Steve Madden

Steve Madden, LTD.
Type Public (NASDAQ: SHOO)
Industry Shoes
Founded 1990
Headquarters

52-16 Barnett Ave.
Long Island City, New York

United States
Key people Michael Willhite; President
Steve Madden; Fashion Director
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.

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 December 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, 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.[3]

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.[2]

Madden served in a federal prison at Eglin Air Force Base,and later Coleman Federal Correctional Complex, near Ocala FL. Madden was released from prison in April 2005.[4] He then attended a New York City halfway house.[5] Madden's attorney, Joel Winograd, said that Madden would stay at the house for 60 days.[6] After his release from a halfway house, he was restricted to home confinement for a period.[7]

He appears in Jordan Belfort's memoir of the events, The Wolf of Wall Street.

He is currently married to Wendy Ballew, his former director of operations. The couple has two children.

References

  1. ^ 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."
  2. ^ 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
  3. ^ Walker, Rob (10 April 2002). "Genius of Capitalism: Steve Madden". Slate. http://www.slate.com/id/2064214. Retrieved 28 October 2010. 
  4. ^ Setoodeh, Ramin. "Back on His Feet Again." Newsweek. 2007. 1. Retrieved on January 10, 2010.
  5. ^ "MADDEN BACK IN NYC AFTER PRISON RELEASE.(Steve Madden, New York City)(Brief Article)." Footwear News. April 25, 2005. Retrieved on January 10, 2010.
  6. ^ "Steve Madden released from federal prison." Newsday. April 16, 2005. Retrieved on January 10, 2010.
  7. ^ Bonawitz, Amy. "Passages." People. June 27, 2005. Volume 63, No. 25. Retrieved on January 10, 2010.

Sources

Shoes
Boots
Types of heel
People and brands