This is a chilling tale of corporate fraud and deceit. Lennar Corporation is a publicly traded homebuilder that was founded in 1954. Today, Lennar is really two companies: a homebuilding company engaged primarily in developing entry level and mid-market communities in various markets across the country, and a “company-within-a-company” that exists primarily to enrich Stuart Miller, CEO and son of the founder, a few key executives, and Mr. Millers’ investor-friends.
In 2007, at the onset of what soon developed into an historical economic downturn, Lennar Corporation faced an existential crisis. Under the leadership of CEO Stuart Miller, the company and its shareholders had exposure to hundreds of hidden off-balance sheet entities that saddled the company with enormous obligations, including billions of dollars of undisclosed debt. Just like Enron’s catastrophic off-balance sheet chicanery a few years earlier.
Desperate for cash, Lennar, at the direction of Miller and his key lieutenant Jon Jaffe, executed a sophisticated swindle involving a Lennar-controlled venture, LandSource LLC, and the California Employees Retirement System (Calpers) and Barclay’s Bank. As a direct result of this scheme Calpers – and by extension 1.6 million current and prospective retirees - lost nearly one billion dollars, and investors in a Barclays Bank loan syndicate also lost hundreds of millions of dollars. All of the duplicitously obtained money ended up in the pockets of Lennar and its sister company LNR. Read more
The hardcover and ebook versions of Billion Dollar Lies were published in February of 2015. Since then we have received many helpful comments and, more importantly, we have been provided information on other cases involving Lennar and it’s executives that strongly support and validate the premise of the book: that key Lennar executives routinely use the company to engage in unlawful and unethical behavior, and that Lennar is really two companies: a public homebuilding company and also a private company run for the benefit of CEO Stuart Miller, a few key executives, and friends and associates of Miller. Read more
Many of our readers have observed that this story is like a movie script. We agree. So we are in the process of laying the groundwork to produce a first-class documentary that will tell this incredible story.
Fortunately, we have ample documentation and evidence to back up every fact as recounted in the book. And we hope that a documentary will be the start of a process that will help make things right for the legions of Lennar victims. Read more
It is a fair question to ask why we are so committed to exposing the crimes committed by Lennar Corporation and its executives. Our position is simple - enough is enough. Our country was nearly brought down recently as a result of rampant fraud perpetrated by greedy corporate executives. But few were punished and almost nobody went to jail as a result. This should change. Now. Read more
How You Can Help
Our initial goal is to raise the awareness of the crimes committed by Lennar and its executives through the creation and publication of the book and a production of a well-researched documentary. This will cost money. To fund this effort, and to ensure that we have the tools to produce a first-class documentary film, we are turning to the crowdfunding process to finance this project. A small contribution from each of those interested in social justice, and from the many, many victims of this corporation can make a huge difference. We can level the playing field. Read more