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Former Apple Chief Financial Officer Fred Anderson issued a statement Tuesday claiming that he advised Apple CEO Steve Jobs of the accounting implications of backdating in January 2001, contrary to Apple's previous statements that Jobs had no idea of the ramifications.Anderson's statement came just after the Securities and Exchange Commission filed a lawsuit against Nancy Heinen, the former general counsel at Apple, saying her actions led to "fraudulent" stock option backdating at the company.A similar lawsuit against Anderson was filed but simultaneously settled.
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Backdating allows executives to choose a past date when the market price was particularly low, thereby inflating the value of the options.
An example illustrates the potential benefit of backdating to the recipient.
The Securities and Exchange Commission prevailed in its jury trial against Jasper in April 2010, but it has taken until now for the case to wind through the U. He was ordered to repay Sunnyvale, California-based Maxim $1.8 million, as well as pay a civil penalty of $360,000.
The practice of backdating stock options as a way of retaining valued employees is legal, as long as the true expense of the backdated options is recorded as a company expense for employee compensation.
The agency is also saying that she falsified records to cover it up and prevent Apple from having to record expenses associated with those dates.
"Every action Nancy took was fully understood and authorized by Apple's board of directors, was consistent with the interests of shareholders--and consistent with the rules as she easily understood them." Heinen's attorney issued a statement saying that her actions were in line with Apple's wishes and legal.
A stock options grant that occurs on the actual date of grant is referred to as an 'at the money' grant.
The current investigations focus on grants that are backdated to an earlier, lower stock price, which would transform the option into an 'in the money' grant.
The onus to maintain accurate financial statements is the responsibility of both CFOs and CEOs.
“It falls on them because the statements were materially false at a time they were representing those statements were accurate,” says Mark Fickes, partner at Braun Hagey & Borden and former lead trial counsel for the SEC in the Maxim/Jasper trial.
Criminal Investigation Potential Criminal Charges Potential Defences Consequences of a Guilty Plea or Verdict On October 24 2006 the growing stock options backdating scandal reached a milestone when David Kreinberg, former head of finance at software maker Comverse Technology Inc, received the first criminal conviction to stem from the scandal.Tags: Adult Dating, affair dating, sex dating