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.
Sam E. Antar
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.