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Sam E. Antar
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Sam E. Antar is a convicted felon and a former CPA. As the criminal CFO of Crazy Eddie, Mr. Antar helped mastermind one of the largest securities frauds uncovered during the 1980s. Today, Sam E. Antar advises federal and state law enforcement agencies about white-collar crime and trains them to... More
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White Collar Fraud
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  • Tracy Coenen on Overstock.com, "Conservatism is no exuse for false financial statements."
    Recommended reading:

    Forensic accountant, author, and blogger Tracy Coenen analyzes Overstock.com's (NASDAQ: OSTK) financial reporting violations in her blog post entitled "Conservatism is no exuse for false financial statements, Overstock.com."

    In my blog, I detailed Overstock.com's improper use of "cookie jar" reserves that violate Generally Accepted Accounting Principles (GAAP). As a result of my reporting, the SEC re-opened its investigation of Overstock.com.

    Overstock.com, led by CEO Patrick Byrne, has already restated its financial reports twice in the last three years. Every financial report issued by the company from its inception has at least initially violated GAAP or other SEC disclosure rules. The company now faces a third restatement of its financial reports as a result of my blog's exposure of improper "cookie jar" reserves.

    Posted by:

    Sam E. Antar

    Disclosure:

    I am a convicted felon and a former CPA. As the criminal CFO of Crazy Eddie, I helped Eddie Antar and other members of his family mastermind one of the largest securities frauds uncovered during the 1980's.

    I do not own Overstock.com securities short or long. My research on Overstock.com and in particular its lying CEO Patrick Byrne is a freebie for securities regulators and the public in order to help me get into heaven, though I doubt that I will ever get there anyway. I will probably end up joining corporate miscreants such as Patrick Byrne in hell.

    Tags: OSTK
    Oct 29 12:38 AM | Link | Comment!
  • Crain's New York Business: Crazy Like a Fox - Aaron Elstein Interviews Sam Antar

    The interview is available on newsstands or it can be downloaded from's Crain's New York Business with a trial subscription here. You can also read the article in Investment News (Crain's sister publication) here.

    Here are some quotes:

    "Guess who's tipping off the SEC on alleged accounting frauds? None other than the guy who cooked the books at Crazy Eddie...."

    "Despite his felonious past, Sam Antar has earned credibility with law enforcement officials. He’s spent much of the past decade talking to the FBI, the Justice Department, the IRS, accounting students and business groups, explaining how Crazy Eddie fooled auditors for so long.The former CPA says he feels bad about what he did and wants to help overmatched investigators as they try to root out savvy fraudsters."

    The article also discusses how I exposed Overstock.com's "cookie jar" reserves that violate Generally Accepted Accounting Principles (GAAP). Based on my forensic accounting analysis, the Securities and Exchange Commission took the very usual step of re-opening an investigation of financial reporting irregularities at Overstock.com (NASDAQ: OSTK) after dropping a previous investigation just fifteen months earlier in June 2008. See my previous blog post here.

    To be continued.....

    Written by:

    Sam E. Antar

    Disclosure: I am a convicted felon and a former CPA. As the criminal CFO of Crazy Eddie, I helped Eddie Antar and other members of his family mastermind one of the largest securities frauds uncovered during the 1980's.

    I do not own Overstock.com securities short or long. My research on Overstock.com and in particular its lying CEO Patrick Byrne is a freebie for securities regulators and the public in order to help me get into heaven, though I doubt that I will ever get there anyway. I will probably end up joining corporate miscreants such as Patrick Byrne in hell.

    Other information:

    List of all blog posts (date order)

    Media reaction to my blog (date order)

    Oct 06 11:42 PM | Link | Comment!
  • Overstock.com and Patrick M. Byrne: False and Misleading Financial Reports

    In three previous blog posts, I detailed how Overstock.com (NASDAQ: OSTK) violated Generally Accepted Accounting Principles (GAAP) and SEC disclosure rules by improperly deferring the recognition of an accounting error to create a cookie jar reserve to inflate future profits. On October 24, 2008, Overstock.com revealed that it underbilled fulfillment partners in periods prior to Q3 2008 because of customer refund and credit errors. The company improperly chose to recognize future recoveries from underbilling its fulfillment partners on a cash basis (non-GAAP) rather than restating previously issued financial reports to correct the material accounting error (GAAP). Note: Details of my previous blog posts here, here, and here).

    More recently, I provided Overstock.com with a series of questions to answer about its accounting errors during its Q2 2009 earnings call (Details here). Rather than answer each of my questions, CEO Patrick Byrne went on a ranting diatribe as described by investigative journalist Gary Weiss in his blog (Details here).

    The reason for avoiding any meaningful discussion of Overstock.com’s questionable financial disclosures is clear. Overstock.com and Patrick Byrne are desperately trying to avoid restating the company’s financial reports due to accounting errors for the third time in three years.

    Please read more in my blog: http://whitecollarfraud.blogspot.com/2009/07/how-to-issue-phony-financial-reports.html

    Sam E. Antar

    Jul 29 1:07 PM | Link | 1 Comment
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