You'll never believe who's dropping dimes to the feds!Sam Antar, formerly the CFO of Crazy Eddie, known in the New York area for over-the-top commercials that scared the hell out of kids (well, me at least), knows his way around a questionable balance sheet. For 15 years, he was the executive chef of book-cooking, ultimately taking a guilty plea to conspiracy and obstruction of justice charges. He stayed out of the clink by taking the stand on the government's side at a 1993 trial, ultimately sending his cousin, Eddie Antar to prison for seven years or so.
Crooks make the best cops, so to speak, and Antar is putting his skills to work. He's out hunting for accounting fraud and sending his analyses off to the SEC. On his blog, the former CFO laid out what he called a "bulletproof case" against Overstock.com (NASDAQ: OSTK) – a company that the SEC had been investigating since 2006. The inquiry has been reopened.
How does Antar describe his work? "I'm doing to Overstock what the FBI and SEC did to me," he tells Crain's. "I know the scams. I know the games. I did them all 20 years ago."
Of course, Overstock's CEO, Patrick Byrne, sees it differently: "He's a criminal who works for short-sellers." He also tells Crain's, "Our accounting department is a bunch of square Mormon eagle scouts, and their orders are to be as straitlaced as possible."
Antar has been eyeing Overstock since 2007 and apparently has gained some credibility with law enforcement officials. And, there's only one way to describe this turn of fate – insaaaaaaaane.
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Reader Comments (Page 1 of 1)
10-07-2009 @ 9:47AM
James William said...
This guy is an Assclown, ratting out his own uncle to save himself (he is Eddie's nephew, not brother). He likes to stick his nose where it doesn't belong and tries to find corruption where there is none. I hope they catch him doing something illegal if only to put him away so I don't have to read quotes from him.
10-08-2009 @ 5:49AM
Sam E. Antar (former Crazy Eddie CFO & ex-felon) said...
Tom:
There is a minor error in your blog post. I am Eddie Antar's cousin and not his brother.
Regards,
Sam E. Antar