PAR Technology, a provider of point-of-sale systems to the hospitality industry, fired CFO Michael S. Bartusek on Monday, saying he violated corporate policy by making unauthorized investments with company funds.
In a regulatory filing, PAR said the investments totaled less than $900,000 and were made between Sept. 25, 2015 and Nov. 6, 2015. Bartusek was hired as CFO on July 20, 2015.
The filing said outside counsel, assisted by an independent forensic consultant, began an investigation into the use of the funds after Karen E. Sammon took over as CEO on Jan. 1. The issue was brought to the attention of PAR’s audit committee by Sammon, according to the filing.
“As directed by the audit committee, the company has reported this matter to federal law enforcement agencies, including the U.S. Securities and Exchange Commission, and the company has initiated a thorough review of its internal controls,” PAR said.
On news of Bartusek’s termination, PAR’s stock fell 14% to $5.35 in trading Monday. It had risen 5% over the past three months.
Before joining PAR, Bartusek served as CFO of Sutherland Global Services. He also previously worked for Xerox Global Services as director of finance for North American operations, held various financial positions at GE Capital, and was a senior manager at PwC.
PAR said it had begun a search to replace Bartusek and Matthew J. Trinkaus will continue to serve as acting treasurer and principal accounting officer. Sammon is the daughter of John Sammon Jr., who founded PAR in 1968 and served as CEO until 2011.