A Miami judge found California developer Nicolas Marsch III erased damning emails to one-time Wall Street wunderkind Barry Minkow showing their scheme to drive down the stock price of Miami-based home-builder Lennar Corp.
Minkow admitted in federal court in 2011 to disseminating lies about Lennar through his investment website in a bid to drive down Lennar’s stock price. Federal prosecutors estimated the cost to the company at least $500 million. Minkow, who is serving a five-year prison sentence, has vowed to help prosecutors build a case against his co-conspirators.
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