The Priest Who Moonlights as a Hedge-Fund Manager

DallasCowboysFan said:
As long as he had the training and the background, sure.....but I wouldn't invest with him just because he was a priest and a nice guy. And I'd check his background on FINRA to make sure he was registered.


Barry Minkow was not a priest but he fleeced his flock.....he is the clown that had a publicly traded company called ZZZ Best that specialized in the restoration of damaged buildings....he was the CEO at 21.

On June 14, 2011; KGTV in San Diego interviewed several members of Minkow's former church, who said Minkow swindled them. One woman said Minkow asked her for $300,000, purportedly to help finance a movie about his redemption.[63]

On January 22, 2014, Minkow pleaded guilty to one count each of conspiracy to commit bank fraud, wire fraud, mail fraud and to defraud the federal government. He admitted to embezzling over $3 million in donations to Community Bible Church from 2001 to 2011. He opened unauthorized bank accounts purportedly on the church's behalf, forged signatures on church checks, diverted money from legitimate church accounts for his personal use, and charged unauthorized personal expenses on church credit cards. He also concealed $890,000 of income and $250,000 in taxes from the IRS.[64][65] Among his victims were a widower who gave $75,000 to fund a supposed hospital in Sudan to honor his wife after she died of cancer, and a woman who gave Minkow $300,000 that would have otherwise gone to help raise her teenage granddaughter.[66]

At sentencing and in interviews with media, Minkow claimed that he committed securities fraud because he had become addicted to his migraine headache medication Oxycontin.[53][6

https://en.wikipedia.org/wiki/Barry_Minkow
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I think Minkow is a priest or preacher now... no joke
 
chido said:
I think Minkow is a priest or preacher now... no joke
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I would not be surprised ....L Ron Hubbard (Scientology) said.....

You don't get rich writing science fiction. If you want to get rich, you start a religion.

Here is another gem from Hubbard...THE ONLY WAY YOU CAN CONTROL PEOPLE IS TO LIE TO THEM. You can write that down in your book in great big letters. The only way you can control anybody is to lie to them.

^

It reminds me of some politicians and some religious leaders.


Minkow was a church leader before he defrauded them...but he went back to prison a second time. I guess he likes it there. He might still be there....dunno.

 
dealmaker said:
If he ran a family office I'll have zero issues with a priest/ religious figure trading or investing but he is running a hedge fund IE raising funds from outside sources, his flock and those people who invest with him are doing so not because of his trading or analytical prowess but because he is their priest and they trust him...
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Yeh, they probably trust him. I'm sure that's some of the appeal. Same as the guys who talk on Business Radio and basically dedicate an hour of reading S&P500 stock quotes easily found on Yahoo or Finviz. When market is going down they will claim "...this is why you need a good financial manager..." and when the markets are going up they will claim "...cash is trash, you're wasting opportunity sitting on the sidelines...". But we all know that if they were actually any good, their performance would attract all they money they could manage. And that's why they never talk about performance.
 
Anybody that went to Catholic Schools should be smart enough to know not to invest with a friggin priest. Or a preacher. Or anybody else that thumps a bible and asks for money.

There must some gullible people out there.
 
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