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Lennar shares tumble on fraud report

Financial Law     updated  2009/01/09 09:18

Lennar Corp. shares took a beating Friday morning after self-proclaimed fraud buster Barry Minkow criticized the financial structure of some of its deals.

Shares of the nation's second-largest homebuilder (NYSE: LEN) were down $2.20 to $9.22 shortly before noon.

Minkow, who served more than seven years for a stock fraud involving carpet-cleaning company ZZZZ Best, released a list of what he termed 10 red flags involving Lennar. He now operates the Fraud Discovery Institute and has posted details of his allegations at

Lennar provided "vague and less-than-transparent responses to the SEC inquiries about off-balance sheet, joint-venture debt,” the institute alleges.

Minkow’s group alleges that the builder has “exhibited a pattern of behavior over a sustained period of time of deceptive business practices, ranging from building homes using Chinese drywall to cut costs, to causing the California Public Retirement Fund (CALPERS) to lose approximately $1 billion.”

Lennar said it was working on a response to Minkow’s allegations.

The institute said it has sent a letter of complaint to the Securities and Exchange Commission, the FBI and the IRS.

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