In 2009, Minkow issued a report accusing major homebuilder Lennar of massive fraud. Minkow claimed that irregularities in Lennar's off-balance-sheet debt accounting were evidence of a massive Ponzi scheme. Minkow accused Lennar of not disclosing enough information about this to its shareholders, and also claimed a Lennar executive took out a fraudulent personal loan. In an accompanying YouTube video, Minkow denounced Lennar as "a financial crime in progress" and "a corporate bully." Lennar's stock plummeted in the wake of Minkow's reports. From January 9 (when Minkow first made his accusations) to January 22, Lennar's stock tumbled from $11.57 a share to $6.55. Minkow issued the report after being contacted by Nicholas Marsch, a San Diego developer who had filed two lawsuits against Lennar for fraud. Indeed, the language of the FDI report echoed that used in Marsch's filings. One of Marsch's suits was summarily thrown out; the other ended with Marsch having to pay Lennar $12 million in counterclaims.