Douglas Dey, a former Southold resident who previously ran Calverton-based South Bay Apparel, pleaded guilty on Thursday to bribing an executive at global clothing brand Aéropostale in a plan that reportedly earned his company hundreds of millions of dollars in sales.
According to Newsday, Dey said he split South Bay's profits making t-shirts during the 1990s and 2000s as the company expanded nationwide. The scheme reportedly netted Dey's company $350 million, and government officials said the plan put $14 million in the pair's pockets.
The report stated that Dey agreed to forfeit property worth $7.5 million, and no date has been set for his sentencing in the U.S. District Court for the Eastern of New York.
Dey's alleged conspirator, Christopher Finazzo, goes to trial Nov. 12.