme that was connected to the mob. Minkow was sentenced to 25 years in federal prison and served almost eight
Minkow founded ZZZZ Best when he was in high school, which seemed to be a legit and successful carpet-cleaning and restoration company. So how did it all go so horribly wrong?
Convicted conman Barry Minkow is the subject of the three-part “King of the Con” docuseries, which begins streaming on Discovery+ Jan. 14.
“My poor decision making, my compromise, my lying to get money, “ he said.
He also blamed his drive to succeed.
“I wanted to do what was right but I was prepared to do what was wrong to survive and always with the justification that as soon as I open my next office I’ll pay off this check-kiting scheme, or I’ll pay off this credit card fraud, and when I get my next office I’ll pay off the mob.”
In prison, he found Jesus and reinvented himself as a pastor of the San Diego Community Bible Church. He also founded the Fraud Discovery Institute to investigate fraud for the FBI and FCC, working with the government to uncover crooks like him.
But in 2011 he was sent back to prison for using his work as a fraud detector to commit securities fraud. A few years later, while still in prison, he was convicted of another crime; the embezzlement of $3 million from his San Diego church. So wmovieMovie Reviews, iMovie hy did he cheat his own congregation?
“In my mind, I’m thinking we have to fund these somehow so I’ll borrow from the church and pay it back, borrow it from the church and pay it back. It wasn’t like the church was running a Ponzi scheme, it was me lying to myself saying ‘I’m uncovering a billion dollars worth of fraud,’” he added. “So in my mind, I could do any evil I want, so it doesn’t matter because I’m doing good.”
He also blamed drug use.
“I was secretly addicted to drugs, Oxycontin and Vicodin, living a double life uncovering fraud for the FBI and the FCC by day and by …read more
Source:: The Mercury News – Latest News
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