Steve Madden Biography
Steven Madden is a fashion designer and businessman from the United States. He is the founder and former CEO of the publicly traded company Steve Madden, Ltd.
How old is Steve Madden? – Age
He is 64 years old as of 23 March 2022. He was born in 1958 in Far Rockaway, New York, United States.
Steve Madden Family – Education
He was born in Ireland to a Jewish mother and an Irish Catholic father. He grew up in nearby Lawrence and attended a local high school in Nassau County, New York. Madden attended the University of Miami for two years after high school before returning to Long Island. He founded the company with $1,100 in the trunk of his car in 1990, as the youngest of three brothers.
Steve Madden Wife
After being released from prison, Madden married Wendy Ballew, his former director of operations, in 2005. Jack and Stevie Madden, twins, and Goldie Ryan Madden are the couple’s three children. In 2015, the couple divorced.
Steve Madden Career
When Madden was released from prison in 2005, the company quickly recovered, increasing revenue to $475.1 million in 2006. Steven Madden, Ltd. was named ‘Company of the Year for the second time at the Footwear News Achievement Awards that year. With Madden as its current founder and design chief, the company has continued to grow year over year, reporting $1.9 billion in revenue for FY2021.
Madden donated to The Doe Fund, a non-profit organization dedicated to addressing the causes of homelessness, addiction, and criminal recidivism. The character of Steve Madden (played by Jake Hoffman) appears in Martin Scorsese’s film The Wolf of Wall Street, which is based on Jordan Belfort’s memoir of the same name. Madden is seen in the film visiting Stratton Oakmont, where Belfort gives the brokers a pep talk about pushing Madden’s stock. Madden criticized the film’s portrayal of him as “too nerdy” after seeing it.
Steve Madden Arrest
Madden’s finances were intertwined with Stratton Oakmont, a Long Island “pump and dump” brokerage house cofounded by Madden’s childhood friend Danny Porush, who first lent him money to expand his fledgling company and then underwrote its initial public offering.
A class action lawsuit was filed against Madden in June 2000 for making materially false and misleading statements during the Class Period. In 2004, a $9 million settlement was reached. The SEC charged Madden in federal court in New York state in 2001, alleging SEC violations. Because the violations were not criminal in nature, the SEC sought $1,637,000 in illegally avoided losses, interest, and a civil penalty.
Madden was found guilty of stock manipulation, money laundering, and securities fraud in 2002. He received a 41-month prison sentence and was forced to resign as CEO of Steven Madden, Ltd. and from the board of directors. Shortly after stepping down as CEO, Madden established himself as a creative consultant with Steven Madden, Ltd., a position that paid him $700,000 even while he was in prison.
Madden was imprisoned at Eglin Air Force Base’s Federal Prison Camp, and later at the Coleman Federal Correctional Complex near Ocala, Florida. In April 2005, Madden was released from prison. He then went to a halfway house in New York City. Joel Winograd, Madden’s attorney, stated that Madden would remain at the house for 60 days. He was placed in home confinement after being released from a halfway house.