- Details
- By Marc Cohodes
Guest Opinion. Have you ever met someone who calls themselves a “successful businessman,” but lost his company $77 million, is being sued by former employees for allegedly stiffing them out of their pay, fraudulently certified his company as a socially disadvantaged business to try to win government contracts, prompted his biggest investor to cash out of the company and abandon their stake in it, and has had multiple board members resign from his company on his watch – all while paying himself fat multimillion-dollar bonuses?
Maybe you haven’t met him in person, but you’ve certainly heard of him. His name is Tim Sheehy, and he’s running for the United States Senate.
I live in Gallatin County and I’m best known for my work as a financial expert. For decades, I’ve made a career of going after the “bad guys” in finance – I bet against those that I suspect of fraud. That’s how I’ve earned my living, and that’s why I knew there was something fishy about Tim Sheehy and his company.
I was right.
[Editor's Note: This op-ed was first published in the Daily Montanan. Used with permission. All rights reserved.]
Tim Sheehy has run a campaign rooted in his experience as a business owner. He regularly touts his credentials on the campaign trail, specifically describing the company he started in Belgrade when he moved here nine years ago a “success.”
Recent financial filings tell us the real story.
Tim Sheehy’s company’s stock has plummeted to all-time lows. It lost $77 million and is facing financial straits so dire that there is “substantial doubt about the Company’s ability to continue,” according to their public filings. A series of abysmal decision-making has caused investors to lose faith and abandon the company. All while Sheehy walked away with multimillion-dollar bonuses, paying himself $2.3 million as his company was deeply in the red.
It’s not just bad decision-making. Sheehy’s actions have questionable legality.
Under Sheehy’s watch, his company falsely certified itself as a “socially and economically disadvantaged company” to try and win contracts. A spokesperson for the company claims this was an error that went undiscovered for years. I find that hard to believe.
Sheehy’s company secured a $160 million Gallatin County bond for the purposes of buying planes and building hangars. Investigative reporting revealed that the overwhelming majority of that bond – $134 million – went to paying his investors instead.
And now, as Sheehy’s company admitted they had inaccurately reported their finances, they could be in serious trouble with the SEC – and I wouldn’t be surprised to see an investigation in the near future.
As Sheehy drives his company towards a financial cliff, it’s taxpayers who are left holding the bag. Sheehy’s company runs on government contracts. Yes – that means you, Montana taxpayer, pay his bills and his bonuses. Sheehy isn’t for Montana – he’s a complete tool for private equity.
I’ve made a living being able to spot the frauds and cheats of the business world. And when Sheehy tells you he’s a successful businessman, he’s hoping you won’t have the smarts to see his experience for what it really is: Someone who let his taxpayer-funded company bleed millions while he cashed out on bonuses and a multimillion-dollar salary.
I’ve never voted for Jon Tester. I’ve never donated to any Democrat. I’m not a political guy – I just have a nose for seeking out frauds, scams, and people who are full of it. If Tim Sheehy wants to try and defend the utter failure of his company, I’m happy to discuss or debate it publicly – any place, any time.
So don’t take my word for it. Do your owresearch. Read more about Sheehy’s business record. Then ask yourself: Is this the man you want in charge of our country’s budget?
For me, the answer is clearly no.
Marc Cohodes is a former General Partner of Rocker Partners/ Copper River from 1985-2009. He began his career at the Northern Trust Company in 1982 after graduating Babson College with a BS in Finance. He has been profiled in the books; Reckless Endangerment, Selling America Short ,The Most Dangerous Trade. He was the subject of a Harvard Business School Case study on his efforts to expose Mortgage Fraud at Novastar. In the past 18 months, he exposed the Fraud at FTX, Silvergate and Signature Bank. He can be followed on Twitter @alderlaneeggs and resides in Gallatin County.
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