A federal judge on Friday sentenced a former top executive at Tommy Hilfiger’s handbag licensee to more than five years in prison for defrauding the firm of more than $19 million.
This story first appeared in the November 24, 2008 issue of WWD. Subscribe Today.
Martin Bodner, who was chief financial officer at Tommy Hilfiger Handbags and Small Leather Goods Inc., pled guilty in September to using his position to secretly increase his compensation, submit fake expenses and put one of his sons on the payroll for a no-show job.
According to the U.S. Attorney’s office for Manhattan, Judge P. Kevin Castel sentenced Bodner to 66 months in prison on mail fraud and wire fraud charges.
U.S. Attorney Michael Garcia included a chart in a sentencing memorandum that showed the scale to which Bodner’s theft harmed the firm. In 2007, for example, Bodner took $4.5 million while the company recorded a $2.8 million loss.
Bodner, 60, used the money to purchase three New York apartments, a home on Long Island and several luxury cars, including two Jaguars and two Audis.
Castel sentenced Bodner to an additional three years of supervised release following his prison term, and ordered him to pay a $12,500 fine as well as $17.3 million in restitution. He has already forfeited the home on Long Island, an apartment and several cars.
Bodner began working for the company in March 2000 and started siphoning off funds after he was named cfo the following year. He was arrested in December 2007 following an FBI investigation.