The U.S. government's ongoing crackdown on stock options backdating hit home this week for two former senior executives of consumer electronics giant Apple Inc. http://www.apple.com
The Securities and Exchange Commission (SEC) on Tuesday filed charges accusing Apple's former general counsel Nancy R. Heinen of participating in the fraudulent backdating of options granted to Apple's top officers that caused the company to underreport its expenses by nearly $40 million. The SEC's complaint alleges that Heinen, of Portola Valley, Calif., caused Apple to backdate two large options grants to senior executives of Apple -- a February 2001 grant of 4.8 million options to Apple's executive team and a December 2001 grant of 7.5 million options to CEO Steve Jobs -- and altered company records to conceal the fraud.
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The Securities and Exchange Commission (SEC) on Tuesday filed charges accusing Apple's former general counsel Nancy R. Heinen of participating in the fraudulent backdating of options granted to Apple's top officers that caused the company to underreport its expenses by nearly $40 million. The SEC's complaint alleges that Heinen, of Portola Valley, Calif., caused Apple to backdate two large options grants to senior executives of Apple -- a February 2001 grant of 4.8 million options to Apple's executive team and a December 2001 grant of 7.5 million options to CEO Steve Jobs -- and altered company records to conceal the fraud.
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