| Type | Public (NASDAQ: SHOO) |
|---|---|
| Founded | 1990 |
| Headquarters | 52-16 Barnett Ave. Long Island City, New York United States |
| Key people | Ian Gomar; President Steve Madden; Fashion Director |
| Industry | Shoes retail |
| Products | Shoes |
| Revenue | ▲$431.0 million USD (2007) |
| Website | www.SteveMadden.com |
Steve Madden (born 1958) is the founder and former CEO of Steve Madden Ltd., a footwear company. His designs predominantly cater to young women.
Born in Far Rockaway, Queens, Madden grew up in adjoining Lawrence in Nassau County, New York.[1]
Steve Madden, Ltd. was named "Company of the Year" for 2006 at the Footwear News Achievement Awards in New York City on Dec. 5, 2006. Madden said, in accepting the award, that he was going to use this award as a stepping off point for improving his company's image.[2]
Fraud
Madden's financial affairs were closely entangled with Long Island 'pump and dump' brokerage Stratton Oakmont, cofounded by Madden's childhood friend Danny Porush. In 2001, the SEC filed charges against Madden in Federal Court in New York state, alleging SEC violations. [1] Because the violations weren't criminal in nature, the SEC was seeking to recover $1,637,000 in a combination of illegally avoided losses, interest, and a civil penalty.
In 2002, Madden was convicted of stock manipulation, money laundering, and securities fraud. He was sentenced to 41 months in prison, and was made to resign as CEO from Steve Madden Ltd and from the board of directors. [2]
Shortly after resigning as CEO, Madden set himself up as a creative consultant with Steve Madden Ltd., a position for which he drew $700,000 even when he was in prison.[3]
He appears in Jordan Belfort's memoir The Wolf of Wall Street.
References
- ^ Dominguez, Robert. "BRINGING IT BACK HOME. Steve Madden's new ad campaign focuses on his fashion center - Queens", Daily News (New York), October 19, 2006. Accessed September 15, 2008. "He grew up in Lawrence, L.I., where he worked in shoe stores from his high-school days until he started his own business in 1990, at 33, with an investment of just $1,100."
- ^ http://www.zwire.com/site/news.cfm?newsid=17670611&BRD=1601&PAG=461&dept_id=479855&rfi=6 Steve Madden, Ltd. wins top honor Footwear News bestows shoe business with 'Company of the Year' award
Sources
- Ron Telpner, Marketing Magazine: "Ron's Red Shoe Diary". Toronto: Rogers Publishing, September 8, 2003.
- http://www.legalzoom.com/articles/article_content/article13735.html
- http://www.slate.com/?id=2064214
- Steve Madden: Crisis of the Sole 2001 New York article on Stratton Oakmont and their client Steve Madden.
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