New Management Cleaning Up 'Legacy Issues'; Cites New Company's Leadership
METAIRIE, La., Feb 13 /PRNewswire/ -- OrthoSynetics(TM), the largest provider of business services to orthodontic and dental practices worldwide, today lauded the Securities and Exchange Commission's (SEC) suit against Bart Palmisano, Jr., former chief financial officer and chief operating officer of OCA, Inc. (OCA). In conjunction with the filing of the complaint, Palmisano, Jr. consented to the entry of an order imposing a $100,000 fine and a 10 year bar from serving as an officer or director of a public company. OrthoSynetics(TM) is the new trade name of OCA since OCA emerged from bankruptcy last year.
"We are pleased that the SEC has brought this suit and resolved its claims against Palmisano, Jr. This represents a closing chapter in the legacy of the old OCA," said Chris Roussos, president and CEO of OrthoSynetics(TM). "The suit was expected and is consistent with the complaint we previously filed against the old OCA's management and directors. We cooperated with the SEC throughout this process and there were no surprises in their findings."
The SEC's complaint alleges that Palmisano, Jr. fraudulently manipulated OCA's financial accounting systems to overstate OCA's revenue to meet Wall Street expectations for every quarter from 1998 to September 2001. Mr. Palmisano, Jr.'s manipulations, as set forth in the complaint, were to OCA's corporate financial reporting. Neither the SEC nor the company has identified any instances that impacted the integrity of its affiliated doctors' financial statements.
This complaint comes just more than one year after the company emerged
from bankruptcy. During the past year, OrthoSynetics(TM), has significantly
overhauled its management team and its accounting systems.
OrthoSynetics(TM) , which is now privately held, has an independent board
of directors, new management team, a
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