The founder and former chief executive officer of apparel licenser Iconix Brand Group was sentenced to 18 months in prison, after his second trial in a criminal case, according to a spokesperson for federal prosecutors in New York.
(Bloomberg) — The founder and former chief executive officer of apparel licenser Iconix Brand Group was sentenced to 18 months in prison, after his second trial in a criminal case, according to a spokesperson for federal prosecutors in New York.
Neil Cole was convicted last year of inflating the company’s earnings and misleading investors. Jurors found Cole guilty on eight charges, including securities fraud and improperly influencing an audit, and six counts of making false filings with the US Securities and Exchange Commission.Â
In 2021, a different jury found Cole not guilty of two counts of conspiracy, but deadlocked on eight other counts, resulting in a mistrial on those charges.
Cole stepped down in August 2015 after leading New York-based Iconix for a decade. Later that year, the company restated financial results and disclosed it was under investigation by the SEC. He was convicted of misstating results from 2013 through August 2015.
Read More: Iconix Shares Tumble After Longtime CEO Cole Leaves Company
The case is US v. Cole, 19-cr-00869, US District Court, Southern District of New York (Manhattan).
–With assistance from Chris Dolmetsch.
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