Image from Simon Birch
On Monday it was reported that Conan Hayes, founder of RVCA, was arrested for fraud relating to the sale of his house just after the sale of RVCA to Billabong for $7.5 million. He is accused of taking advantage of a program offered by mortgage lenders to assist homeowners in financial hardship, which caused the Bank of America to drop $586,245 in property value. Not sure how you argue that one… More on it here.
Follow that with the news that Ezekiel founder Shaine Joseph LaVoie is in a little hot water for defrauding family and friends of about US$800k to fund a pretty spectacular lifestyle. LaVoie told potential investors they could earn up to 100% back on their stake in a close out scheme selling end of line jeans from Japan. Check more on that one here.