MDC Partners in Trouble with Investors Over CEO Spending
Chief executive agrees to pay back millions owed to his own company.
MDC Partners, the holding company that owns Allison+Partners, Kwittken, Sloane & Company, and quite a few ad agencies, took a big hit on the stock market today thanks to an SEC investigation into CEO Miles Nadal’s previously undisclosed expenses.
During yesterday’s earnings call as transcribed by Seeking Alpha, CFO David Doft revealed this:
“In October, the company received a Subpoena from the Securities and Exchange Commission relating to CEO expenses, the company’s goodwill and certain other accounting practices, as well as trading in the company’s securities by third parties.”
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