Defendant Name: Rica Foods, Inc.

Defendant Type: Public Company
SIC Code: 2015
CUSIP: 76258220

Initial Case Details

Legal Case Name SEC v. Rica Foods, Inc. and Calixto Chaves
First Document Date 29-Dec-2008
Initial Filing Format Civil Proceeding
Case Number 08-cv-23546
Allegation Type Issuer Reporting and Disclosure
Federal District Court Florida, Southern District of Florida

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Additionally, Calixto Chaves is alleged to have aided and abetted Rica Foods, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Calixto Chaves is alleged to have aided and abetted Rica Foods, Inc.'s violation of Sec 13(a) of the Exchange Act.
Calixto Chaves is alleged to have aided and abetted Rica Foods, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Calixto Chaves is alleged to have aided and abetted Rica Foods, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Calixto Chaves is alleged to have aided and abetted Rica Foods, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Calixto Chaves is alleged to have aided and abetted Rica Foods, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.

Resolutions

First Resolution Date 29-Dec-2008

Related Documents:

complaint_08-cv-23546 29-Dec-2008 Complaint
Complaint for Injunctive and Other Relief
The SEC stated: "Calixto Chaves, while serving as Chief Executive Officer ("CEO") of Rica Foods, Inc. ("Rica"), engaged in pervasive self-dealing. . . . Although its most senior executive officer was consummating millions of dollars in related-party transactions, Rica failed to disclose the transactions and encumbrances in the annual and quarterly reports and financial statements the company filed with the Commission between 2000 and 2005. Moreover, Rica significantly misstated its assets, stockholders' equity, and net income (loss) on its financial statements by improperly recording the value of the assets it purchased from Chaves and his family."
LR-20839 29-Dec-2008 Litigation Release
SEC Files Settled Financial Fraud Case against Rica Foods and its Former CEO
The SEC stated that: "it filed settled civil injunctive actions against Rica Foods, Inc. (“Rica”) and its former Chief Executive Officer, Calixto Chaves, a resident of Costa Rica. Rica, headquartered in Costa Rica, traded on the American Stock Exchange until it was delisted in November 2006. According to the SEC’s complaint, while serving as CEO of Rica, Chaves engaged in pervasive self-dealing resulting in millions of dollars in related-party transactions which Rica failed to disclose in its SEC filings and the improper valuation of millions in assets Chaves caused Rica to purchase from him and his family."
court_doc14_08-cv-23546 24-Feb-2009 Court Docket Document
Final Judgment as to Defendant Rica Foods, Inc.
On February 24, 2009, the Court issued a final judgment as to defendant Rica Foods, Inc., stating: "Defendant Rica Foods, Inc. ("Rica") . . . consented to the entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to subject matter and personal jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Judgment."

Other Defendants in Action:

Calixto Chaves