Michael Snyder

Los Angeles, CA: (Jun-05-07) The US Securities and Exchange Commission filed charges against former Red Robin Gourmet Burgers Inc. Chief Executive Michael Snyder, alleging that the he misrepresented personal travel costs as business expenses. The suit claimed that Snyder's misrepresentations caused the restaurant chain to fail to report material amounts of his compensation in regulatory filings from 2002 through 2004. During those three years, Snyder incurred costs of $1.2 million for charter jet travel, hotel and dinner expenses for which he submitted misrepresentative expense reports and invoices, according to the SEC report. Snyder did not admit to or deny the allegations, though he agreed to a monetary settlement of a $250,000 civil penalty and to be barred as an officer and director of the company. [EARTH TIMES: BUSINESS EXPENSES]

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Published on Jun-5-07