SAN DIEGO/EWORLDWIRE/Oct. 7, 2009 --- The fall of 2009 started out well for the Fraud Discovery Institute Inc. (FDI) as first - just two weeks ago - Canadian authorities arrested Milowe Brost for allegedly perpetrating a $400 million Ponzi scheme. The involvement of Brost and his involvement in the targeting of NFL players was, according to Canadian media, unearthed in part by Barry Minkow and the Fraud Discovery Institute whose investigation of the scam goes as far back as 2005. Then, earlier this week, the Securities and Exchange Commission issued subpoenas to Pre-Paid Legal Services Inc. (Pre-Paid) (NYSE:PPD), a company FDI has been issuing reports about as recently as Friday, Oct. 2, 2009. Pre-Paid is accused of perpetrating a Ponzi scheme through a multi-level marketing "business opportunity" while senior executives enriched themselves through stock repurchases and sales.
Now FDI has turned its attention back to Lennar Corporation (Lennar) (NYSE:LEN) which, like Pre-Paid, is also a New York Stock Exchange Company. FDI has accused Lennar of perpetrating its own version of a Ponzi scheme - through off-balance sheet joint venture projects.
Barry Minkow, co-founder of the Fraud Discovery Institute Inc., spent a large part of 2009 completing the filming of his life story - tentatively titled, "Redemption" - which will likely be internationally released in the Spring of 2010.
"Lennar does not generate 'profits' as a home-builder and hasn't for years," said Minkow. "How the company really generates income is through the victimization of local, entrepreneurial builders and developers who enter into 'joint venture projects' involving land and development but whose end is demise."
According to Minkow, "'PayDirt' is irrefutable, because it allows victims to tell their own 'Lennar Horror Story,' leaving the viewer with one question to: 'How many of these people have to be lying in order for Lennar to be innocent?'
"These stories are not complaints about an overflowing toilet in a new home but rather involve millions of dollars," adds Minkow.
"'PayDirt'' relies heavily on the cumulative evidence and the impact of stories ranging from a 475-acre parcel in Palm Springs, Calif., to a community in Hutto, Texas, to an asbestos debacle in San Francisco and in other cities in between. All hold one thing in common: victims made the decision to enter into business with Lennar and lived to regret it.
"I realize that the company will argue that I am some kind of angry litigant but, based on the litigious nature of Lennar as almost a business model in itself, being sued by Lennar has turned into a badge of honor for those who want to fight for the rights of the victims of fraud," added Minkow.
To learn more, visit PayDirt.me ('http://www.paydirt.me').
Information about the Fraud Discovery Institute and its work is available at FraudDiscovery.net ('http://www.frauddiscovery.net') and at Lenn-ron.com ('http://www.lenn-ron.com').
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