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SEC bans, fines former MDC Partners CEO

2017-05-12 10:20 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-MDCA) MDC Partners Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission has sanctioned Miles S. Nadal, the former chief executive officer and founder of Toronto ad agency MDC Partners Inc., imposing a five-year ban and a $5.5-million financial penalty. (All figures are in U.S. dollars.) The SEC said that Mr. Nadal received $11.28-million in undisclosed compensation from the company over a five-year period. The compensation came in the form of items such as private aircraft usage and cosmetic surgery, the SEC says.

The sanction for Mr. Nadal is contained in an administrative order the SEC released on Thursday, May 11. The order bars him from future violations and bans him from serving as an officer or director of any public company for five years. He has 10 days to pay the $5.5-million penalty. The sanction represents a negotiated settlement, in which Mr. Nadal did not admit any wrongdoing.

Miles Nadal
MDC PARTNERS
Miles Nadal

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The practice of a conviction leading to penalties that include restitution, fines and the obligation to refrain form Public Corporations Directorships for FIVE years---all of this involving the very founder and CEO of a Corporation(a Canadian one especially), THEN for all of this said Founder/CEO is absolved from acknowledging any crime or guilt for anything whatsoever, is...well this could get the writer involved with Libel!! Rosen the Forensic Accountant in Toronto has written a book(published in 2017)that authoritatively sets out the thievery de facto allowed the Financial Services Industry in Canada by its "Regulators", should become compulsory reading by the Regulators. There being a plethora of these, they should bear the cost of said Continuing Financial Education.

Posted by Harry Jaglalsingh at 2017-05-12 16:55

I'm concerned, who is paying for Mr. Nadal's yacht expenses, sports car expenses, cash for tips, medical expenses for Mr. Nadal and his family members, charitable donations in Mr. Nadal's name, pet care, vacation expenses, and club memberships, now?

Posted by Just Me at 2017-05-13 09:23


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