SEC to Explore Allegations of Jobs Involvement in Backdating Scandal
April 26, 2007 2:59 PM
comment(s) - last by
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.
This article is over a month old, voting and posting comments is disabled
What next ?
4/27/2007 8:07:05 AM
Some interesting options below-
The agency said it would not pursue enforcement action against Apple, but said that decision does not bar further civil claims against other Apple executives.
If Jobs is not named in an SEC lawsuit, he probably will also avoid criminal prosecution, said defense attorney and former federal prosecutor Scott Christie.
"It would be odd for the SEC to decline an investigation for lack of evidence and the U.S. Attorney to then pursue a case criminally ... they would feed each other," Christie, a lawyer at McCarter & English, said in an interview.
Christie said that prosecutors generally start low in the corporate hierarchy and work up to the ultimate target of the investigation by obtaining cooperation through plea deals.
"It remains to be seen whether that is the strategy and how effective it will be," he said.
Prosecutors will have to move quickly if they want to pursue fraud charges related to the 2001 options grants because a five-year statute of limitations on such cases could expire soon, said Jeffrey Rosen, a former SEC attorney and now a defense lawyer with Cozen O'Connor in Washington, D.C.
"If anything is going to happen criminally it should happen pretty soon," Rosen said.
"So if you want to save the planet, feel free to drive your Hummer. Just avoid the drive thru line at McDonalds." -- Michael Asher
SEC Brings Charges on Two Former Apple Execs
April 24, 2007, 5:06 PM
Sony May Consider Spinning Off Entertainment Division
May 22, 2013, 8:19 AM
Seawater Cooling Saves Data Center Big Bucks, Energy, Despite Jellyfish Issues
May 17, 2013, 3:23 PM
Dell Profits Shrink as Contenders Battle to Buyout Company
May 17, 2013, 9:32 AM
AMD, Microsoft Beat Analyst Estimates, Despite Struggles
April 19, 2013, 12:02 PM
Botched Malwarebytes Security Update Cripples Thousands of Computers
April 18, 2013, 10:59 AM
South Korean Police Raid Samsung Offices During OLED Investigation
April 10, 2013, 11:48 AM
Most Popular Articles
Source: Don't Worry, NSA Spies on "99 Percent" of Americans' Locations, Call Records
June 14, 2013, 3:57 PM
Report: Intel Delays 14 nm Broadwell, Schedules Haswell Refresh for 2014
June 17, 2013, 5:30 PM
NSA Leaker May be Killed in Drone Strike Says Ron Paul
June 17, 2013, 11:18 AM
Report: Apple to Release Larger iPhone Screens, Cheaper iPhone for $99
June 13, 2013, 9:41 AM
Just How Powerful is the Xbox One? Microsoft is Confused
June 18, 2013, 11:30 AM
Latest Blog Posts
Lumosity: Does it Work?
May 22, 2013, 8:20 PM
Quick Note: Sony "Teases" PS4 Ahead of Xbox Reveal in New Video
May 20, 2013, 12:33 PM
Nokia Introduces Instagram-Like App of Its Own to Help Lumia Sales
May 20, 2013, 7:10 AM
Parents of Pre-Teen Drivers Commonly Practice Distracted Driving Says Study
May 9, 2013, 7:16 AM
Apple's iOS 7 Running Into Internal Delays Due to Massive Overhaul
May 1, 2013, 4:26 PM
More Blog Posts
Copyright 2013 DailyTech LLC. -
Terms, Conditions & Privacy Information