Apple backdating

Posted by / 13-Nov-2019 09:26

Apple backdating

I count no fewer than 38 top executives at 19 high-tech companies that have bit the dust over this stuff.We're talking top executives at big-name companies like Apple, Altera, Broadcom, Brocade, Cirrus Logic, Comverse, KLA-Tencor, Maxim, Mc Afee, Rambus, Sanmina-SCI, Take Two, Trident, Verisign, and Vitesse. That's serious fallout considering that options backdating is legit as long as the company reports it and accounts for it accurately.She was also charged with altering company records to conceal the fraud.The SEC said Apple underreported its expenses by nearly million as a result of the backdating.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.

As for Jobs, a report from Apple's internal investigation indicated that, while he was indeed aware of the options backdating, "he did not financially benefit from these grants or appreciate the accounting implications." In addition to vindicating Jobs, that same report fingered Heinen and Anderson.

But how does that relate to hiring prostitutes and drugging customers without their knowledge?

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

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

As for Jobs, a report from Apple's internal investigation indicated that, while he was indeed aware of the options backdating, "he did not financially benefit from these grants or appreciate the accounting implications." In addition to vindicating Jobs, that same report fingered Heinen and Anderson.

But how does that relate to hiring prostitutes and drugging customers without their knowledge?

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

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.

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As for Jobs, a report from Apple's internal investigation indicated that, while he was indeed aware of the options backdating, "he did not financially benefit from these grants or appreciate the accounting implications." In addition to vindicating Jobs, that same report fingered Heinen and Anderson.But how does that relate to hiring prostitutes and drugging customers without their knowledge?Said another way, do the feds really need to dig that deep to find enough rope to hang executives with?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.

.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.

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Of course, they may have actually been pushed on their swords by their boards, but let? In the case of Apple, not only did the board send two sacrificial lambs to slaughter, but the feds hung some pretty hefty charges on their necks to boot. VP, General Counsel, and Secretary Nancy Heinen, and former CFO and director Fred D. The SEC's complaintfocuses on the backdating of two large option grants, one of 4.8 million shares for Apple's executive team and the other of 7.5 million shares for Steve Jobs.

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