“Before emerging from one of the most high-profile options backdating cases with little more than a slap on the wrist, former Apple (AAPL) executive Fred Anderson landed some parting shots of his own,” Peter Burrows reports for BusinessWeek.
“The Securities & Exchange Commission brought an apparent end to its investigation of the handling of stock options at Apple by charging two former executives, Chief Counsel Nancy Heinen and Chief Financial Officer and Director Anderson, for their roles in improperly issuing two large options grants in 2001. Except for a shareholder suit, Apple is likely out of the woods on the legal front. The SEC said it won’t bring enforcement actions against the company, citing Apple’s ‘swift, extensive and extraordinary cooperation in the Commission’s investigation.’ And having received a pass from the SEC, it is unlikely Apple will face any criminal charges from the Justice Dept., legal experts and financial analysts say. ‘Most investors think this is an all-clear,’ says Piper Jaffrey analyst Gene Munster,” Burrows reports.
Burrows reports, “But longtime CFO Anderson, known for his even-tempered, behind-the-scenes persona, did not go quietly. He has largely bucked any serious personal legal damage, settling charges against him and agreeing to pay a $150,000 fine and repay $3.5 million in windfalls from backdated options. He didn’t admit or deny guilt—though his lawyer issued a statement that points a finger at Apple Chief Executive Steve Jobs for his role in the scandal and calls into question a statement issued by Apple in December that exculpated Jobs for his role.”
Full article here.
[Thanks to MacDailyNews Reader “Alison” for the heads up.]