Arthrocare Exec Cops To $400M Securities Fraud Scheme

Law360, Houston (May 9, 2013, 7:46 PM EDT) -- A former executive of surgical instrument maker ArthroCare Corp. on Thursday admitted he participated in a scheme to inflate company earnings by tens of millions of dollars and hid sales terms and commission payment information, leading to a $400 million loss for investors.

David Applegate, 54, pled guilty to one count of conspiracy to commit securities, mail and wire fraud and a count of making false statements on a Form 10-K filed with the U.S. Securities and Exchange Commission that materially misrepresented ArthroCare’s quarterly and annual...
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