Born-Again Ex-Con Accuses Lennar of Fraud, Stocks Fall

Lennar, the homebuilding operation and one of the largest corporations based in Miami, has seen its stock price take a huge hit after the company was accused of fraud by some sort of shady businessman turned Jesus-lover turned self-appointed fraud watchdog on the Internet. Yes, folks, we've reached the age when web...

By Kyle Munzenrieder

January 9, 2009

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Lennar, the homebuilding operation and one of the largest corporations based in Miami, has seen its stock price take a huge hit after the company was accused of fraud by some sort of shady businessman turned Jesus-lover turned self-appointed fraud watchdog on the Internet. Yes, folks, we've reached the age when web trolling (true or not) affects the stock market.

Barry Minko is an ex-con (charged for his own fuzzy business dealings in the '80s) who during his prison term, found God, became a pastor, and later started the Fraud Discovery Institute.

Minko took to the web today with a new site, creatively titled Lenn-ron.com, accusing Lennar of fraud and Ponzi-scheme-like business dealings. He also released the YouTube video, above.

Lennar is traded on the NYSE, and stocks dropped by as much as 28 percent, but recovered slightly after the company released a statement calling the accusations "false and inflammatory."

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