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One of the sites, iBusiness Reporting, is owned by Barry Minkow's Fraud Discovery Institute, and it also uses short sales to finance its work. In the 1980s, Minkow went from being a teenaged entrepreneurial wunderkind to a convicted stock swindler when federal prosecutors proved that his ZZZZ Best carpet cleaning company was nothing more than a Ponzi scheme.
Since leaving prison in 1995 — he served more than seven years — Minkow has been a Southern California minister and a self-proclaimed fraud buster, often hiring accountants and investigators to help root out stock schemes.
Minkow's site goes a step further than Sharesleuth in using information to turn a stock profit. Minkow isn't the only one who shorts the stocks investigated by Lobdell, iBusiness Reporting editor and reporter. Lobdell says he has also shorted the stocks of companies he's investigated. Carey does not trade in the stocks of companies he probes.
"There's not much difference between working for the Fraud Discovery Institute that shorts stocks and shorting the stock personally," ex-Los Angeles Times reporter Lobdell says.
Says a flabbergasted Steele: "I'm astonished that he would not see it as a problem."
Hunter Adams, the brains behind The Street Sweeper (thestreetsweeper.org), helped launch the site last year, just eight years after federal prosecutors labeled him an associate of the Gambino crime family in New York. Adams, who was convicted for his role in a massive "pump and dump" scheme involving penny stocks, is still on federal probation for his crime.
Nobody connected with The Street Sweeper is shorting the stocks it investigates, though neither Adams nor Melissa Davis, the site's editor/reporter, rules it out. "We have left the door open for that possibility," Adams says. "I see nothing wrong with it, as long as it's legal and properly disclosed." |
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