Top Comparator Executive Resigns Amid Probe

A top executive of Comparator Systems Corp., the controversial company accused of fraud by stock market regulators, has resigned, according to a document filed with the Securities and Exchange Commission.

Richard E. Floegel’s resignation as president, chief operating officer and member of Comparator’s board of directors will take effect Friday, the company said in a report filed Monday with the SEC.

Floegel joined the Newport Beach company one year ago, and has said in recent interviews that he was unaware of any alleged improper activity at Comparator, a maker of fingerprint scanning devices.

Floegel was not available for comment, but his attorney said the executive is departing to explore other business opportunities.

Floegel “is not accused of any wrongdoing and at this time he is speaking only for himself,” said Donald Etra, a Los Angeles attorney representing Floegel.

“He has always had excellent relations with all of the people he worked with at Comparator,” said Etra, who declined to offer any details about any job offers Floegel has received.

Other executives at Comparator could be reached for comment.

Comparator leaped into the national spotlight in early May when the company’s stock set three daily trading records on the Nasdaq market and soared in value from pennies per share to as high as $1.88.

But the surge caught the attention of stock market regulators. Last month the SEC filed a sweeping lawsuit against Comparator, accusing the company of lying about its finances, stealing its key product from a Scottish professor, and bilking investors by selling millions of shares of virtually worthless stock.

The SEC suit also seeks to bar three Comparator executives, including Chief Executive Robert R. Rogers, from ever serving as officers of any public company. Floegel was not named in the suit. Rogers has denied any wrongdoing.

Before joining Comparator, Floegel served six years as vice president of operations at Adaptive Information Systems Inc., a Mission Viejo company that makes document scanning devices.

Comparator’s stock was removed from Nasdaq by market regulators on June 11. Since then, small amounts of the company’s stock have been traded in private transactions outside recognized markets. The company’s stock closed at 6 cents per share on trading of 2.36 million shares Monday.

Comparator has more than 610 million shares of stock outstanding.