According to Accounting Today, the founder of apparel licenser Iconix Brand Group, which last month settled a high-profile dispute with the rapper Jay-Z, was charged by federal prosecutors with inflating the company’s revenue and earnings.
- Who was named in the indictment? What are their roles in the investigation?
- How much was the civil settlement that Iconix paid to resolve 2013 to 2015 allegations that financial data were manipulated and transactions were not properly accounted for?
- This is the third suit for alleged fraud brought by Manhattan U.S. Attorney Geoffrey Berman in the last 4 months. What were the other two?
- What was Jay-Z’s role in the SEC investigation? What was Jay-Z’s settlement with Iconix and what was it for?
Accounting Today staff. (2019) Ex-Iconix CEO charged in accounting fraud. Accounting Today, Dec. 5 (Retrievable online at https://www.accountingtoday.com/articles/iconix-brands-ex-ceo-charged-by-u-s-in-accounting-fraud)