Restricted stock backdating polyamory dating seattle
Anderson got nailed because, according to the complaint, he should have noticed what Heinen was doing and either stopped it or reported the expense properly.
He also exercised and sold 750,000 back-dated shares.
This apparently violates a whole bunch of SEC rules.
Anderson had already retired in 2004 so, except for giving up some money and his board seat, he got off relatively easy, compared to Heinen.
As for Jobs, a report from Apple's internal investigation indicated that, while he was indeed aware of the options backdating, "he did not financially benefit from these grants or appreciate the accounting implications." In addition to vindicating Jobs, that same report fingered Heinen and Anderson.
It turns out that Jobs did, indeed, receive backdated options—just not at his own direction. 18, 2001, when the stock stood at $21.01, the company gave Jobs a monster 7.5-million-share options grant dated Oct. By doing so, the company gave Jobs $20 million in compensation for which it did not account properly. It also pretended the options grant was approved at a special board meeting, when no such meeting occurred. He received a massive grant that was approved at a phantom board meeting, though he didn't know about the phony meeting.
And he never cashed in those options because they were replaced in 2003 by a grant of restricted stock.
I count no fewer than 38 top executives at 19 high-tech companies that have bit the dust over this stuff.
We're talking top executives at big-name companies like Apple, Altera, Broadcom, Brocade, Cirrus Logic, Comverse, KLA-Tencor, Maxim, Mc Afee, Rambus, Sanmina-SCI, Take Two, Trident, Verisign, and Vitesse. That's serious fallout considering that options backdating is legit as long as the company reports it and accounts for it accurately.
If you cover it up and fail to report that expense, the way Apple's folks allegedly did, well, that amounts to accounting fraud.
While a few of those 38 terminations may turn out to be the result of such activity, it's likely that the vast majority fell on their swords to avoid sullying the good names of their companies.
Of course, they may have actually been pushed on their swords by their boards, but let? In the case of Apple, not only did the board send two sacrificial lambs to slaughter, but the feds hung some pretty hefty charges on their necks to boot. VP, General Counsel, and Secretary Nancy Heinen, and former CFO and director Fred D. The SEC's complaintfocuses on the backdating of two large option grants, one of 4.8 million shares for Apple's executive team and the other of 7.5 million shares for Steve Jobs.
Heinen allegedly covered up the back-dating, which caused Apple's earnings to be inflated.
After all, stock option backdating is all the rage these days.Tags: Adult Dating, affair dating, sex dating