Former Apple CFO to Repay $3.5 Million in Stock Options Backdating Scandal

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Date: Tuesday, April 24th, 2007, 09:40
Category: News

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If you can’t beat ’em, settle. According to the Wall Street Journal, former Apple Inc. chief financial officer Fred Anderson has settled with the Security Exchange Commission on allegations that he backdated stock options during his time at Apple.
Unnamed sources claim that Anderson will both pay a fine of approximately US$150,000 as well as repay option gains of US$3.5 million in exchange for not admitting any wrongdoing.
Anderson, along with Apple’s former counsel, Nancy Heinen, were the focus of an SEC investigation for their part in a January, 2001 stock option grant approved by Apple CEO Steve Jobs. According to a Mercury News article published on Monday, both Anderson and Heinen received options under the grant.
According to the Wall Street Journal, the SEC is expected to pursue a civil lawsuit against Heinen in which Heinen will be accused of self-dealing on the stock option grant in addition to charges connecting her to a separate grant in which 7.5 million stock options were awarded to Steve Jobs. These options had been backdated through falsified minutes of a board meeting that hadn’t actually occurred.
Heinen is expected to contest these charges.


fruitlogo1.jpg
If you can’t beat ’em, settle. According to the Wall Street Journal, former Apple Inc. chief financial officer Fred Anderson has settled with the Security Exchange Commission on allegations that he backdated stock options during his time at Apple.
Unnamed sources claim that Anderson will both pay a fine of approximately US$150,000 as well as repay option gains of US$3.5 million in exchange for not admitting any wrongdoing.
Anderson, along with Apple’s former counsel, Nancy Heinen, were the focus of an SEC investigation for their part in a January, 2001 stock option grant approved by Apple CEO Steve Jobs. According to a Mercury News article published on Monday, both Anderson and Heinen received options under the grant.
According to the Wall Street Journal, the SEC is expected to pursue a civil lawsuit against Heinen in which Heinen will be accused of self-dealing on the stock option grant in addition to charges connecting her to a separate grant in which 7.5 million stock options were awarded to Steve Jobs. These options had been backdated through falsified minutes of a board meeting that hadn’t actually occurred.
Heinen is expected to contest these charges.

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