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Ex-CEO Pleads to Sarbox 302 Violation

Ex-CEO Pleads to Sarbox 302 Violation

by Rick Turoczy on June 21, 2006

Federal prosecutors have finally secured a guilty plea under Section 302 of Sarbanes-Oxley, which requires CEOs and CFOs to certify their company’s financial results, according to the Associated Press.

The AP reported that Joseph Micatrotto, former chief executive officer of restaurant chain Buca Inc., pleaded guilty to wire fraud for receiving a $65,000 payment from a vendor, High Wire Networks, so he could pay off a personal debt. High Wire then inflated one of its bills to Buca, according to the report.

Ex-CEO Pleads to Sarbox 302 Violation

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