Sec stock option backdating cases


16-Oct-2020 23:50

sec stock option backdating cases-16

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For that, the feds seek disgorgement of the ill-gotten gains (about

For that, the feds seek disgorgement of the ill-gotten gains (about $1.6 million), plus an order barring her from serving as an officer or director of a public company.That's a big hit for Heinen who, at 50, presumably had lots of mileage left in her career.At the end of the day, Jobs dodged a bullet because of 1) his value to Apple's shareholders, 2) his value to the U. economy, and 3) just plain luck that neither Apple's board nor the SEC found a smoking gun to force them to do something they didn't want to do.) general counsel Nancy Heinen has agreed to pay $2.2 million to settle options backdating charges, the U. Securities and Exchange Commission said on Thursday.Or that an investigation by Disney into options backdating at Pixar also cleared Jobs of any wrongdoing, even though he helped negotiate the deal in which Pixar's star film director, John Lasseter, received backdated options.The bottom line: Claims that Jobs was unaware of the accounting implications of backdating are hardly believable, but there was no evidence to the contrary.In a settlement announced concurrent with the complaint, Anderson - who neither admitted nor denied the allegations - agreed to pay back $3.6 million and never to do bad stuff again.That seemed like a contradiction to me, but whatever.

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For that, the feds seek disgorgement of the ill-gotten gains (about $1.6 million), plus an order barring her from serving as an officer or director of a public company.

That's a big hit for Heinen who, at 50, presumably had lots of mileage left in her career.

At the end of the day, Jobs dodged a bullet because of 1) his value to Apple's shareholders, 2) his value to the U. economy, and 3) just plain luck that neither Apple's board nor the SEC found a smoking gun to force them to do something they didn't want to do.

) general counsel Nancy Heinen has agreed to pay $2.2 million to settle options backdating charges, the U. Securities and Exchange Commission said on Thursday.

Or that an investigation by Disney into options backdating at Pixar also cleared Jobs of any wrongdoing, even though he helped negotiate the deal in which Pixar's star film director, John Lasseter, received backdated options.

The bottom line: Claims that Jobs was unaware of the accounting implications of backdating are hardly believable, but there was no evidence to the contrary.

In a settlement announced concurrent with the complaint, Anderson - who neither admitted nor denied the allegations - agreed to pay back $3.6 million and never to do bad stuff again.

.6 million), plus an order barring her from serving as an officer or director of a public company.That's a big hit for Heinen who, at 50, presumably had lots of mileage left in her career.At the end of the day, Jobs dodged a bullet because of 1) his value to Apple's shareholders, 2) his value to the U. economy, and 3) just plain luck that neither Apple's board nor the SEC found a smoking gun to force them to do something they didn't want to do.) general counsel Nancy Heinen has agreed to pay .2 million to settle options backdating charges, the U. Securities and Exchange Commission said on Thursday.Or that an investigation by Disney into options backdating at Pixar also cleared Jobs of any wrongdoing, even though he helped negotiate the deal in which Pixar's star film director, John Lasseter, received backdated options.The bottom line: Claims that Jobs was unaware of the accounting implications of backdating are hardly believable, but there was no evidence to the contrary.In a settlement announced concurrent with the complaint, Anderson - who neither admitted nor denied the allegations - agreed to pay back .6 million and never to do bad stuff again.That seemed like a contradiction to me, but whatever.

sec stock option backdating cases-57

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Said another way, do the feds really need to dig that deep to find enough rope to hang executives with?

You see, if you backdate stock options to a date when the price of the stock was lower, then the options are "in-the-money" when granted.

That means the company incurs an expense equal to the difference in the share price between the two dates.

If you cover it up and fail to report that expense, the way Apple's folks allegedly did, well, that amounts to accounting fraud.

While a few of those 38 terminations may turn out to be the result of such activity, it's likely that the vast majority fell on their swords to avoid sullying the good names of their companies.

Never mind that Anderson, in a press release, claimed to have informed Jobs of the accounting implications of backdating options in 2001.



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