I found this is a July 12 Street.com piece:
Steve Madden: If the SHOO Fits ...
Meanwhile, I'm still shaking my head over this Steve Madden (SHOO:Nasdaq - news - commentary) fiasco. Insiders last sold the trendy shoemaker in May 2000, one month before the company's founder was charged with multiple counts of securities fraud and money laundering. The stock summarily plunged 40% in a single day. In late May, Madden pleaded guilty and was fined $8 million, though he still faces a sentencing hearing.
Believe it or not, four Madden executives sold another 181,000 shares in April and May. Apparently hardened to the ways of the world, the stock reacted much less dramatically to the guilty plea than to the arrest. This was especially fortunate for Madden, who summarily sold 285,816 shares for nearly $5 million. Just when you thought you'd seen it all.
Then this snippet from a Reuters story on 8/21:
Madden in May pleaded guilty to criminal charges and faces a prison term of between 41 and 51 months and fines totaling more than $8 million.
In a separate civil case with the SEC, Madden agreed to pay more than $7.8 million in disgorgement, fines and interest and to be barred from serving as an officer or director of a publicly traded company for seven years.
Sentencing is expected to take place early next month. |
