Print 20 comment(s) - last by wildmannz.. on Apr 29 at 9:12 AM

Even though the Apple board supports him, the SEC may take another look at Jobs' involvement with a stock options backdating scandal

Former Apple chief financial officer Fred Anderson's comments against CEO Steve Jobs may have given further life to the Securities and Exchange Commission's probe of Apple’s option backdating in 2001.  Anderson stated that he warned Jobs of the possible legalities of backdating Apple stock options, which may lead to federal investigators and the SEC to take a second look at the case.  

While Jobs will most likely still be clear of any charges, another SEC investigation will keep the attention on an issue that Apple quickly wants to move past.  The SEC has unofficially cleared Apple as a company, but declined to mention anything specifically about Jobs.

The Apple board officially said that it will continue to support Jobs throughout the scandal.  

"Steve Jobs co-operated fully with Apple's independent investigation and with the government's investigation of stock option grants at Apple," the board said in a statement.  "We have complete confidence in the conclusions of Apple's independent investigation, and in Steve's integrity and his ability to lead Apple."

Anderson and one other former Apple executive had legal action filed upon them earlier in the week.  Anderson has already filed settlement with the SEC, agreeing to turn over $3.5 million in fines.  In doing so, he neither admitted nor denied any wrongdoing in the 2001 options grant.

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RE: Not a big deal...
By TomZ on 4/26/2007 6:12:57 PM , Rating: 3
Yes, and if was wrong for Anderson, then it should be wrong for Jobs too, right?

RE: Not a big deal...
By rsmech on 4/26/2007 9:25:52 PM , Rating: 2
I agree, the only problem I have run across in business is proving that guilt. There is a fine line between illegal & unethical in business, to me there isn't. Either you screwed someone or you didn't. If you did it was wrong. Wrong should equal guilt

RE: Not a big deal...
By lemonadesoda on 4/28/2007 10:05:15 AM , Rating: 2
While your sentiment is laudable, in practice, it doesnt work. You cannot hold private business accountable to such methods while at the same time excluding governments from it. And govts (whether yours or other countries) are constantly screwing someone somewhere and USUALLY it's the taxpayer to the benefit of the civil servants.

RE: Not a big deal...
By Christopher1 on 4/29/2007 5:07:28 AM , Rating: 2
Ah, that's the rub... governments are NEVER or very rarely taken to task when they try to screw someone because they are the 'almighty government!' But have a person like Steve Jobs or someone even lower down do something wrong..... people are calling for their heads.

My own cousin recently had something happen like this. She qualifies for housing assistance since she has a newborn baby, and the government is trying to screw her for not getting the papers she needed when the civil servant DIDN'T WANT TO GIVE THEM TO HER WHEN SHE ASKED FOR THEM! She said "Come back later when you can pick up the forms for both you AND your boyfriend and fill them out at the same time!"

She did, now they are trying to say that she defrauded the government, though another bigger problem is that they have her listed as starting work a month and a half before she actually did!

RE: Not a big deal...
By melgross on 4/27/2007 12:59:48 AM , Rating: 2
It would be wrong for Jobs—if he did anything wrong.

There is much speculation over this but no facts to show that he did.

Anderson's lawyer is trying to make sure that Anderson's companies won't kick him out. He wants to have him look clean.

All we know is that Anderson supposedly said to Jobs that everything had to be done properly, and that jobs told him that it was. A top SEC official said that it was Andersons's job to make sure that it was, and he didn't.

That's not much.

If Jobs asked Heinen, who was responsible for the board minutes, as both General Counsel and Board secretary, and she replied that it was fine, then he is off the hook. It wasn't his job to dig further unless he suspected something.

RE: Not a big deal...
By Terrin on 4/27/2007 9:45:47 AM , Rating: 2
Wrong. Anderson is the CFO. That F stands for financial. That means it was his responsibility to make sure Apple's financial accounting was in order.

Jobs just wanted his options on the date most valuable to him. That isn't illegal. It was Anderson's job to make sure everyone received their options in a legal manner.

RE: Not a big deal...
By Christopher1 on 4/29/2007 5:08:48 AM , Rating: 2
Exactly right. Anderson only had to tell the board and shareholders that the stock was backdated. That's all he needed to do!

Why didn't he do it? Because he knew that the shareholders would HOWL about it.

RE: Not a big deal...
By wildmannz on 4/29/2007 9:12:30 AM , Rating: 2
The options backdating is not good for the company. The SEC are not prosecuting Jobs. They WERE prosecuting Anderson. There is a difference there - and reasons for both.

"This is from the It's a science website." -- Rush Limbaugh
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