U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20146 / June 6, 2007
SEC v. Michael J. Snyder, (United States District Court for the District of Colorado, Civil Action No. 07-CV-01162)
Court Enters Final Judgment Against Former CEO Charged With Fraud Arising From Failure to Report Compensation
The Securities and Exchange Commission announced today that the Colorado federal district court entered a Final Judgment by consent on June 5, 2007 against Michael J. Snyder of Ketchum, Idaho, in connection with a civil fraud case filed against Snyder. The final judgment enjoined Snyder, the former CEO of Red Robin Gourmet Burgers, Inc., ("Red Robin") from engaging in future violations of the antifraud and other provisions of the federal securities laws, ordered Snyder to pay a civil penalty of $250,000 and barred him from serving as an officer or director of a public company.
The Commission filed its action against Snyder on June 4, 2007. The complaint alleged that Snyder misrepresented his personal travel expenses as business expenses to Red Robin and its accountants, causing Red Robin to fail to report material amounts of Snyder's compensation in Commission filings for the years 2002 through 2004.
For more information, see Litigation Release No. 20142.