Steve Madden
| Steve Madden | |
|---|---|
| Born | 1958 Far Rockaway, Queens |
| Occupation | Shoe designer |
| Spouse(s) | Wendy Ballew (m. 2005–15) |
| Children | Jack, Stevie, and Goldie Madden |
| Labels | Steve Madden |
Steve Madden (born 1958) is an American fashion designer and businessman. He is most well known as the founder and former CEO of Steven Madden, Ltd., a publicly traded footwear company.
Madden was born in Far Rockaway, Queens, and has Irish and Jewish ancestry. He grew up in adjoining Lawrence and graduated from the local high school in Nassau County, New York. The youngest of three brothers, he started the company with $1,100 in 1990 by selling shoes out of the trunk of his car.
Madden's financial affairs were closely entangled with Long Island "pump and dump" brokerage house Stratton Oakmont, cofounded by Madden's childhood friend Danny Porush.
In June 2000, a class action lawsuit was filed against Madden for issuing materially false and misleading statements during the Class Period. A settlement of $9,000,000 was reached in 2004. In 2001, the SEC filed charges against Madden in Federal Court in New York state, alleging SEC violations. Because the violations were not 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 manipulation, money, and securities fraud. He was sentenced to 31 months in prison, and was made to resign as CEO from Steven Madden, Ltd. and from the board of directors. Shortly after resigning as CEO, Madden set himself up as a creative consultant with Steven Madden, Ltd., a position for which he drew $700,000 even when he was in prison.
Madden served time in the Federal Prison Camp, Eglin, at Eglin Air Force Base, and later the Coleman Federal Correctional Complex, near Ocala, Florida. Madden was released from prison in April 2005. He then attended a New York City halfway house. Madden's attorney, Joel Winograd, said that Madden would stay at the house for 60 days. After his release from a halfway house, he was restricted to home confinement for a period.
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