Yesterday, Bleeding Cool reported on IDW Media Holdings Vice Chairman Stephen Brown’s recent federal indictment as part of a money-laundering scandal involving Joseph Menaged, father of disgraced reality TV star Yomtov Scott Menaged. This followed Brown’s naming in a civil suit by the New York Attorney General for completely separate fraud charges related to credit card transaction firm Cardis back in March. But it seems our story should have read “former IDW Media Holdings Vice Chairman,” as a representative of IDW has informed us that Stephen Brown resigned from the IDW Media Holdings Board of Directors back in April, a month after the New York civil suit and around the same time as the federal criminal case was filed.
However, there was no announcement of Brown’s resignation at that time or since. The quiet resignation is in contrast to when Brown joined the IDW Media Holdings board in 2017, at which point the company issued a press release, saying:
Mr. Brown does not have any Legal/Disciplinary History, Related Party Transactions or Family Relationships with respect to IDW that require disclosure pursuant to Item 11 of Section One of the OTC Markets Alternative Reporting Standard’s Disclosure Guidelines for OTCQX companies. Mr. Brown does not beneficially own any equity securities of IDW, and will receive $12,000 per year as compensation for his services as an outside director.
Asked whether there was an announcement made about Brown’s resignation, an IDW rep told us that current board member names are listed on their website as well as in financial statements. Our previous story has been updated to reflect Brown’s severing of ties with IDW Media Holdings and lack of affiliation with the company over the past six months.