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In Trial of Former Iconix Neil Cole Horowitz Admits Destroying Emails Under Order Prostitution Concealed

By Matthew Russell Lee, Patreon Song Vlog Podcast
BBC - Guardian UK - Honduras - The Source

SDNY COURTHOUSE, Oct 6 – Neil Cole, the brand manager charged with financial chicanery was freed on $1 million bond on December 5, 2019 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 accepted 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 was assigned.

On October 6, 2021, the jury trial began and Inner City Press live tweeted Day 1 here, podcast here, vlog here.

  On October 7, cooperator Seth Horowitz spend the whole day on the stand, still on direct. Inner City Press live tweeted here:

Horowitz: The purchase price only increased because Iconic agreed to let them out of their commitment on Rocawear Kids. [Then reading] Gain related to the sale of our Umbro and Lee Cooper...

Now Gov Exh (GX) 104, Iconix' press release on 3Q 2014 earnings

AUSA: Why did you authorize this $1.9 million on an invoice you say didn't document such expenses? Horowitz: Because we were cycling the $5 million back. [Will prosecutors run out the clock today on Horowitz and allow no or only minutes of cross examination?

Horowitz: It was on December 18, it was my anniversary and I was off but I got a call about the joint venture, that it was back on. I spoke with Neil Cole and he told me and he'd gone to GBG and negotiated a deal himself, the Middle East joint venture.

Horowitz: That had a $3.1 million payment back to GBG for something called market research.

AUSA: You've described 2 transactions where Iconix returned money in exchange for a higher purchase price.

Defense: Objection - leading!

Judge Ramos: Overuled.

AUSA: What did Mr. Cole tell you to do with the materials?

Horowitz: It was a late night at Iconix. Neil came to my door looking frazzled and angry. He said to me, I need you to get rid of any emails of Jason and Garrett and I think Kevin Yaff (sp), a license of Roca

Horowitz: I was scared, I was panicked. I sorted emails by their size, looking for what would be term sheets, and I deleted them. AUSA: Anything else to destroy documents?

Horowitz: I did. I was in Neil's office and he asked me if I had gotten rid of any hard docs

Horowitz: At a later date, I sent a series of emails from my work account to my person account, because I knew that we had done something wrong, I knew we could be in trouble. I knew Neil would do anything to use others as scapegoats or fall guys

Horowitz: We inflated our revenue and we didn't tell our legal team. We dragged out the payments, we would lie in our response to the SEC.  AUSA: There was the Dec letter from the SEC? Horowitz: Another in February. GX 112, for now only to the parties & #Whorowitz

Horowitz: Neil told me he sold $40 million of stock around the Middle East transaction and that he needed me to put my name as the lead negotiator. I said I was OK as long as he was listed as one of the participants.

Horowitz: I saw Neil go into Willy's office and change everything, who negotiated what. I told Neil in front of Willy I was against this. He said that's how it is and slammed the door. I asked Willy to not hit send to the SEC. Neil screamed at me, Fuck you

Horowitz: It was December 2014... I learned of stock sales by Neil at the end of October 2014, in the time between the press release and the 10Q. AUSA: Which transactions took place then?

Horowitz: Lee Cooper. Judge Ramos: We're done for the day, jurors. 

Judge Ramos (with jurors gone): How much more? AUSA: I'll finish in the first interval tomorrow.

Judge Ramos: I may release [a juror] Adjourned.

 So, cross-examination coming...

On October 5, after picking the jury and before opening statements begin October 6 at 9:30 am, Judge Ramos explained why like EDNY Judge Donnelly in the R.Kelly trial, he did not require prospective jurors to be vaccinated.

Then, in open court, Cole's lawyer said he wants to cross examining cooperation witness Seth Horowitz about concealment of prostitution related activities. Judge Ramos said that question will not be allowed - and when the Assistant US Attorney asked to seal the transcript, Judge Ramos agreed. But it was in open court. Can you say, #Whorowitz?

On September 30 in an in-person final pre trial conference, Cole's lawyer argued that hearing "$28 million" would be prejudicial. The AUSA said it show motive, and Judge Ramos agreed, citing US v. Quattrone, 441 F.3d 153, 179-80 (2d Cir. 2006).

 Inner City Press will continue to cover the trial.

Watch this site.

The case is US v. Cole, 19-cr-869 (Ramos).


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