- 5 - July and August 1986, but could not verify the amount of receivables. Petitioner analyzed the financials and bank statements Morze gave him and concluded that they did not make financial sense. In December 1986, ZZZZ Best went public. Its stock began to be publicly traded on the National Association of Securities Dealers Automated Quotations (NASDAQ). 2. 1987 By April 1987, petitioner thought that Minkow and ZZZZ Best stock were legitimate because of the December 1986 public offering of ZZZZ Best stock, Minkow’s appearances on talk shows and in business magazines, and other institutions’ purchases of ZZZZ Best stock. Petitioner bought 60,000 shares of ZZZZ Best common stock for $912,560.69 in early April 1987. He sold the 60,000 shares on or before April 15, 1987, for $1,014,621.75, resulting in a profit of $102,061.06. Minkow spoke with petitioner frequently from late April to mid-June 1987 to encourage petitioner corporation to buy $1,269,328.80 of ZZZZ Best receivables. Minkow thought petitioner might buy some of ZZZZ Best’s receivables. Minkow told petitioner that ZZZZ Best’s stock was one of the best NASDAQ stocks, but he did not try to sell ZZZZ Best stock to petitioner. Minkow held a press conference on May 28, 1987, to respond to a newspaper article alleging wrongdoings by him. He announcedPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011