ArthoCare CEO & CFO Fined $400 Million: We Want Them Banned For Life
May 30, 2014
The Department of Justice it appears is all about executives paying the “fine” and skipping out on “time.” However the former CEO and CFO for ArthroCare (NSDQ:ARTC) must face criminal fraud charges in Texas in an alleged $400 million scheme to dupe investors, after a federal judge this week shot down their bids for acquittal.
In a terse order issued May 28, Judge Sam Sparks of the U.S. District Court for Western Texas denied motions for acquittal by ex-ArthroCare CEO Michael Baker and former CFO Michael Gluk. Sparks did not elucidate his reasons for not letting the duo off the hook.
Until these Judges can’t put guys behind bars then they better take a page from the NBA playbook and start and start by making Michael Baker and Michael Gluk: Banned for Life from working in the device and pharma industry. And as taxpayers shouldn’t we have right to know where that $400 million is allocated? Read the full story on Mass Device