[1][6] Madden's financial affairs were closely entangled with Long Island "pump and dump" brokerage house Stratton Oakmont, 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.
[9] Because the violations were not criminal in nature, the SEC was seeking to recover $1,637,000 in a combination of illegally avoided losses, interest, and a civil penalty.
He was sentenced to 41 months in prison, and was made to resign as CEO from Steven Madden, Ltd. and from the board of directors.
[16] With Madden currently serving as the founder and design chief, the company continues to show growth year-over-year reporting $1.9 billion in revenue for FY2021.
[17] Madden contributed to The Doe Fund, a charity devoted to working on the causes of homelessness, addiction, and criminal recidivism.
[18] Steve Madden (played by Jake Hoffman) is featured in Martin Scorsese's film The Wolf of Wall Street, which is based on Jordan Belfort's memoir of the same name.