TIMES SQUARE, Manhattan (WABC) -- The Times Square headquarters of fashion executive Peter Nygard's company was the target of raids Tuesday by the FBI and NYPD, a law enforcement official told ABC News.
The searches were conducted Tuesday morning at 1431 Broadway as part of a sex trafficking investigation into Nygard, according to Nicholas Biase, a spokesman for the US Attorney's office for the Southern District of New York.
Searches usually indicate the investigation is in the early stages and are not an immediate precursor to criminal charges.
On February 13, a lawsuit was filed in which women identified only as Jane Does Nos. 1-10 accused Nygard of grooming and enticing underage girls and women to his Bahamas estate, where he would sexually assault them.
The 78-year-old has apparently been under investigation for several months.
Nygard has denied the allegations.
Spokesperson Ken Frydman issued the following statement blaming the raids on hedge fund manager and investor Lous Bacon, CEO of Moore Capital Management, who according to published reports is Nygard's neighbor in the Bahamas and has been involved in a long-running dispute with the fashion icon.
"As a direct result and in furtherance of the conspiracy planned by billionaire Louis Bacon, federal agents have executed a search and seizure on Nygard offices in California and New York. As with the other actions taken as a result of Louis Bacon's conspiracy, Nygard is not surprised by this latest action. When witnesses are paid to lie and others are paid millions of dollars to set up Peter Nygard, as Louis Bacon and his co-conspirators did and as The New York Times reported this past Sunday, it is not surprising that law enforcement would look into the fabricated and manufactured claims. Nygard welcomes the federal investigation and expects his name to be cleared. He has not been charged, is not in custody and is cooperating with the investigation. The federal agents should similarly execute a search and seizure on Louis Bacon, Zack Bacon, Moore Capital Management, Moore Charitable Foundation and the other people and entities that were identified in Nygard's RICO lawsuit filed against Louis Bacon."
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Fashion executive Peter Nygard's Manhattan company target of FBI, NYPD raids over sex trafficking allegations