Iconix founder convicted of securities fraud at retrial

Iconix founder convicted of securities fraud at retrial

By way of

Reuters

Revealed



Nov 29, 2022

​A New york jury discovered Iconix Logo Staff Inc founder Neil Cole accountable of securities fraud on Monday, slightly greater than a 12 months after some other jury deadlocked at his first trial.

Lee Cooper

Prosecutors mentioned Cole, 65, inflated the attire licensing corporate’s earnings in 2013 and 2014 the usage of three way partnership agreements with Hong Kong-based international provide chain corporate Li & Fung Ltd.

Cole, Iconix’s former leader government, was once additionally convicted of constructing false filings with the SEC and improperly influencing audits, in step with a remark by way of U.S. Lawyer Damian Williams.

Remaining 12 months, some other jury had deadlocked on the ones fees after acquitting Cole on two counts of conspiracy.

“Wall Boulevard will have to know that we will be able to now not be deterred from in search of justice in tricky circumstances,” Williams mentioned.

Cole’s legal professionals, David Markus and Sean Hecker, mentioned in a remark that whilst they had been dissatisfied with the decision, “there are important problems” to be reviewed on attraction.

U.S. District Pass judgement on Edgardo Ramos denied Cole’s request to push aside another juror throughout the trial. The explanations for the request weren’t disclosed in courtroom papers.

Cole was once charged in December 2019 with inflating the three way partnership offers and agreeing to later reimburse the spouse corporate thru sham consulting or advertising and marketing charges.

Iconix paid $5.5 million in 2019 to settle with the SEC over alleged accounting violations, which the corporate neither admitted nor denied.

Lancer Capital took Iconix personal final 12 months.

The case is United States v. Cole, U.S. District Court docket for the Southern District of New York, No. 19-cr-00869

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