American Hustle: The CEO, the Ex-Partner, the Pastor, and the $1 Billion Shakedown

Stuart Miller was at home in Miami dressing for work when a newsbreak on CNBC caught his attention, and it suddenly seemed as if his and his father’s life’s work might implode. It was Jan. 9, 2009, about 8 a.m., and the TV anchor described a “red flags report” that had been issued by something called the Fraud Discovery Institute. The report compared Miller’s company to a Bernie Madoff-esque Ponzi scheme. Traders expected the stock to tank. Miller hadn’t even buttoned his shirt. Time slowed, he says, “kind of like the day Kennedy was assassinated.”

The alarming news concerned Lennar, the homebuilder Miller’s father helped start in the mid-1950s with a $10,000 investment. The family business grew over the years to claim membership on the New York Stock Exchange and in the Fortune 500. Although publicly traded, Miami-based Lennar is the Miller clan’s legacy and the source of its wealth. The family retained control via ownership of a special class of stock, and Stuart Miller presided as chief executive officer.