2 former ArthroCare executives are fined by SEC for an earnings ‘scheme’
Two former ArthroCare executives sanctioned for earnings ‘scheme’ (Austin American Statesman)
David Applegate and John Raffle, both former company vice presidents, accepted a five-year ban from serving as officers at any company that offers registered securities and agreed they would not violate federal securities laws, according to court documents. Neither man admitted any wrongdoing as part of the settlement. Both resigned from ArthroCare in December 2009.
Raffle also agreed to pay $175,000 and Applegate $55,000 to settle the case. Raffle’s ex-wife, Kathy Raffle, agreed to repay $200,000 she received in a divorce settlement that was ruled to have been the result of her husband’s improper acts, according to court documents.