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Former ArthroCare (ARTC) CEO Convicted of $750 Million Securities Fraud In Retrial



8/21/2017 7:01:21 AM

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A federal jury in Texas last week handed former ArthroCare CEO Michael Baker another loss in his second trial over an alleged $750 million fraud scheme, after a federal appeals court last year overturned his first conviction.

Baker and ex-ArthroCare CFO Michael Gluk were convicted in June 2014 on charges that they ran a scheme to generate false revenue numbers by dumping inventory, first with a distributor called DiscoCare and eventually via free shipments to end-users. ArthroCare was DiscoCare’s only client until it acquired DiscoCare in December 2007.

Read at MassDevice
Read at Sacramento Bee


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