Barry Minkow - Another Milken-minion bites the dust... again

Old habits really do die hard. One thing is for sure, this guy has one hell of a story. Must be a brilliant guy - one has to wonder why he's so damn stupid.

1988:

In order to obtain more financing, Minkow was persuaded to raise $15 million of capital through an initial public offering of ZZZZ Best stock. When accountants wanted to inspect ZZZZ Best's operations, Minkow borrowed fake offices for a tour of "Interstate Appraisal Services" and used an incomplete building to present a fake restoration job. Mark Morze, ZZZZ Best's financial consultant, tricked the accountants sent to perform the necessary due dilligence by faking thousands of documents. The public offering closed in December, and Minkow became the youngest person to lead a company through an IPO in American financial history....

Minkow and 10 other ZZZZ Best insiders were indicted by a Los Angeles federal grand jury in January 1988 on 54 counts of racketeering, securities fraud, money laundering, embezzlement, mail fraud, tax evasion and bank fraud. The indictment accused Minkow of bilking banks and investors of millions of dollars while systematically draining his company of assets. It also accused Minkow of setting up dummy companies, writing phony invoices and conducting tours of purported restoration sites... On March 27, 1989, he was sentenced to 25 years in prison. He was also placed on five years probation and ordered to pay $26 million in restitution. [b]In sentencing him, U.S. District Court Judge Dickran Tevrizian described Minkow as a man without a conscience.[/b]

2011:

Barry Minkow, who earlier this year pleaded guilty to defrauding Lennar Corp. in a scheme that cost the home builder more than $580 million in market capitalization, was sentenced to five years in federal prison by a Miami judge on Thursday.