Former Crazy Eddie CFO Sam Antar slams Overstock CEO Patrick Byrne ( http://whitecollarfrau... ). Excerpt:

"Does Overstock.com CEO Patrick Byrne Know When to Shut Up, Especially While the SEC Investigates his Company?

During an ongoing SEC investigation into financial reporting violations by a public company, competent lawyers will advise management that the wisest course of action is to simply shut up. Not so, with Overstock.com (NASDAQ: OSTK) CEO Patrick Byrne. He simply does not know when to stop blabbing away, misleading investors, and lying to the media – even during an ongoing SEC investigation of his antics.

For example, in 2009, I correctly reported in my blog that Overstock.com violated Generally Accepted Accounting Principles (GAAP) in its accounting for recoveries of amounts due from under-billed fulfillment partners. Overstock.com should have restated its financial reports to reflect income when those amounts were actually earned in previous reporting periods.

Instead, the company improperly recognized those amounts recovered from fulfillment partners in future accounting periods on a non-GAAP cash basis and overstated its income. In one instance, Overstock.com improperly reported Q4 2008 profits, even though the company should have reported a loss under accounting rules.

Despite many emails from me, Patrick Byrne stubbornly refused to correct his company's GAAP violations and even fired Grant Thorton as its auditors for agreeing with my recommendations. Instead, Byrne opened up his big mouth and attacked me on a stock market chat board and during various earnings calls in an effort to discredit me. Byrne even hired internet stalker Judd Bagley to interfere with my divorce and pretext my children and relatives after I pointed out various accounting violations."


Recall that earlier this year, Hesperian shorted OSTK ( http://shortscreen.com... )

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