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Rica Foods, Ex-CEO Settle SEC Fraud Charges

Law360 (December 30, 2008, 12:00 AM EST) -- Costa Rican poultry and animal feed company Rica Foods Inc. and its former CEO have settled charges by the U.S. Securities and Exchange Commission of pervasive self-dealing and concealing millions of dollars in transactions from investors.

On Monday in the U.S. District Court for the Southern District of Florida, the SEC settled its case against former Rica CEO Calixto Chaves, who resigned in 2005.

As part of the settlement, the company and Chaves are enjoined from violating various sections of the Securities and Exchange Act. Chaves...
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