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Resource ID: #17785
Subject: Business
Source: New York Magazine
Affiliation: 
Date: 26-Feb

Description

New York Magazine talks with shoe tycoon, Steve Madden about his company, his success and now his recent indictment. "He was indicted for stock fraud and money laundering in the Eastern and Southern Districts of New York. According to charges, Madden secretly purchased stock on behalf of the principals of two corrupt penny-stock brokerage firms . . . helping them manipulate 29 initial public offerings, including that of his own company. That same day, the Securities and Exchange Commission came after him with a civil suit alleging Madden had employed 'devices, schemes, and artifices to defraud.' Madden faces up to more than 20 years in prison and several million dollars in fines" if convicted. Despite the odds against him, Madden tells reporter Johanna Berkman he will prevail.

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