The Securities and Exchange Commission has charged former Endocare Inc. chief executive Paul Mikus and chief financial officer John V. Cracchiolo with accounting fraud.
The SEC complaint alleges that the men overstated revenue at the medical device company in 2001 and 2002 , with the company overstating revenues as much as 33 percent in one quarter. The complaint also says that fraudulent accounting caused earnings to be overstated at least 16 percent in all of 2001. The company has already restated its earnings for both years and said that it doesn't plan to make any further corrections as a result of the investigation.
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