UPDATE 4-Former Iconix Brand CEO charged with accounting fraud in U.S. [Reuters]
Iconix Brand Group, Inc (ICON)
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Source: Reuters
Former Iconix Brand CEO charged with accounting fraud in U.S NEW YORK (Reuters) - Iconix Brand Group Inc ( ICON.O ) founder and former Chief Executive Officer Neil Cole has been charged with accounting fraud, while the former chief operating officer has pleaded guilty to related charges and is cooperating with authorities, federal prosecutors announced Thursday. The former executives inflated the apparel licensing company’s revenue by convincing a Hong Kong-based company to overpay for stakes in joint ventures with Iconix, according to an indictment unsealed in federal court in Manhattan. The Hong Kong company, which was not named, agreed to the overpayments on the condition that it would be reimbursed through sham consulting or marketing fees, according to the indictment. Through the scheme, Iconix’s revenue was inflated by a total of about $13 million over three separate joint venture agreements in 2013 and 2014, the indictment said. Iconix will pay a civil penalty of $5.5 million
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