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Former CEO at Buca pleads guilty to wire fraud

Former CEO at Buca pleads guilty to wire fraud

by Rick Turoczy on June 20, 2006

Prosecutors accused Joseph P. Micatrotto, 54, former chief executive officer of restaurant chain Buca Inc., of getting a Buca vendor to pay him $65,000 so he could pay off a debt from a failed restaurant. Authorities have alleged the vendor got the money back by inflating one of its bills to Buca.

Prosecutors charged Micatrotto, 54, with wire fraud because he failed to disclose the $65,000 payment on Buca’s 10K filing with the Securities and Exchange Commission.

Sarbanes-Oxley, enacted during a 2002 wave of corporate scandals, stiffened penalties for corporate fraud and required CEOs and chief financial officers to personally certify in writing the accuracy of company financial statements.

“The message we want to send is that financial certification requirements mean what they say, and if you’re a CEO or a CFO and you violate that, expect to be prosecuted for that,” said Assistant U.S. Attorney Hank Shea.

Former CEO at Buca pleads guilty to wire fraud

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