SEC Probing Steve Madden's Employment
WASHINGTON -- Footwear company Steven Madden Ltd. on Monday said the Securities and Exchange Commission is looking at former chairman and chief executive Steven Madden's employment with the company, The Associated Press reported.
Steve Madden resigned as CEO in 2001, when he pleaded guilty to securities fraud and money laundering. He was sentenced to 41 months in jail and was barred from serving as an officer or director of a public company for seven years. He began serving the sentence in September 2002.
Madden now serves as the company's creative and design chief, a non-executive position, and receives an annual salary of $700,000. Under his contract, he is entitled to receive base salary payments when he isn't actively engaged in his duties.
Steven Madden Ltd., which designs shoes for women, said it intends to fully comply with the SEC's request for information, according to a quarterly report filed Friday with the Securities and Exchange Commission.
-- NYSCPA.org News Staff