Timeline of Recent MDC Events In Case You've Been Sleeping
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Last week, MDC CEO Miles Nadal and his former Chief Accounting Officer Michael Sabatino stepped down amid an SEC investigation. The announcement came late last Monday evening, but it wasn’t out of the blue. When the company announced the SEC investigation in June, it also said that the investigation had been going on since October. Since then, the agency services holding company has undergone a number of changes. To keep track of those events — including a largely unreported board revamp affecting MDC execs Lori Senecal and Stephen Pustil — Ad Age has parsed a timeline.
October 2014: SEC begins an investigation into MDC Partners that will ultimately look into the company’s accounting practices, trading information and Mr. Nadal’s expenses.
February 2015: MDC adopts a new aircraft policy requiring Mr. Nadal “to reimburse the company for the allocated cost of the corporate aircraft for travel by any of his family members.”
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