In this article, We’ll be sharing with you the whole of the ZZZZ Best company history and the facts and fiction surrounding the ZZZZ best story. Also, the Most frequently asked questions will be answered in regards to ZZZZ Best.
Content Recap:
One of the stories that still fascinate readers even to this day is the fraud which the Chief Executive Officer (CEO) of a company called ZZZZ Best (pronounced as Zee best) had set up in the year 1989.
bg0How a young man called Barry Minkow had managed to scam the government and the security and exchange commission (SEC) remains a shock to this day.
So, relax because you are in for a long ride!
Facts about the ZZZZ Best COMPANY
There are so many facts about the ZZZZ best company. Of course, while I will not be able to mention all of them, I will highlight the three obvious facts in the ZZZZ best company history.
1) ZZZZ best was originally a carpet cleaning company.
2) ‘Pastor’ Barry Minkow was the chief executive officer of the ZZZZ best company.
3) ZZZZ best carpet cleaning company had grown to become a public company.
This means that investors had to purchase some of the ZZZZ best stock through the help of a broker or get it directly from tater s
1) ZZZZ best was a real company;
Most people are usually too quick to believe that ZZZZ Best was a real company. And even the movie depicted that it wasn’t a real company even though it was thought of as a real one by the government, the Security and exchange commission (SEC), and most other people that fell for the scam.
2) Tom Padget had no part in the fake company called interstate appraisal. Interstate appraisal was a company that was built to defraud financial institutions and innocent investors.
3) Barry Minkow is still in jail;
Over the years, readers of the ZZZZ best company fraud have been having the idea that the chief executive officer (CEO), Mr. Barry Minkow is still serving his jail term.
Well, that is not true.
Sentenced to 25 years imprisonment in the year 1987, he had to even get released earlier than the 25 years which he was given.
Brief Story of the ZZZZ Best Company
In the year 1982, Barry Minkow had just started operating his carpet cleaning business out of the Minkow family garage when he was fifteen years old.
However, six years later after he was able to grow his carpet cleaning business into a company called ZZZZ Best, the young man had grown to be very rich. His wealth had taken him to places where even his own poor parents (who also had a carpet cleaning business) could not take him. He had met several prominent faces including the likes of Oprah Winfrey before the ZZZZ best carpet business was revealed to be a scam.
Before his news went viral, Barry Minkow had been committing a lot of fraudulent activities. Fraudulent activities like staging burglaries just for the sole purpose of collecting compensation from the insurance company, even engaging in credit card fraud, and also stealing money from relatives.
Barry and his friend, Tom Padgett (the guy who was in charge of the ZZZZ best audit).
In summary, after Barry Minkow and Tom Padgett had set up the interstate appraisal, they used the “new” company to deceive clients and investors into believing that the new company was a client of his major company, the ZZZZ best company.
And this he always proved whenever he releases the ZZZZ best financial statement.
In the history of ZZZZ best, 1986 was a very significant year as that that when the company went public.
During this period, the ZZZZ best stock quickly rose to about $300 million.
However, in the year 1987, Barry Minkow’s cover was blown. His company, ZZZZ best had gone bankrupt and with its assets being auctioned for approximately $64,000 according to Investopedia.
After the ZZZZ best fraud story was made public by the L. A times, ZZZZ best stocks had declined greatly. And some investors began to demand their money.
However, they were able to win a settlement of over $35 million from the people who were in charge of the ZZZZ best audit, Ernst and Whitney.
Barry Minkow was sentenced to 25 years imprisonment for committing fraud.
Frequently Asked Questions regarding the ZZZZ Best Company
Who took ZZZZ Best Company Public?
You might be wondering who made ZZZZ Best become known. Now here’s the answer. Barry Minkow did. Alongside his friend and business associate, Mr. Tom Padget.
The duo had probably foreseen the huge profit they would make if they decide to take the company public.
Who Audited ZZZZ Best Company?
The people placed to audit ZZZZ’s best company were Ernst and Whitney.
They stayed in the company after the Chief executive officer, Barry Minkow had left the company in 1987.
How Much Income did ZZZZ Best earn?
ZZZZ Best had earned a lot of income even before it became a public company. But it really blossomed when individual investors and banks decided to pump their money into the establishment. According to Investopedia,https://www.investopedia.com/terms/z/zzzzbest.asp
the income that the company ZZZZ best was able to earn was more than $300 million.
How old is Barry Minkow?
Currently, Barry Minkow is fifty-five years old.
He was born on the 17 of March 1966 in Reseda, California under the birth name, Barry Jay Minkow.
What is Barry Minkow Net Worth?
Barry Minkow may have been a criminal in time past. But that does not in any way change the fact that he was once a businessman. Although, he has not even been down enough to be considered a businessman since all the companies he had created were all illusions.
But then, this man was able to pull one of the biggest frauds in the world. Even making a joke of the Security and exchange commission.
He is currently valued at $90 million after all the debt he has to pay.
Was ZZZZ Best a real Company?
No, it was not.
It was one of the fake companies used by Barry Minkow and his business partner and friend Tom Padget to scam people of their money.
A similar fake company that the duo set us was the “interstate appraisal.
Is Barry Minkow still in jail?
No, Barry Minkow is currently not in jail. According to rumors, he is staying with his family and his German shepherd dog in America.
After he was released for his ZZZZ best scam scheme, Barry Minkow was later arrested and sentenced to one-year imprisonment for defrauding a church after he became a pastor there.
Is Con Man a True Story?
Yes, the con man story is true.
It is based on the story of Barry Minkow, who coincidentally was also listed as one of the key actors in the movie.
Produced in the year 2018, the movie con men shows a great depiction of what happened in 1986-1987 with regards to the ZZZZ best company history. The movie also attempts to help most investors by educating them on how different scams or frauds can be done.
Who Is The Most Famous Con Artist?
There have been several con artists in the history of humanity. But the top on the list is a man called William Chaloner whose forte was on using fake or counterfeit money in a world where such activities were considered illegal and could result in capital punishment.
He was also responsible for selling fake cures for various medical problems. He was taken to court by Sir Isaac Newton who later had him stand trial by something they called “the hanging man”. He was executed in the year 1699.
How Long has the Con Man been?
The con man is a one-hour forty minutes movie. Like I stated earlier, it is based on the ZZZZ best story.
Are there Many of Barry Minkow’s books left?
Barry Minkow has been the author of numerous books. His books include;
1) Cleaning up (2005)
2) And all that one stuff (2007)
And a few other books.
CONCLUSION
That’s all we’ve got on ZZZZ Best Companies.
The story of teenage Barry Minkow has not been forgotten. It still remains fresh in the mind of everyone that had come across it.
He is one of the reasons why Wall street had to tighten up its security and make sure that some of its weak policies were strengthened. They do not want the ZZZZ best company situation to repeat itself.
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Thanks for reading!