May 30, 2014 by Brad Perriello
A federal judge in Texas denies acquittal bids by the former CEO and CFO of ArthroCare, who are facing criminal charges that they led a $400 million scheme to defraud investors.
The former CEO and CFO for ArthroCare (NSDQ:ARTC) must face criminal fraud charges in Texas in an alleged $400 million scheme to dupe investors, after a federal judge this week shot down their bids for acquittal.
In a terse order issued May 28, Judge Sam Sparks of the U.S. District Court for Western Texas denied motions for acquittal by ex-ArthroCare CEO Michael Baker and former CFO Michael Gluk. Sparks did not elucidate his reasons for not letting the duo off the hook.