Former Apple General Counsel Settles Backdating Charges
The SEC said that company records pertaining to a grant of 4.8 million options to Apples senior executive team in February of 2001, and a grant of 7.5 million shares made to CEO Steve Jobs in December of 2001 had been altered to conceal what it called a fraud. The result was that Apple underreported its stock-related expenses by nearly $40 million.
The SEC had previously settled with Apple CFO Fred Anderson and had cleared Steve Jobs of any wrongdoing in the matter.The settlement terms included a payment of $2.2 million in repayment, interest and penalties and she is barred from service as an officer in a public company for five years. She did not admit or deny any wrongdoing in the matter. This should draw the a close to investigations surrounding Apple's backdating controversy.
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WASHINGTON (Reuters) - Former Apple Inc (NasdaqGS:AAPL - News) general counsel Nancy Heinen has agreed to pay $2.2 million to settle options backdating charges, the U.S. Securities and Exchange Commission said on Thursday.
Heinen also agreed to be barred from serving as an officer or director of a public company for five years. She settled the case without admitting or denying the charges, the SEC said.
The charges relate to two large options grants to senior executives of Apple, including a grant to Chief Executive Steve Jobs of 7.5 million options in December 2001.
Apple, the fast-growing consumer electronics company, was also investigated for irregularities over its accounting for stock options awarded to employees.
The SEC later cleared the company after it cooperated with the investigation, but sued former Apple Chief Financial Officer Fred Anderson and Heinen.
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http://biz.yahoo.com/rb/080814/apple_backdating.html
Really smart move, backdating those options. Greed does wonderful things. :rolleyes:
Greed?I doubt it.
You think Apple did this on purpose?
I call it cumbersome and confusing SEC regs. Just like the IRS.
Greed?
I doubt it.
You think Apple did this on purpose?
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