| In SDNY Former CEO Of Iconix
Freed on $1M Bond And Can Travel Whole US With
US Attorney Agreement
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
SDNY COURTHOUSE,
Nov 27 – A brand manager
charged with financial
chicanery was freed on $1
million bond on December 5,
and allowed to travel
throughout the United States
by agreement of the US
Attorney's Office, contrary to
the "SDNY and EDNY only"
restrictions they routinely
place on less affluent
defendants.
SDNY Magistrate
Judge Barbara Moses accept the
agreed bail conditions, and
said that they can be appealed
or asked to be modified before
SDNY Judge Edgardo Ramos to
whom the case is assigned (and
who recently left money
laundering lawyer Mark Scott
free pending sentencing,
apparently dining out in
Florida, see here for
that).
From the
announcement by the US
Attorney's Office, which
continues to withhold
its exhibits from the
Mark Scott / OneCoin trial now
despite a FOIA request from
Inner City Press: "charging
NEIL COLE, the former chief
executive officer of Iconix
Brand Group, Inc. (“Iconix”),
a publicly traded brand
management company, with
engaging in a scheme to
fraudulently inflate Iconix’s
revenue and earnings per share
and obstruct justice.
The case is assigned to U.S.
District Judge Edgardo
Ramos.
Mr. Berman also announced
today the unsealing of charges
against Seth Horowitz, the
former chief operating officer
of Iconix, who pled guilty on
December 2, 2019, and is
cooperating with the
Government.
United States
Attorney Geoffrey S. Berman
said: “As alleged, Neil
Cole entered into illegal
secret agreements with joint
venture partners to
artificially inflate the value
to his company. Further,
as alleged, Cole lied to
outside auditors and to the
SEC, and took steps to destroy
evidence. Now Neil Cole
is in custody and facing
serious criminal charges for
his alleged conduct.
This is the third accounting
fraud case brought by our
Office in the last four
months, which illustrates both
the pervasiveness of this
crime and my Office’s
commitment to policing
it.”
According to the
allegations contained in the
Indictment unsealed today in
Manhattan federal court:
COLE and Horowitz engaged in a
scheme to falsely inflate
Iconix’s reported revenue and
EPS by orchestrating a series
of “round trip” transactions
in which COLE and Horowitz
induced a JV partner, a Hong
Kong-based international
apparel licensing company
(“Company-1”), to pay
artificially inflated buy-in
purchase prices for JV
interests, with the
understanding that Iconix
would then reimburse Company-1
for the overpayments.
The case is US
v. Cole, 19-cr-869
(Ramos).
***
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