“Former Apple Inc. general counsel Nancy Heinen has agreed to pay $2.2 million to settle options backdating charges, the U.S. Securities and Exchange Commission said on Thursday,” Karey Wutkowski reports for Reuters. “Heinen also agreed to be barred from serving as an officer or director of a public company for five years. She settled the case without admitting or denying the charges, the SEC said.”
“The charges relate to two large options grants to senior executives of Apple, including a grant to Chief Executive Steve Jobs of 7.5 million options in December 2001,” Wutkowski reports.
“The SEC said Heinen caused Apple to fraudulently backdate the two large grants — a February 2001 grant of 4.8 million options to Apple’s executive team, including herself, and the December 2001 grant to Jobs,” Wutkowski reports. “She was also charged with altering company records to conceal the fraud.”
“Apple, the fast-growing consumer electronics company, was also investigated for irregularities over its accounting for stock options awarded to employees,” Wutkowski reports. “The SEC later cleared the company after it cooperated with the investigation, but sued former Apple Chief Financial Officer Fred Anderson and Heinen.”
“Jobs has not been charged in the case,” Wutkowski reports. “Apple declined to comment on Heinen’s settlement.”
Full article here.
[Thanks to MacDailyNews Reader “Lurker_PC” for the heads up.]