Steve Madden is a shoe designer who has reinvented the footwear industry with his signature designs. With his creative style and years of experience, he has become a worldwide footwear entrepreneur. His product lines include shoes, hosiery, handbags, jewelry, and more.
In 1990, he formed Steven Madden, Ltd. and opened his first store. The store was designed to appeal to young, fashion-conscious women. By 1999, the company had operated 41 retail stores in the U.S. and Canada under the Steve Madden name.
While the company grew to be one of the largest in the footwear industry, it suffered from financial mismanagement. A class action lawsuit was filed in 2000, accusing Madden of making materially false statements. This resulted in a $9 million settlement.
The company also had problems with its stock. It could not be listed on the NASDAQ. Moreover, several partners had been accused of sending cash to Switzerland with the help of a drug dealer.
In addition to this, the SEC had accused the company of manipulating its stock. Specifically, he was accused of a stock pump and dump scheme involving Jordan Belfort.
As the result of these charges, Madden was imprisoned. He spent thirty-one months in prison. Save huge money with coupon codes, vouchers, and Exclusive Deals from
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