December 3, 2014 by Brad Perriello
Ex-ArthroCare CFO Michael Gluk, convicted along with former CEO Michael Baker of a nearly $750 million scheme to defraud investors, joins Baker’s motion for a new trial.
Former ArthroCare (NSDQ:ARTC) CFO Michael Gluk, convicted for his part in a scheme estimated to have cost investors more than $750 million and sentenced to 10 years in prison, yesterday joined former ArthroCare CEO Michael Baker’s motion for a new trial.
Baker was sentenced August 29 to 20 years and former ArthroCare CFO Michael Gluk drew 10 years from Judge Samuel Sparks of the U.S. District Court for Western Texas.
Federal prosecutors sought 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, Baker and Gluk asked Sparks to grant their motions for acquittal (Baker also asked for a new trial). Sparks declined, ruling that neither defendant showed that the testimony and evidence in the trial was not credible. The judge also ordered the pair to repay $22.2 million in illicit profits and sentenced them to 5 years of supervision after their terms are served.