Wall Street Fraud
Former CyberCare Executives Fined for SEC violations
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Editor: Debra G. Speyer, Esq.
Profession: Attorney
Category: Fraud in the News
The Securities and Exchange Commission fined two former CyberCare executives for securities violations. Michael Morrell, the former CEO and John Haines, former Senior Vice President were fined and their future involvement with other corporations will be limited per an agreement with the SEC. CyberCare was delisted from NASDAQ after its stock fell from $100 a share down to pennies. The company filed for bankruptcy protection in 2005 as did numerous high flying internet firms during the tech burst. CyberCare listed its debt in the bankruptcy as between 50 and 100 million dollars.
The SEC complaint also claimed that Morrell and Haines signed a Form 10-KSB in April 2000 knowing it contained false information. There was a time during the post tech boom in which one could not open the Wall Street Journal without seeing a new company and its executives under investigation for cooking the books. Hopefully this next generation of corporate execs have learned the lessons of their predecessors.
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