Any hope founder of American Apparel Dov Charney had of returning to the company may have gone out the window this week, after it was revealed that the Securities and Exchange Commission opened an inquiry into the circumstances leading to his departure.
The New York Times reports that American Apparel learned last month that the SEC had begun an investigation in matters related to Charney’s conduct while at the company, including the handling of company finances.
The company said in a filing this week that the investigation was initiated “with respect to matters arising from” the internal review into Charney’s behavior. American Apparel says it will cooperate fully with the investigation.
In June 2014 when Charney was first ousted, the company said that he was fired for allowing employees to be publicly shamed and for just being a jerk in general.
Company documents publicized after the initial ousting suggested that Charney misused company property and funds. In some instances, the board says Charney used American Apparel money to pay for family members’ travel, as well as letting friends use homes paid for by the company when they weren’t being used by Charney.
Problems continued to arise for Charney while he was acting in a consultant capacity for the company. Soon after he was suspended by the board, a video hit the Internet that purportedly showed him dancing around naked in front of employees.
Finally, in December, American Apparel announced that Charney would officially leave the company following an internal investigation for “alleged misconduct and violations of company policy.”
At the time, the company said “it would not be appropriate for Mr. Charney to be reinstated as CEO or an officer or employee.”
Dov Charney in S.E.C. Investigation, American Apparel Says [The New York Times]
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