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.
"I f***ing cannot play Halo 2 multiplayer. I cannot do it." -- Bungie Technical Lead Chris Butcher
SEC Brings Charges on Two Former Apple Execs
April 24, 2007, 5:06 PM
WebOS Class Action Settlement Costs HP $57 Million
April 1, 2014, 10:22 AM
IBM Workers Strike Over Terms of Deal That Will Have Them Working for Lenovo
March 6, 2014, 9:29 AM
Google Picking Up Artificial Intelligence Company "DeepMind" for $400 Million
January 27, 2014, 9:25 AM
Quick Note: Qualcomm Grabs up Palm, IPAQ, and Bitfone Patent Portfolio from HP
January 24, 2014, 9:18 AM
Verizon Buys Intel Media OnCue Cloud TV assets
January 21, 2014, 10:26 AM
Google's First Asian Data Centers Now Operational
December 11, 2013, 8:50 AM
Most Popular Articles
A Bug's Life: Female Cave Bugs Have Penises, Penetrate Males for Three Days
April 17, 2014, 7:20 PM
Quick Note: Toyota Attempts to Erase “Boring” Image with ’15 Camry SE Hybrid
April 16, 2014, 11:36 AM
HTC Hires Former Samsung Marketing Chief Who Developed "Galaxy" Brand
April 18, 2014, 6:00 PM
Project Moonshine: Google's Plan to Flatten Android App Icons Leaks
April 16, 2014, 1:46 PM
Microsoft Announces the First Steps in Its "Universal Apps" Program
April 15, 2014, 7:59 PM
Latest Blog Posts
Facebook Aims to Provide Internet to "Every Person in the World" with Drones, Satellites
Apr 1, 2014, 10:20 AM
Retail Mobile Sites Experience Outages in Light of Simplexity's Bankruptcy
Mar 14, 2014, 8:48 AM
Tesla vs. BMW: Who Has the Safer EV?
Feb 1, 2014, 2:56 PM
Justice Leaks Details of Next HTC One Two Flagship Phone
Dec 5, 2013, 4:04 PM
Global Cyber Espionage Concerns Reveal Growing Cyber Armies
Nov 29, 2013, 11:04 AM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information