A former executive of Orthodontic Centers of America (OCA) has been charged with making false statements to accountants and auditors, and falsifying books and records to artificially inflate the value of the company, according to a news story in the Times Picayune.
Bartholomew Palmisano Jr., 39, who was the chief financial officer of the company from 1998-2001 and the chief operating officer from 2001-2005, is also accused of attempting to conceal the entries in the bookkeeping software and trying to make it appear as if another employee had made those entries, according to the story.
If convicted, Palmisano faces a maximum penalty of 20 years imprisonment, three years of supervised release, and a $5 million fine for each count, the Times reported.
OCA filed for bankruptcy in 2006 and is currently known as OrthoSynetics.
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