Red Robin ex-CEO settles SEC fraud charges over pay

LOS ANGELES (Reuters) - Former Red Robin Gourmet Burgers Inc. (RRGB.O) Chief Executive Michael Snyder agreed to pay a $250,000 civil penalty and to be barred as an officer and director to settle charges he misrepresented personal travel costs as business expenses, the U.S. Securities and Exchange Commission said on Monday.

The SEC said 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, the SEC said.

Snyder agreed to the settlement without admitting or denying the charges.

As for Red Robin itself, the company said it has been notified by the SEC that the investigation has been terminated with no enforcement action recommended.

Also on Monday, a federal judge in Denver gave preliminary approval to a $1.5 million settlement in a 2005 class action lawsuit brought by Red Robin shareholders against the company, Snyder and other directors and members of management.

The defendants denied any wrongdoing.