A pair of former ArthroCare (NSDQ:ARTC) executives found guilty of defrauding investors drew hefty prison sentences last week for their parts in a scheme estimated to have cost investors more than $750 million.
Ex-ArthroCare CEO Michael Baker was sentenced August 29 to 20 years and former CFO Michael Gluk was sentenced to 10 years by Judge Samuel Sparks of the U.S. District Court for Western Texas.
Federal prosecutors wanted a 30-year sentence for Baker and a 20-year term for Gluk. The duo was indicted last year on 17 counts of conspiracy to commit fraud for their alleged roles in running a scheme designed to defraud investors. After their convictions,
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