Monday, April 23, 2007, 06:00 pm PT (09:00 pm ET)
Former Apple CFO to repay $3.5M in options settlement with SECApple Inc.'s former chief financial officer Fred Anderson has settled with the Securities and Exchange Commission on allegations that he backdated stock options during his tenure at the company, the Wall Street Journal reported on its website Monday evening.
The paper cited unnamed sources in saying Anderson agreed to a fine of about $150,000 and to repay option gains of about $3.5 million, but won't admit to any wrongdoing.
The SEC had its sights set on Anderson along with Apple's former General Counsel Nancy Heinen for their part in a January 2001 option grant approved by Apple chief executive Jobs for top Apple executives," the Mercury News reported earlier on Monday. Both Anderson and Heinen received options under that grant, the report stated.
The Journal on Monday evening reported that the SEC is expected to pursue a civil lawsuit against Heinen. She'll be accused of self-dealing on the aforementioned grant in addition to charges relating to her role in a separate grant of 7.5 million options awarded to Jobs that were backdated through falsified minutes of a board meeting that did not occur.
The former top Apple legal aid plans to contest the charges, the paper said.
On Topic: General
- Apple activates in-house content delivery network, begins migrating content downloads - report
- Samsung earnings disappoint as company blames competition in smartphone space
- Apple said to cut some 200 jobs from Beats as acquisition closing date looms
- Apple order fulfillment ranks first among online retailers with average delivery time of 2.3 days in June
- Xiaomi's Redmi Note allegedly sending user data to China surreptitiously