High-ranking officials of the Ranch*1 restaurant chain were charged Wednesday with securities fraud, according to ABC News. Sebastian Rametta, president and chief executive officer as well as James Chickara, the chain's vice chairman, are two of a whopping 120 people named in 16 indictments and seven criminal complaints. According to a Reuters report, the charges stem from the publicly traded stock of 19 different companies.
Rametta, who acquired Ranch *1 in 1996, has since been responsible for the restaurants' operating systems and product development.
Chickara also stepped in at Ranch*1 in 1996. He had previously established Arnie's Bagelicious Bagels, Inc, a bagel manufacturing company based in New York which was bought by Quaker Oats in 1994.
ABC News and Reuters contributed to this story.