MDC Partners, the holding company for agencies such as Crispin Porter + Bogusky, KBS+ and 72andSunny, posted net losses of $444 million over the last decade (2005-2014) according to a Standard & Poor’s tally reported by the Globe and Mail.
The Globe and Mail report notes that the firm reported losses for nine of the last 10 years, the exception being a $100,000 profit in 2008.
Yet former company CEO Miles Nadal racked up some very handsome paydays as head of the company during that time. The Global and Mail puts his take at more than $70 million just since 2011.
Nadal left the firm last week under the cloud of an ongoing SEC investigation that officially began last October after months of probing that started earlier in the year after a whistleblower contacted the commission about accounting irregularities.
Nadal has already agreed to pay the company some $20 million in expenses deemed improper and retention bonuses that were paid, but that he didn’t stay long enough at the company to earn.
The full Globe and Mail report, which also details some the questionable accounting moves made by MDC, can be seen here.