Buca settles lawsuit with the SEC
The Star Tribune reported that the Buca restaurant chain settled a lawsuit with the SEC Friday over "a complicated scheme devised by former executives at the restaurant chain that had funneled money out of the company."
The civil action came after former CEO Joseph P. Micatrotto was sentenced to 13 months in jail earlier this year for his role in the scheme. The settlement imposed an injunction on Buca, Inc. that prohibits it from breaking SEC rules in the future and provides for stricter penalties if rules are broken.
The Pioneer Press ran a short Associated Press item on the settlement.