Steven H Madden, the former chief executive of women's footwear firm Steven Madden Ltd who was recently convicted on stock fraud charges, plans to sell 161,000 shares valued at $3.2 million.

Details of the filing were released yesterday by the Securities and Exchange Commission.

Madden received two 41-month prison sentences (the first in April and the second last week) for his conviction on stock fraud charges. He helped penny-stock firms Monroe Parker Securities and Stratton Oakmont Inc manipulate a number of initial public offerings, including that of his own company.