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Ex-CEO Pleads to Sarbox 302 Violation

Joseph Micatrotto received a $65,000 payment from a vendor so he could pay off a personal debt, then failed to disclose this payment in the annual report of the company.

> > Federal prosecutors have finally secured a guilty plea under Section 302 of Sarbanes-Oxley, which requires CEOs and CFOs to certify financial results for their company, according to the Associated Press.
Joseph Micatrotto, former chief executive officer of restaurant chain Buca Inc., pleaded guilty to wire fraud. Micatrotto was charged because he failed to disclose this payment in the annual report filed for Buca with the SEC. The U.S. Attorneys Office for the District of Minnesota had also charged former chief financial officer Greg Gadel with mail fraud and wire fraud and John Motschenbacher, who held a number of finance-related posts, with two counts of mail fraud.
Source: CFO


Published:2006-06-22
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