It must be cathartic to create the Fraud Discovery Institute after serving 7years in prison for fraud.
Interoil (IOC) is an energy exploration firm hoping to strike it rich, as are those who've bid its stock up massively this year. Still others are very skeptical of the company's claims.
One skeptic is the Fraud Discovery Institute, out with an aggressive press release today:
FDI claims that Interoil has been issuing misleading if not inaccurate press statements, and industry analysts have been confused as to what constitutes actual versus speculated energy reserves, a very valid debate in this industry. Questioning the status of reserves is TOTALLY legitimate, ans I've no beef with that.
But if you're going to lob bigtime charges of fraud against a company, I'd think your documentation should be longer than a page and a half pdf.
Even more damaging to your allegations of FRAUD, would be your history as a mob-related convicted ponzi-scheme con artist!!!
Ah but don't worry, Mr. Minkow says he's still making good on settlement payments:
Also disclosed is that Mr. Minkow almost certainly is short the shares. Well the massive hit he's taken as the stock has exploded probably explains the hysterical tone he takes in his press release.
CBS on Mikow, who to his credit HAS uncovered a bit of fraud: