JMP Securities: Former Apple CFO Anderson likely lacks proof

Apple Store“Yesterday former Apple CEO Fred Anderson, who agreed to pay $3.5 million to make up for his personal gains in the company’s stock options scandal, pointed to Apple boss Steve Jobs by saying he informed the CEO of accounting implications related to the primary stock option grant in question,” MacNN reports.

“Research firm JMP Securities today predicted that Anderson’s claim is not likely documented, and that no evidence exists to back his claim,” MacNN reports.

Full article here.


  1. There’s always more to the story than what hits the media, but the fact remains that Fred Anderson was THE GUY in charge of making sure Apple’s financial reports were accurate and that all accounting was done according to proper standards. He failed, no matter the reason, and most damaging is that he happened to fail regarding a transaction in which he personally made millions of dollars.

    If his meetings w/Steve Jobs really did happen, he, being a CFO, and an experienced one at that, should have known to CYA. Because he didn’t, he either intentionally didn’t want documentation of the backdating or he thought they wouldn’t get caught and he would m ake a bunch of money (i.e., the risk was worth the reward).

    Unfortunately for him, he got caught.

  2. I wanted to comment on this story too. I am an attorney and when I read Fred Anderson’s statement I was immediately struck by the fact that he was making assertions without documentation. Either Anderson should have insisted on documentation from Steve Jobs or Anderson should have made requests from Steve Jobs, in writing, or both. I was amazed that Anderson would have the nerve to say: “Oh Steve said this and I said that”. That’s not how it works. If Steve was required to provide something or Anderson was required to advise Steve, then both would have been documeted. And if the accusations Anderson made had been documented, then Jobs would have been put out of office long ago.

  3. “it’s called CYA… and Anderson’s doing a bad job of it”

    I don’t think anyone doubts there was wrongdoing on Steve’s part. I think all anyone doubts is whether it can be proven. Fred and Nancy hold the key to convincing any jury.

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