Apple admits to backdating options
The Securities and Exchange Commission filed seperate charges against Treacy. Treacy is completely innocent of these charges and looks forward to being vindicated at trial," his lawyer Google.Google has not been accused of misleading investors by moving up the grant date of stock options, making them more profitable for the executives who received them.
Nancy Heinen, former general counsel for Apple, has reached a settlement with the Securities and Exchange Commission."The Committee determined that all options and other equity awards granted to the company's founders and all current and former members of the Board of Directors were properly granted," the statement reads, particularly singling out Chairman and CTO Henry Samueli, and all directors outside the company, as receiving only validly accounted-for options.If the SEC investigation's conclusions concur with those of the audit committee, the backdating scandals could take on a completely new dimension, as investigators begin to question whether tech corporations helped inflate their once-colossal "bubbles" by compensating middle managers, rather than executives, with non-existent cash.Nevermind the billion restatement of earnings by Broadcom over backdated stock options. A jury trial will commence on July 29th, with Nicholas joining co-founder Henry Samueli, former CFO William Ruehle and general counsel David Dull as defendants possibly taking the stand to describe their logical actions as sober and conscientious executives just doing their fiduciary duty to shareholders.I hate to try people outside the judicial system, but seriously, does anyone see any consequence beyond the lightest "club fed" sentence for these guys if found guilty?