An ongoing US Securities and Exchange investigation has led to the resigination of Miles Nadal from his position as CEO and Chairman of MDC Partners.
The investigation dates back to October, when it was revealed that Nadal had agreed to pay back $8.6 million in questionable expenses from 2009 to 2014, including travel and medical expenditures.
The investigation also encompasses MDC’s accounting practices and third-party trading in the company’s securities.
Nadal, who founded MDC in 1980, will be succeeded by Scott L Kauffman, who has served as presiding director on the company’s board of directors. Irwin Simon, a current member of the company’s board, will replace Nadal as MDC’s presiding director. Read more at Campaign.