Two Sides To Every Story: Marc Jacob’s COO Fired For Cooking the Books

June 17, 2011 • Designers, Fashion Blog, Legally Yours

We were wondering when Marc Jacobs would say something. According to today’s NY Post the designer’s former chief operating officer Patrice Lataillade wasn’t fired because he complained about employees being forced to pole dance, but because he was cooking the books to the tune of $20 million, the company charged yesterday.

Lataillade had filed suit against the designer earlier this year, charging he was canned from his $1 million-a-year job as both the chief financial and operating officer of Marc Jacobs International after he complained about rampant harassment of employees by company President and co-founder Robert Duffy.

It took a while, but the company finally fired back yesterday, accusing Lataillade in court filings of having inflated the public company’s financial performance by millions of dollars so he could collect big-buck bonuses. “Through his manipulation of MJI’s financial performance, Lataillade was able to extract hundreds of thousands of dollars in bonus payments for himself” that “he would not have received had Lataillade presented the true financial performance of MJI.” Audits revealed the total of “false and inflated entries” exceeded $20 million, the filing says.

Apparently all was unearthed last July after a new vice president of finance was hired. The company also loaned Lataillade $60,000 in 2008 that he was supposed to repay by the end of 2009, but never did, the filing says.

The company is seeking unspecified money damages from Lataillade and said his claims are “pure fantasy.”

Read more here.

Source & photo: NY Post

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