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ArthroCare Ex-Chief Baker Gets 20-Year Term for Fraud

ArthroCare Corp.’s former Chief Executive Officer Michael Baker, convicted in June of a $756 million securities fraud, was sentenced to 20 years in prison.

Baker, 55, and his accomplice, ex-finance chief Michael Gluk, 56, were convicted in June of conspiracy and wire fraud for running a “stuffing” scheme from 2005 to 2009 that placed millions of unneeded medical devices with distributors at the end of each quarter to falsely inflate ArthroCare’s financial results. Baker was also ordered yesterday to pay a $1 million fine. Gluk was sentenced to 10 years in prison and fined $50,000.