Ex-Fashion Exec Lavigne Charged With Fraud

Elliot Lavigne, a former fashion executive at Salant Corp., faces federal criminal and civil suits alleging he made more than $7 million in illegal profit by helping the Stratton Oakmont Inc. brokerage manipulate 23 initial public offerings, the Securities and Exchange Commission said. Lavigne, of Saddle River, N.J., is ex-chairman of Salant’s Perry Ellis division, and also has worked as executive vice president of marketing at Salant, the SEC said. The U.S. Attorney’s Office for the Eastern District of New York filed criminal charges against Lavigne, and the SEC filed a civil lawsuit in a New York federal court, the SEC said. Lavigne’s lawyer declined comment. Stratton, located in Lake Success, N.Y., from 1989 to 1996, was one of the largest and most notorious stock “boiler room” operations in history, the SEC said.