Steve Madden is a well-known American businessman who has worked his way into the lap of luxury and a very wealthy lifestyle. His net worth is estimated to be in the neighborhood of $120 million. You may have known he was rich, but how did he ever manage to amass such a huge fortune? It didn’t take a lot of research until the source of his wealth became evident. He’s an interesting character and here is what we found out.
Steve Madden was born in Far Rockaway, Queens. He is married to Wendy Ballew and together, the couple has two children. They know what it is to live the American dream, but their lives have not been easy or without serious complications. They’ve climbed to high pinnacles of success in business, but their personal lives have been in the depths of near ruin.
Steve Madden was a very wealthy CEO. He established the well-known footwear company called Steve Madden Ltd. This is one of the reasons why his name is practically a household words. His products are branded with his name and they’re quite popular with consumers. The source of Steve’s wealth comes directly from Steve Madden Ltd. The business that he and his wife build was acknowledged with a great honor in 2006 when it was named “Company of the Year.” This distinction was bestowed upon Steve Madden Ltd by the Footwear News Achievement Awards. It’s a highly coveted award, but it’s important to note that it was well-deserved.
Madden got derailed
Steve Madden was once the Chief Executive Officer of the company that he founded. Somewhere along the way, he lost his direction and committed illegal acts that cost him his position with the company and years of his freedom. He was compelled to resign as the Chief Executive Officer of Steve Madden Ltd and he was also removed from the company’s board. These actions were the result of his conviction for committing money and stock manipulation as well as securities fraud. His illegal actions were punished with a sentence to serve a total of 41 months in prison. He still had the authority to remain as an active employee of the company that he owned and he created the position of creative consultant for Steve Madden Ltd and paid himself a salary of $700,000 per year. This kept finances coming into the household for the family even though he was incarcerated.
Where the Maddens are today
Steve and Wendy Madden currently have a net worth of around $120 million. The couple lives together. Wendy Ballew was previously the director of operations for Steve Madden, Ltd, but is no longer working for the company. Although he has a criminal record for violations discovered by the Securities and Exchange Commission, he’s served his time. Madden finished serving his sentence and upon his release, he was ordered to live in a New York City halfway house for sixty days. He remained under house confinement for a certain period of time so the day of his release wasn’t the day that he was allowed to return home.
Steve Madden is a savvy businessman who knows how to make money, but unfortunately, he got caught up in financial activities that many others engage in, he just happened to get caught. Hopefully, he’s learned his lesson and will continue to grow as a human being and to prosper. His famous brand of footwear has not diminished in value or in popularity. It’s a fairly high-end brand that is sold in some of the finer retail stores throughout the United States.
With his past behind him, he has a new lease on life. Money isn’t a problem and he was smart enough to take actions that protected his family and his interests while he was serving out his sentence in prison. There are many lessons to be learned from Madden’s story. It’s a chapter in his life that can never be forgotten. It’s doubtful that there was much comfort in his wealth during the long months that became years that he lost his freedom. He and his family paid a high price for a few misguided actions that could have cost him everything.