Minkow had sought leniency at Thursday’s hearing. But U.S. District Judge Patricia Seitz said the scheme cost Miami-based Lennar more than $580 million in lost stock value. She also said Minkow had squandered opportunities after getting out of prison for a previous scam.
Now 45, Minkow gained fame in the 1980s for founding the ZZZZ Best carpet cleaning company in Southern California. He was a millionaire at age 21, but was convicted of luring investors with fake fire and water restoration projects.
Minkow later became a valued FBI informant helping root out fraud around the country. Then came the Lennar scam.
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