Jacobs Fined $1 Million For Fashion Show Bribes
Fashion designer MARC JACOBS has agreed to pay a $1 million (GBP666,000) fine after admitting he bribed an official to land a dream location for his New York fashion shows.
Jacobs was found to have made a series of payments from 2000 to 2007, through an agent, to James Jackson, the former superintendent of the 69th Regiment Armory, in exchange for the use of the armory's drill hall.
Jackson has pleaded guilty to grand larceny, admitting he pocketed $35,000 (GBP23,000) in cash and goods from Jacobs.
He will be sentenced in December (08), and faces a maximum of 15 years in prison.
As part of Jacobs' sentence, a private monitoring agency will review all his operations for the next two years.
A spokesperson for Jacobs says, "We are pleased that this matter has been resolved. We have already taken and will continue to take steps to avoid incidents of this nature in the future."