Neil Cole, 62, Iconix’s founder and former chief executive, was named in an indictment made public Thursday in Manhattan federal court. Trading in Iconix was halted. Prosecutors also disclosed that Seth Horowitz, 43, the ex-chief operating officer, pleaded guilty to related charges Dec. 2 and agreed to cooperate with the government.
Iconix itself agreed to pay a $5.5-million civil penalty to resolve a previously disclosed SEC investigation into allegations it manipulated financial data and failed to properly account for a number of transactions from 2013 to 2015. Under the settlement, the company neither admits nor denies the allegations.Cole’s charged with 10 criminal counts, including conspiracy, securities fraud, making false filings with the SEC and conspiracy to destroy records.
Cole’s lawyers Lorin Reisner and Richard Tarlowe said in a statement their client had done nothing wrong and all the transactions in question had been reviewed and approved by the company’s lawyers and accountants. “Neil Cole acted lawfully and properly in all respects, and this case should not have been brought,” they said.
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.
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