Apple’s former chief financial officer, Fred Anderson, late Monday settled with the Securities and Exchange Commission regarding his alleged role in the company’s stock options backdating, according to a Wall Street Journal report.
WSJ reported that Anderson settled with the SEC and agreed to pay a fine of approximately $150,000 and to repay option gains of approximately $3.5 million.
Citing unnamed sources, the Journal reported that nder terms of the settlement, Anderson will not admit to any wrongdoing, and won’t be “barred from serving as a corporate officer or board member of public companies.”
The Journal report said that the SEC is expected to pursue a civil lawsuit against former general counsel Nancy Heinen, who unidentified sources say will be accused of manipulating one of her own option awards and a grant to CEO Steve Jobs, is likely to contest the charges.
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[Thanks to MacDailyNews Reader “Dizzy D.” for the heads up.]
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that’s a chunk of change..
although, in cfo circles it’s probably walkin’ around money.
He got off lightly… looks like he slipped em and iPod under the table….
No kidding, that was light. I wonder why?
Could we have the SEC clear Steve Jobs in time for the earnings conference call? That would be nice to see ‘no touch’ closure on that file.
Who gets the $3.5 mil? The gov or the shareholders?
I hate it when the glass ceiling gets a guy.
He slipped ’em an iPhone.
“He got off lightly… looks like he slipped em and iPod under the table….”
Or some testimony against bigger fish.
The price of freedom is not cheap.
Apple doesn’t pay dividends. It’s 3.5 million added back into a quarter from a few years ago.
@MT MacPhee
“Who gets the $3.5 mil? The gov or the shareholders?”
That’s was my first question. If the gov is saying that it was taken illegally from the shareholders, then every penny better go back to the shareholders.