Steve Madden Net Worth is$120 Million
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Profession: Designer
Date of Birth: 1958
Country: United States of America
Steve Madden, founder and CEO of the shoe company Steve Madden Ltd., had a net worth of $120 million. In addition to his net worth, he's earned the pride that comes from heading one of America's most successful companies, a company which has earned "Company of the Year" Award at the Footwear News Achievement Awards in 2006. But Madden hasn't been free of the kind of dirty business that often plagues successful businessmen and CEOs. In 2001, Madden had charges filed against him by the Securities and Exchange Commission, the nature of which was related to the "pump and dump" financial firm Stratton Oakmont. A year later, in 2002, Madden was sentenced to 41 months in prison for stock manipulation and securities fraud, among other charges. During his stint in prison, Madden had to resign as CEO of Steve Madden Ltd., but shortly after he accepted a position with the company as a "creative consultant." This position allowed him to continue drawing a salary of $700,000 a year while in prison! After this prison sentence had been served, Madden had to live in a halfway house for 60 days, in New York City, after which he remained under house confinement for a given period.
Steve Madden (born 1958) is the founder and former CEO of Steve Madden Ltd., a footwear company.
Born in Far Rockaway, Queens, Madden grew up in adjoining Lawrence in Nassau County, New York.
Steve Madden, Ltd. was named "Company of the Year" for 2006 at the Footwear News Achievement Awards in New York City on December 5, 2006. Madden said, in accepting the award, that he was going to use this award as a stepping off point for improving his company's image.
Madden's financial affairs were closely entangled with Long Island 'pump and dump' brokerage Stratton Oakmont, cofounded by Madden's childhood friend Danny Porush. In 2001, the SEC filed charges against Madden in Federal Court in New York state, alleging SEC violations. Because the violations weren't criminal in nature, the SEC was seeking to recover $1,637,000 in a combination of illegally avoided losses, interest, and a civil penalty.
In 2002, Madden was convicted of stock manipulation, money, and securities fraud. He was sentenced to 41 months in prison, and was made to resign as CEO from Steve Madden Ltd and from the board of directors.
Shortly after resigning as CEO, Madden set himself up as a creative consultant with Steve Madden Ltd., a position for which he drew $700,000 even when he was in prison.
Madden served in a federal prison at Eglin Air Force Base, and later Coleman Federal Correctional Complex, near Ocala FL. Madden was released from prison in April 2005. He then attended a New York City halfway house. Madden's attorney, Joel Winograd, said that Madden would stay at the house for 60 days. After his release from a halfway house, he was restricted to home confinement for a period.
He appears in Jordan Belfort's memoir of the events, The Wolf of Wall Street.
He is currently married to Wendy Ballew, his former director of operations. The couple has two children.

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