Steve Madden - a short bio


Steve Madden - a short bio

Steven Madden, Inc. is a publicly traded company based in Long Island City, New York. The business designs and markets shoes and fashion accessories for women, men and children and was founded by Steve Madden, the eponymous designer and entrepreneur. Amongst the brands are Steve Madden, Steven by Steve Madden, Madden Boy, MADDEN, Steven Freebird by Steven, Stevies, Betsey Johnson, Betseyville, Report Signature, News, Big Buddha, Wild Pair, Cejon, Jocelyn and Crazy Love. According to the company website, Steve Madden started the business with $1,100 in 1990, by selling shoes from the trunk of his car. Steven Madden, Inc. was incorporated on July 9, 1990 in New York and resettled in Delaware in November 1998. The Company reported $1.4 billion in net sales for 2015. There are about 120 Steve Madden stores across the U.S., and 250 in over 65 countries. Steve Madden is both an American fashion designer and businessman. He is best known for being the founder and former CEO of a publicly traded firm, Steve Madden, Ltd. Madden was raised as the son of a Jewish mother, and an Irish Catholic father in Far Rockaway, Queens. He grew up in neighbouring Lawrence, and graduated from Nassau County, New York's main high school. After high school Madden studied at the University of Miami for two years, before transferring to Long Island. He began the company as the youngest of three children with $1,100 in 1990, by selling shoes out of the trunk of his car. Madden's financial dealings were closely associated with Long Island's "pump and dump" brokerage house, Stratton Oakmont, co-founded by Madden's childhood friend Danny Porush, who first lent him money to expand his young business, and then signed up for his initial public offering. In June 2000 a class action lawsuit was filed against Madden for intentionally making false and misleading statements during the Class Period. In 2004 a settlement of $9million was reached. The SEC filed charges in New York State Federal Court against Madden in 2001, alleging violations of the Constitution. Since the infringements were not illegal in nature, the SEC sought to recover $1,637,000 in a combination of taxable wages, interest, and civil penalties. In 2002 Madden was charged with bribery in the theft of money, cash and shares. He was sentenced to 41 months in gaol, and made Steven Madden, Ltd., resign as CEO and the board of directors. Immediately after resigning as CEO, Madden established himself with Steven Madden, Ltd. as a design consultant, a position that he received $700,000 for even while in gaol. Madden spent time at the Federal Prison Camp Eglin Air Force Base, and then at the Coleman Federal Correctional Center in Ocala, Florida. Madden was released from gaol in April 2005. He later visited a New York City halfway house. Joel Winograd, Madden's attorney, said Madden stayed 60 days at the home. After his release from a halfway house he had been confined to home detention for a while. After Madden was released from prison in 2005, the company has quickly rebounded, rising revenues by nearly $100 million in 2006 to $475.1 million in 2006. That same year Steven Madden, Ltd. was named ' Company of the Year ' for the second time at the Footwear News Achievement Awards. With Madden now serving as the founder and executive chairman, the company continues to achieve year-over-year revenue growth of $1.65 billion for FY2018. Madden has contributed to The Doe Trust, an agency committed to solving homelessness problems, neglect and recurrence of criminal matters. Steve Madden, based on the same name Jordan Belfort autobiography, is featured in the Martin Scorsese movie The Wolf of Wall Street. Visiting Stratton Oakmont is seen in the film Madden, where Belfort gives the brokers a rousing pep talk about moving Madden's stock. After watching the film, Madden criticised his portrayal as "too nerdy." Following his release from gaol in 2005, Madden married his former operations director Wendy Ballew. The couple have three children, twins being Jack and Stevie Madden, and Goldie Ryan being Madden. The couple split in 2015.

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