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BANKRUPT BANKER


Minkow, 45, served seven years in federal prison for defrauding investors in the ZZZZ Best carpet cleaning fraud he engineered as a San Fernando Valley teenager. He had become a minister and FBI tipster.

He entered his plea in a Miami federal court Wednesday to one count that carries a maximum prison sentence of five years. Minkow also agreed to cooperate with an ongoing federal investigation into a dispute between Lennar and a San Diego real-estate developer referred to in court filings as Conspirator A.

The developer, identified by attorneys in the case as Nicolas Marsch III, had partnered with Lennar on a master-planned golf community known as the Bridges at Rancho Santa Fe, which resulted in years of bitter litigation. Marsch hired Minkow to spread false allegations about Lennar through Minkow's Fraud Discovery Institute, according to filings by prosecutors.

After Minkow's reports and a YouTube video critical of the project knocked more than $500 million off Lennar's stock market value, Marsch's representatives allegedly proposed that Lennar make payments of cash and stock, after which Minkow would retract his accusations.

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