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Former Apple CFO to repay $3.5M in options settlement with SEC

Apple 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.



16 Comments

ireland 19 Years · 17436 comments

This options debacle is becoming tiring.

wally 19 Years · 211 comments

Quote:
Originally Posted by Ireland

This options debacle is becoming tiring.

You can say that again.

nvidia2008 18 Years · 9117 comments

Quote:
Originally Posted by Ireland

This options debacle is becoming tiring.

Quote:
Originally Posted by Wally

You can say that again.

Yeah, looks like the stock market is over it too. AAPL has risen to about $93.50 and I think is finally ready to march on past $100.

One scapegoat down, (Fred), another to go (Nancy Heinen). Let the government have their pound(s) of flesh, spank some asses, and let's get on with it !!

This and what should be a pretty decent earnings release on Wednesday (US Eastern 5pm) 25th, should be good...

johnny mozzarella 19 Years · 1818 comments

Quote:
Originally Posted by Ireland

This options debacle is becoming tiring.

Quote:
Originally Posted by Wally

You can say that again.

This options debacle is becoming tiring.

ireland 19 Years · 17436 comments

Quote:
Originally Posted by Johnny Mozzarella

This options debacle is becoming tiring.

You're not me.