USA: Fashion Executive Pleads Guilty To Money Laundering
Elliot Lavigne faces up to 20 years in jail and may be ordered to give back as much as $7.7m of profits.
Federal authorities allege that Mr Lavigne earned quick profits by manipulating about two dozen initial public offerings underwritten by a defunct New York firm.
Mr Lavigne was previously chief operating officer for Donna Karan Jeanswear and chief executive officer of Jordache Enterprises, where he developed the FUBU label.
Sources say that under an agreement negotiated with federal prosecutors, Mr Lavigne is likely to be sentenced to 37 to 46 months in jail.
Companies: Jordache Enterprises
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Apparel and denim maker Jordache Enterprises has acquired the upmarket Earl Jean brand from the VF group, the company said today (28 February)....
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