|
|
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| SEC.gov | Michael A. Baker and Michael T. Gluk |
| |
| |
| |
| |
| |
| |
| |
| !function(){var e=navigator.userAgent,a=document.documentElement,n=a.className;n=n.replace("no-js","js"),/iPad|iPhone|iPod/.test(e)&&!window.MSStream&&(n+=" ua-ios"),a.className=n}(); |
| {"path":{"baseUrl":"\/","pathPrefix":"","currentPath":"node\/512116","currentPathIsAdmin":false,"isFront":false,"currentLanguage":"en"},"pluralDelimiter":"\u0003","suppressDeprecationErrors":true,"gtag":{"tagId":"","consentMode":false,"otherIds":[],"events":[],"additionalConfigInfo":[]},"ajaxPageState":{"libraries":"eJxdT0GOwzAI_JBdn_oei2DkeINNZLC22devlaZS2wtiBhhmcKNUTPo97jxyaXEH3GJpiZrFhQW38A4cMqgeYQGlV19JFTKpQ-kUmvQKXP7I0cO4tC2kPnbg2wVdFslM0SCHPMs3vsEPPD7J6hgOGdPCKJyoRxxqUuePHjLLAuzVjimenRJGSLW08NoBK9LUn6SHlrytVOlcpJShB63QLSpBx_WkOzHNePol4fRQo_qMPvQ36ZXsAmd99lMNr2t_GUR9n60EyX9a_wePd5ns","theme":"uswds_sec","theme_token":null},"ajaxTrustedUrl":[],"gtm":{"tagId":null,"settings":{"data_layer":"dataLayer","include_classes":false,"allowlist_classes":"","blocklist_classes":"","include_environment":false,"environment_id":"","environment_token":""},"tagIds":["GTM-TD3BKV"]},"data":{"extlink":{"extTarget":false,"extTargetAppendNewWindowDisplay":true,"extTargetAppendNewWindowLabel":"(opens in a new window)","extTargetNoOverride":false,"extNofollow":false,"extTitleNoOverride":false,"extNoreferrer":false,"extFollowNoOverride":false,"extClass":"0","extLabel":"(link is external)","extImgClass":false,"extSubdomains":true,"extExclude":".*\\.gov|http:\/\/www.xbrl.org\/utr\/2013-05-17\/utr.xml|http:\/\/www.xbrl.org\/dtr\/type\/numeric-2009-12-16.xsd|http:\/\/www.xbrl.org\/dtr\/type\/nonNumeric-2009-12-16.xsd|https:\/\/secir.secure.force.com\/ombudsman\/OMMSForm","extInclude":"","extCssExclude":".data-exempt","extCssInclude":"","extCssExplicit":"","extAlert":true,"extAlertText":"You are now leaving the SEC Website. The link you have selected is located on another server. Please click on the OK button below to proceed to the selected site. The SEC does not endorse this web site, its sponsor, or any of the policies, activities, products, or services offered on the site or by any advertiser on the site.","extHideIcons":false,"mailtoClass":"0","telClass":"","mailtoLabel":"(link sends email)","telLabel":"(link is a phone number)","extUseFontAwesome":false,"extIconPlacement":"append","extPreventOrphan":false,"extFaLinkClasses":"fa fa-external-link","extFaMailtoClasses":"fa fa-envelope-o","extAdditionalLinkClasses":"","extAdditionalMailtoClasses":"","extAdditionalTelClasses":"","extFaTelClasses":"fa fa-phone","allowedDomains":null,"extExcludeNoreferrer":""}},"user":{"uid":0,"permissionsHash":"e506dfd1572f94bd1f339f1a7483bfbded31d4a9d2bdfdca3fdbc235153380ee"}} |
| |
| |
| |
| |
| |
|
|
| |
| |
|
|
| |
| |
|
|
| |
| Skip to search field |
| |
|
|
| |
| Skip to main content |
| |
|
|
| |
|
|
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| An official website of the United States government |
| Here’s how you know |
| |
| |
| Here’s how you know |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Official websites use .gov |
| |
| |
| A .gov website belongs to an official government organization in the United States. |
| |
| |
| |
| |
| |
| |
| |
| |
| Secure .gov websites use HTTPS |
| |
| |
| A lock |
| ( Lock A locked padlock ) |
| or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites. |
| |
| |
| |
| |
| |
| |
| |
|
|
| |
|
|
| |
| |
|
|
| |
| |
| |
| SEC homepage |
| |
| |
| |
| |
|
|
| |
| Menu |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| |
|
|
| |
| Close |
| |
| |
| |
|
|
| |
| |
|
|
|
|
| |
|
|
| |
| |
| Search SEC.gov & EDGAR |
| |
| |
| |
| |
| |
| Search |
| |
| |
| |
|
|
|
|
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Search Filings |
| |
| |
| |
| |
| |
| |
| |
| |
| Search Filings |
| |
| |
| |
| |
| |
| |
| |
| |
| Full Text Search |
| |
| |
| |
| |
| |
| Latest Filings |
| |
| |
| |
| |
| |
| Mutual Fund Search |
| |
| |
| |
| |
| |
| Variable Insurance Products Search |
| |
| |
| |
| |
| |
| SIC Codes |
| |
| |
| |
| |
| |
| CIK Lookup |
| |
| |
| |
| |
| |
| Public Dissemination Service (PDS) |
| |
| |
| |
| |
| |
| Search Assistance |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| Submit Filings |
| |
| |
| |
| |
| |
| |
| |
| |
| Submit Filings |
| |
| |
| |
| |
| |
| |
| |
| |
| EDGAR Filer Management Portal |
| |
| |
| |
| |
| |
| EDGAR Filing Portal |
| |
| |
| |
| |
| |
| Online Forms Management Portal |
| |
| |
| |
| |
| |
| EDGAR Next |
| |
| |
| |
| |
| |
| Forms Index |
| |
| |
| |
| |
| |
| Filer Support & Resources |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| Data & Research |
| |
| |
| |
| |
| |
| |
| |
| |
| Data & Research |
| |
| |
| |
| |
| |
| |
| |
| |
| Data Library |
| |
| |
| |
| |
| |
| Statistics & Data Visualizations |
| |
| |
| |
| |
| |
| Structured Data |
| |
| |
| |
| |
| |
| Investment Management Data |
| |
| |
| |
| |
| |
| Open Data at the SEC |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| Rules, Enforcement, & Compliance |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Rules & Regulations |
| |
| |
| |
| |
| |
| |
| |
| |
| Rulemaking Activity |
| |
| |
| |
| |
| |
| Submit Public Comments |
| |
| |
| |
| |
| |
| Staff Guidance |
| |
| |
| |
| |
| |
| No-Action, Interpretive, and Exemptive Letters |
| |
| |
| |
| |
| |
| Self-Regulatory Organization Rulemaking |
| |
| |
| |
| |
| |
| Public Petitions for Rulemaking |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Enforcement & Litigation |
| |
| |
| |
| |
| |
| |
| |
| |
| Litigation Releases |
| |
| |
| |
| |
| |
| Administrative Proceedings |
| |
| |
| |
| |
| |
| Administrative Law Judge Orders and Initial Decisions |
| |
| |
| |
| |
| |
| Trading Suspensions |
| |
| |
| |
| |
| |
| Distributions to Harmed Investors |
| |
| |
| |
| |
| |
| Receiverships |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Compliance |
| |
| |
| |
| |
| |
| |
| |
| |
| Examination Priorities |
| |
| |
| |
| |
| |
| Risk Alerts |
| |
| |
| |
| |
| |
| Compliance Outreach Program |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Proposed Rules |
| |
| |
| |
| |
| |
| What's New |
| |
| |
| |
| |
| |
| Whistleblower Program |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| Featured Topics |
| |
| |
| |
| |
| |
| |
| |
| |
| Featured Topics |
| |
| |
| |
| |
| |
| |
| |
| |
| Crypto Task Force |
| |
| |
| |
| |
| |
| Cybersecurity |
| |
| |
| |
| |
| |
| Market Structure Analytics |
| |
| |
| |
| |
| |
| Saving and Investing for Military Personnel |
| |
| |
| |
| |
| |
| Saving and Investing for Teachers |
| |
| |
| |
| |
| |
| SEC-CFTC Harmonization Initiative |
| |
| |
| |
| |
| |
| Treasury Clearing Implementation |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| About |
| |
| |
| |
| |
| |
| |
| |
| |
| About |
| |
| |
| |
| |
| |
| |
| |
| |
| Mission |
| |
| |
| |
| |
| |
| Commissioners |
| |
| |
| |
| |
| |
| Divisions & Offices |
| |
| |
| |
| |
| |
| Division & Office Directors |
| |
| |
| |
| |
| |
| Advisory Committees |
| |
| |
| |
| |
| |
| Budget & Performance |
| |
| |
| |
| |
| |
| Reports & Publications |
| |
| |
| |
| |
| |
| Commission Votes |
| |
| |
| |
| |
| |
| Contact the SEC |
| |
| |
| |
| |
| |
| Careers |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| Submit a Tip or Complaint |
| |
| |
| |
| |
| |
|
|
|
|
|
|
|
|
| |
|
|
| |
| |
| |
| |
| |
| Newsroom |
| |
| |
| | |
| |
| |
| Investors |
| |
| |
| Small Businesses |
| |
| |
| Whistleblowers |
| |
| |
| |
|
|
|
|
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| Newsroom |
| |
| |
| | |
| |
| |
| Investors |
| |
| |
| Small Businesses |
| |
| |
| Whistleblowers |
| |
| |
| |
|
|
|
|
| |
|
|
| |
| |
| |
|
|
|
|
| |
|
|
| |
| |
| Search SEC.gov & EDGAR |
| |
| |
| |
| |
| |
| Search |
| |
| |
| |
|
|
|
|
| |
|
|
|
|
| |
| |
| |
|
|
| |
| |
| |
|
|
|
|
| |
| |
| |
| |
|
|
| |
|
|
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| More in this Section |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| Enforcement & Litigation |
| |
| |
| |
| |
| |
| |
| Litigation Releases |
| |
| |
| |
| |
| Administrative Proceedings |
| |
| |
| |
| |
| Administrative Law Judge Orders and Initial Decisions |
| |
| |
| |
| |
| Trading Suspensions |
| |
| |
| |
| |
| Distributions to Harmed Investors |
| |
| |
| |
| |
| Receiverships |
| |
| |
| |
| |
| Electronic Filings in Administrative Proceedings (eFAP) |
| |
| |
| |
| |
| Rules of Practice |
| |
| |
| |
| |
| Applications for Reentry |
| |
| |
| |
| |
| Reports of Investigations |
| |
| |
| |
| |
| Whistleblower Program |
| |
| |
| |
| |
| Public Alert: Unregistered Soliciting Entities (PAUSE) |
| |
| |
| |
| |
| SEC Action Lookup - Individuals (SALI) |
| |
| |
| |
| |
| Enforcement Data Delivery Standards |
| |
| |
| |
| |
| Small Businesses |
| |
| |
| |
| |
| Appellate Briefs |
| |
| |
| |
| |
| Amicus / Friend of the Court Briefs |
| |
| |
| |
| |
| |
| |
|
|
|
|
|
|
|
|
| |
|
|
| |
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| Enforcement & Litigation |
| |
| |
| |
| |
| |
| |
| Litigation Releases |
| |
| |
| |
| |
| Administrative Proceedings |
| |
| |
| |
| |
| Administrative Law Judge Orders and Initial Decisions |
| |
| |
| |
| |
| Trading Suspensions |
| |
| |
| |
| |
| Distributions to Harmed Investors |
| |
| |
| |
| |
| Receiverships |
| |
| |
| |
| |
| Electronic Filings in Administrative Proceedings (eFAP) |
| |
| |
| |
| |
| Rules of Practice |
| |
| |
| |
| |
| Applications for Reentry |
| |
| |
| |
| |
| Reports of Investigations |
| |
| |
| |
| |
| Whistleblower Program |
| |
| |
| |
| |
| Public Alert: Unregistered Soliciting Entities (PAUSE) |
| |
| |
| |
| |
| SEC Action Lookup - Individuals (SALI) |
| |
| |
| |
| |
| Enforcement Data Delivery Standards |
| |
| |
| |
| |
| Small Businesses |
| |
| |
| |
| |
| Appellate Briefs |
| |
| |
| |
| |
| Amicus / Friend of the Court Briefs |
| |
| |
| |
| |
| |
| |
|
|
|
|
|
|
|
|
| |
|
|
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Home |
| |
| |
| Enforcement and Litigation |
| |
| |
| Litigation Releases |
| |
| |
| Michael A. Baker and Michael T. Gluk |
| |
| |
| |
|
|
| |
|
|
| |
|
|
| |
| |
| |
| Michael A. Baker and Michael T. Gluk |
| |
|
|
| |
| |
|
|
|
|
| |
| |
| |
| |
| |
| |
| |
|
|
| |
|
|
| |
| |
| U.S. SECURITIES AND EXCHANGE COMMISSION |
|
|
| Litigation Release No. 22315 / April 2, 2012 |
|
|
| Accounting and Auditing Enforcement Release No. 3375 / April 2, 2012 |
|
|
| Securities and Exchange Commission v. Michael A. Baker and Michael T. Gluk, Civil Action No. 1:12-cv-00285 (W.D. Tex.) |
|
|
| On April 2, 2012, the Securities and Exchange Commission sued two former executives at Austin, Texas-based ArthroCare Corporation to recover bonus compensation and stock sale profits they received during a period when the company's financial statements were misstated due to accounting fraud. |
|
|
| According to the SEC's complaint filed in federal court in Austin, former ArthroCare CEO Michael A. Baker and former CFO Michael T. Gluk are not charged with personal misconduct, but they are still required under Section 304 of the Sarbanes-Oxley Act (SOX) to reimburse ArthroCare for bonuses and stock profits that they received after the company filed false financial statements during 2006, 2007, and the first quarter of 2008. |
|
|
| SOX Section 304 requires reimbursement by some senior corporate executives of certain compensation and stock sale profits received while their companies were in material non-compliance with financial reporting requirements due to misconduct. This can include an individual who has not been personally charged with the underlying misconduct or alleged to have otherwise violated the federal securities laws. |
|
|
| This is the third enforcement action that the Commission has brought arising out of ArthroCare's accounting misconduct. The Commission previously settled charges against ArthroCare, see Rel. No. 34-63883 (February 9, 2011), and against John Raffle and David Applegate, two former ArthroCare executives alleged to have conducted the scheme to inflate the company's revenues and earnings. See Rel. No. 22027 (July 5, 2011). |
|
|
| SEC Complaint in this matter |
| |
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
| |
|
|
| |
| |
|
|
| |
|
|
| |
| |
| Return to top |
| |
|
|
| |
| |
| SEC homepage |
| |
| |
| |
|
|
| |
| |
| |
| |
|
|
| |
| |
| |
| |
| About the SEC |
| |
| |
| |
| |
| |
| Budget & Performance |
| |
| |
| Careers |
| |
| |
| Commission Votes |
| |
| |
| Contact |
| |
| |
| Contracts |
| |
| |
| |
| |
| |
| |
| |
| Transparency |
| |
| |
| |
| |
| |
| Accessibility & Disability |
| |
| |
| Super Intelligence |
| |
| |
| FOIA |
| |
| |
| Inspector General |
| |
| |
| No FEAR Act Data |
| |
| |
| Ombuds |
| |
| |
| SEC Excess Personal Property Guidance |
| |
| |
| |
| |
| |
| |
| |
| Websites |
| |
| |
| |
| |
| |
| Investor.gov |
| |
| |
| Related Sites |
| |
| |
| USA.gov |
| |
| |
| |
| |
| |
| |
| |
| Site Information |
| |
| |
| |
| |
| |
| Plain Writing |
| |
| |
| Privacy & Security |
| |
| |
| Site Map |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
|
|
|
|
|
|
| |
|
|
| |
| |
| Stay connected. Sign up for email updates. |
| |
| |
| |
| |
| |
| Your email address |
| |
| Sign Up |
| |
|
|
| |
| |
| |
| |
| |
| |
| |
| |
| |
| X |
| |
| |
| |
| |
| |
| |
| |
| Facebook |
| |
| |
| |
| |
| |
| |
| |
| Instagram |
| |
| |
| |
| |
| |
| |
| |
| RSS |
| |
| |
| |
| |
| |
| |
| |
| YouTube |
| |
| |
| |
| |
| |
| |
| |
| Email Updates |
| |
| |
| |
| |
| |
| |
| |
| |
|
|
| |
|
|
| |
|
|
| |
| |
| |
|
|
| |
| |
|
|
