Herbalife claims they knew nothing about Brazilian prosecutors charging Pedro Cardoso with money laundering in 2008 until the story broke a couple of days ago.
Note that Mr. Cardoso has been and independent Herbalife Member for 22 years. At the Herbalife IR website we find:
ok, it says he has been a member for 17 years. Maybe Forbes just made a typo because this announcement filed with the SEC in 2009 also says 17 years:
But then this proxy statement from 2013 says:
Fascinating, now it is 21 years with the addition: "His tenure as a distributor provides valuable insight into the Company's growth and development over the 21 year period."
I agree and like to add that we are gaining insight into the companies credibility as well.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.