Steve Madden - to serve prison sentence for fraud - Brief Article

DSN Retailing Today, June 4, 2001

Steve Madden steps down from his role as an officer of footwear vendor and retailer Steve Madden Ltd. July 1, 2001. From that date onward, he will act as creative and design chief of the company until his sentence of 41 to 51 months begins. This announcement follows Madden's plea agreement with the U.S.

Attorney's Office just weeks prior to trial. He will plead guilty to federal securities and fraud charges, including conspiracy and money laundering. He made a separate plea agreement with the Securities and Exchange Commission, concerning his manipulation of 22 IPOs, including that of Steve Madden Ltd. Prior to these pleas, he faced about a half-century's worth of prison time. Jamieson Karson will serve as officer of the company while Madden serves his sentence.