Neil Cole sentenced to 18 months in prison for inflating Iconix's books

Daniel Cole, WHO transformed her family business In THE Branding central Iconix Brands Band only has be sentenced last year of swell THE books, was sentenced has 18 month prison In Manhattan federal court on Tuesday.

While Cole's Lawyers had request For probation, WE. Lawyer Damien Williams pushed For A prison sentence of six and a half has just on eight years, pointing In court deposits has "THE calculated, long term And sophisticated nature of Cole's fraudulent scheme" as GOOD as “Cole abuse of her position of trust as THE powerful CEO of A publicly negotiated, several billion dollars business. »

"From 2014 has 2015, Cole engaged In A scheme has falsely swell Iconix reported income And PES by induce A Hong Based in Kong Joint venture partner, Global Brands Band Asia Limit, has purchase Joint venture interests has artificially swollen prices base on Cole's promise has repay GBG For THE overpayments", Williams said.

But while Judge Edgardo Ramos said he believed Cole was lying during trial, he Also describe THE two transactions, which briefly swollen Iconix income by $11 million, as Outliers In THE the company history. He Also took In account Cole's long standing charitable efforts.

Cole will stay free on bail on hold call.

"First of all And first of all, THE court has continued Mr. Cole's release on bail on hold call," said Cole's legal team In A statement After THE decision. "That decision And Today sentence come After THE government accused Daniel Cole with participant In A fraud scheme with others, And he was strength has go has trial twice has defend those charges. THE jury In THE First of all trial acquitted Mr. Cole of all conspiracy account. Although THE second jury sentenced, We are confident In THE strength of Mr. Cole's call of that verdict And look Before has THE opportunity has here OUR arguments has THE Second Circuit.”

While THE impact of THE transactions In question are difficult has quantify, THE government said THE evenings In THE case estimated that they swollen Iconix share price by 2 percent And SO in net Cole almost $1 million In additional profits as he sold roughly $40 million of THE the company action.

Seth Horowitz, ancient chief Operating officer has Iconix, previously pleaded guilty For her participation In THE case And testified has Cole's trial.

“Neil would be threaten Me that My career was on And that I would be No longer be able has work has A public business," Horowitz said, according to has THE Governments deposit. "He said something has THE effect that he knew about THE transactions but that he could pass A lie detector test saying he doesn't but he knew I could be able, Also, basically building A he-said-against-he-said scenario. »

A initial trial In 2021 finished with Cole acquitted of two conspiracy account And A suspended jury on eight other account, including manufacturing FAKE deposits with THE Securities And Exchange Commission, incorrectly influence THE to drive of checks And securities fraud. He was SO find guilty on THE eight account In A new trial last year.

Cole's Lawyers said THE two transactions In question amended her life, In their own court deposit on her in the name of.

"These two transactions — which occurred month apart And represent A tiny fraction of THE a lot transactions Iconix has has been A part of on Neil's long career — directed has Neil's possible departure Since Iconix, And submitted Daniel has internal the surveys, A civil regulatory investigation, A criminal investigation And charge, And two tests on THE course of two years," THE deposit said.

THE deposit details how Cole work has THE family shoe business below THE ex...