Apple options back dating

And 23 companies have paid out nearly billion to settle class-action lawsuits by investors alleging that companies had failed to disclose backdating and its effect on earnings, according to Risk Metrics, a financial research and risk management firm.“I do think it was a real wake-up call for the industry, just given the number of people caught up in improper conduct,” said Marc Fagel, regional director for the SEC in San Francisco.While a few cases are still pending, court records and news reports show at least 13 executives were convicted.

All told, however, federal prosecutors around the country charged at least 22 corporate executives with criminal violations related to backdating over the last five years.But there were other companies at which the violations were serious and had to be addressed.” Brandon Bailey can be reached at 408-920-5022.Nancy Heinen (pictured), the former general counsel at Apple has agreed to pay .2 million in disgorgement, interest and penalties and be barred from serving as an officer or director of any public company for five years to settle complaints arising from the alleged backdating of Apple options, according to a release put out today by the Securities and Exchange Commission.backdate two large options grants to senior executives of Apple — a February 2001 grant of 4.8 million options to Apple’s Executive Team and a December 2001 grant of 7.5 million options to Apple Chief Executive Officer Steve Jobs — and altered company records to conceal the fraud.The complaint alleges that as a result of the backdating Apple underreported its expenses by nearly million.A jury found Reyes guilty on 10 counts of securities fraud, but an appellate court ruled the trial was tainted by a prosecutor’s improper statements in court. He said the practice artificially inflated company earnings and stock values, in many cases “enabling executives to reap larger cash bonuses and sell their stock at a higher price.” The government’s investigations, as well as changes in accounting rules, have made companies more sensitive to legal requirements around backdating, added Grundfest.“There certainly were companies that were unnecessarily tortured because of backdating violations.This page provides a product summary for each Apple model.The intent is to provide our best recommendations regarding current product cycles, and to provide a summary of currently available rumors for each model.Another headline-grabbing case collapsed last month, when a different judge dismissed charges against two executives of Southern California chip-maker Broadcom, while overturning a guilty plea by a third executive and excoriating prosecutors for misconduct.Nationwide, however, authorities have won at least 13 criminal convictions for backdating-related offenses, while the Securities and Exchange Commission says it brought 94 civil actions against companies and individual executives.

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