SEC to Explore Allegations of Jobs Involvement in Backdating Scandal
April 26, 2007 2:59 PM
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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...
4/27/2007 9:45:47 AM
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...
4/29/2007 5:08:48 AM
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.
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