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Former MDC Partners chief Miles Nadal has already paid the company back $8.6 million and owes an additional $12.7 million in the wake of the SEC inquiry into his expenses, company CFO David Doft told financial analysts on MDC's second-quarter earnings call.
Last month, Nadal quit the company he founded amid the continuing investigation.
Doft, along with new CEO Scott Kauffman, reassured Wall Street the continuing inquiry has not cost MDC agency affiliates any business or caused problems with talent recruitment or retention.
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