So what does a disgraced former holding company CEO do with his time now that he’s been effectively banned from the industry?
If you're Miles Nadal, who on his way to driving MDC Partners into the ground tried to expense cosmetic surgery fees among other flagrant transgressions of SEC regulations, you channel Imelda Marcos and buy shoes. Really expensive shoes.
According to various reports, Nadal spent over $1 million on shoes at a Sotheby’s auction earlier this week, including $467,500 for just one pair of vintage Nike “Moon Shoes.”
In 2017, the SEC ordered Nadal to pay $5.5 million in civil penalties and banned him for five years from serving as an officer or a director of a public company as a result of his MDC-related shenanigans.
No problem apparently. He’ll buy shoes!
The SEC action stemmed from Nadal’s failure to disclose perks, benefits and other forms of compensation he received totaling more than $11 million between 2009 and 2014, when he was CEO of MDC. The SEC stated in an order that Nadal “knew or was reckless in not knowing, that [company proxy statements] contained materially false and misleading” information about his total compensation.
In the order, the SEC said the improperly received perks included cosmetic surgery, private aircraft usage, yacht and sports car-related expenses, jewelry, pet care, charitable donations in Nadal’s name, vacation and personal travel expenses, club memberships, medical expenses for Nadal and his family and other items “for which supporting documentation or information was incomplete.”
The order noted that not only did Nadal violate a slew of SEC regulations, but his behavior also caused MDC to violate a number of rules as well, including failure to keep records that “accurately and fairly reflect their transactions and dispositions of their assets.”
Also, Miles is a total car nut. He even has a car museum in Toronto. Which is where the aforementioned “Moon Shoes” will be on display.