NEW YORK (AP) -- Steve Madden, who built a $240 million empire designing chunky shoes for teen-agers, was sentenced Thursday to almost 3 1/2 years in prison for cheating investors in a stock fraud scheme.
The 41-month sentence also includes a $3.1 million restitution order. Afterward, Madden told reporters that he was upset, but refused to comment further.
"I was guilty of stupidity, arrogance and greed," Madden told the judge in a bid for leniency. "I just want the chance to get back my name."
Madden pleaded guilty last year to two counts of securities fraud and money laundering in cases brought by the U.S. attorneys in Manhattan and Brooklyn. He had been charged with 23 counts.
Under a plea agreement, Madden still faces sentencing in the Brooklyn case but the term will run concurrently with the sentence handed down Thursday.
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