Posts Tagged ‘ accounting restatment ’

The Chickens Come Home to Roost; More Fraudulent Business Practices Exposed at Iconix Brand Group

November 6, 2015
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The Chickens Come Home to Roost; More Fraudulent Business Practices Exposed at Iconix Brand Group

Usually, the juicy, salacious stuff comes to the fore during recession or crisis, when past misconduct can no longer be concealed. Recently, between Valeant Pharmaceuticals, and Volkswagen, there are plenty of good fraud stories to go around. Yesterday, sigh, Iconix Brand Group (ICON) revealed that its accounting statements, since 2013, were presented with smoke and mirrors. The revelation comes after the former CEO, and founder, Neil Cole (Kenneth Cole’s brother) left abruptly in August to “pursue other interests”. Perhaps there is a good backlog of dodgy accounting, and insider shenanigans to expose after the 6-year recovery since the financial crisis. The story of Iconix is a fascinating one, and rhymes with other high profile deceptions over the years, such as, Valeant, Enron, and WorldCom; beware of acquisitive growth that...

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