Zzzz Best Carpet Cleaning Scandal

However it was actually a front to attract investment for a massive ponzi scheme. It quickly turned into a house of cards built upon a foundation of fake customers fake projects and fake supporting documents. Minkow was sixteen and still at school when he founded the company.

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Zzzz best founded by barry minkow was a carpet cleaning and restoration company that served as a front for a ponzi scheme.

Zzzz best carpet cleaning scandal.

8 20 pm barry minkow who as a teen built a fortune out of his zzzz best carpet cleaning business in reseda before it collapsed as a fraud was sentenced to five years in prison for embezzling 3. It was a front for a ponzi scheme. One of the largest investment frauds ever perpetrated by a single person as well as one of the largest accounting frauds in history. It collapsed in 1987 costing investors and lenders 100 million.

While still in high school he founded zzzz best which appeared to be an immensely successful carpet cleaning and restoration company. Zzzz best was a carpet cleaning company set up in 1982 by 16 year old barry minkow who would use it to run a ponzi scheme that netted millions. However it was actually a front to attract investments for a massive ponzi scheme. Minkow was charged in federal court with racketeering money laundering and fraud in connection with zzzz best co a company he founded as a teenager.

Zzzz best appeared to be an instant success. Barry minkow zzzz best scammer from the 80s sentenced to 5 years for stock fraud dennis romero july 21 2011 barry minkow the man who scammed l a. Business pressures and unpaid bills caused a young entrepreneur to perpetrate one of the largest accounting frauds. Zee best was a carpet cleaning and restoration company that was created in inglewood california in 1982 by barry minkow.

In the 80s with a 100 million ponzi scheme. Barry minkow founded a carpet cleaning company named zzzz best in his sophomore year of high school. Barry was the founder and ceo of zzzz best pronounced zee best which started out as a legitimate carpet cleaning company in southern southern california. Los angeles whiz kid entrepreneur barry j.

An insurance appraiser who befriended barry minkow in a gym and went on to help him build his ill fated zzzz best carpet cleaning empire was sentenced monday to eight years in prison by a los. The company went public in december 1986 and was quickly valued at over. The company was involved in huge amounts of fraud. Barry jay minkow is a former american businessman pastor and convicted felon.