SEC Sues Former Shoe Firm Officials: The...

SEC Sues Former Shoe Firm Officials: The Securities and Exchange Commission charged Earl Shub, former chairman of New York City Shoes, and Terry S. Rakoff, former chief financial officer of the firm, with falsifying information in financial statements to attract investors. Among other things, the suit charged that Shub took hundreds of thousands of dollars to repay loans he claimed to have made to the firm, but no such loans were reflected in company records. Shub and Rakoff agreed to a settlement under which they did not admit or deny the charges.