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

post #1 of 17
Thread Starter 
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.
post #2 of 17
This options debacle is becoming tiring.
Citing unnamed sources with limited but direct knowledge of the rumoured device - Comedy Insider (Feb 2014)
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Citing unnamed sources with limited but direct knowledge of the rumoured device - Comedy Insider (Feb 2014)
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post #3 of 17
Quote:
Originally Posted by Ireland View Post

This options debacle is becoming tiring.

You can say that again.
post #4 of 17
Quote:
Originally Posted by Ireland View Post

This options debacle is becoming tiring.

Quote:
Originally Posted by Wally View Post

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...
post #5 of 17
Quote:
Originally Posted by Ireland View Post

This options debacle is becoming tiring.

Quote:
Originally Posted by Wally View Post

You can say that again.

This options debacle is becoming tiring.
post #6 of 17
Quote:
Originally Posted by Johnny Mozzarella View Post

This options debacle is becoming tiring.

You're not me.
Citing unnamed sources with limited but direct knowledge of the rumoured device - Comedy Insider (Feb 2014)
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Citing unnamed sources with limited but direct knowledge of the rumoured device - Comedy Insider (Feb 2014)
Reply
post #7 of 17
Quote:
Originally Posted by Ireland View Post

You're not me.

You're not trying to short AAPL, are you?

Proud AAPL stock owner.

 

GOA

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Proud AAPL stock owner.

 

GOA

Reply
post #8 of 17
what about the interests from those 3.5 million???

@ 3% interest that had made him $680k!!!!

in apple stock much much more than that...

$150k fine is not enuff... also jail time should have been in the deal.... damn those blood suckers... gets to go with no jail time and keeps the interest... not really a punishment...

vista = virus inside switch to apple
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vista = virus inside switch to apple
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post #9 of 17
looks like it wasn't that much of a scandal. As the options backdate was for a higher price since the approval was authorized.
post #10 of 17
Quote:
Originally Posted by smokeonit View Post

what about the interests from those 3.5 million???

@ 3% interest that had made him $680k!!!!

in apple stock much much more than that...

$150k fine is not enuff... also jail time should have been in the deal.... damn those blood suckers... gets to go with no jail time and keeps the interest... not really a punishment...


Don't forget in America after you go to jail, you become more famous, then you come out and do your book tour, talk shows, etc. then you make more money ...!!

Get rich or die trying, bro. Word.
post #11 of 17
They can COMFORTABLY afford all the costs incurred. So no sweat.
Nate
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Nate
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post #12 of 17
Quote:
Originally Posted by Tazznb View Post

They can COMFORTABLY afford all the costs incurred. So no sweat.

That is exactly why they weren't punished harshly enough.

Like I said in the previous thread... Just a slap on the wrists.

Makes me sick.

-Clive
My Mod: G4 Cube + Atom 330 CPU + Wiimote = Ultimate HTPC!
(Might I recommend the Libertarian Party as a good compromise between the equally terrible "DnR"?)
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My Mod: G4 Cube + Atom 330 CPU + Wiimote = Ultimate HTPC!
(Might I recommend the Libertarian Party as a good compromise between the equally terrible "DnR"?)
Reply
post #13 of 17
Quote:
Originally Posted by Clive At Five View Post

That is exactly why they weren't punished harshly enough.

Like I said in the previous thread... Just a slap on the wrists.

Makes me sick.

-Clive

But he wasn't found guilty. He didn't go to trial. He settled.

So feel sick. That's justice. It's called innocent until proven guilty.
post #14 of 17
Quote:
Originally Posted by Clive At Five View Post

That is exactly why they weren't punished harshly enough.

Like I said in the previous thread... Just a slap on the wrists.

Makes me sick.

-Clive

You do realize that if they punished all parties involved in all the options scandals to the letter of the law the technology industry in the US would collapse right? ALL tech companies did this to some extent between 1995-2005. It wasn't illegal and most people weren't aware of the accounting implications if not properly reported.
post #15 of 17
Quote:
Originally Posted by athletics68 View Post

You do realize that if they punished all parties involved in all the options scandals to the letter of the law the technology industry in the US would collapse right? ALL tech companies did this to some extent between 1995-2005. It wasn't illegal and most people weren't aware of the accounting implications if not properly reported.

Collapse? The industry would still be around. Just those multi-grillionaires would have a few less dollars.

If everyone was punished to the letter of the law, the courts would be so clogged that the estates of the people involved would be the ones getting punished.
post #16 of 17
Quote:
Originally Posted by JimDreamworx View Post

Collapse? The industry would still be around. Just those multi-grillionaires would have a few less dollars.

If everyone was punished to the letter of the law, the courts would be so clogged that the estates of the people involved would be the ones getting punished.

That and their companies would all go down with them. This is why the options scandal is slowly disappearing unlike the Enron scandals. This one is MUCH more widespread. Too widespread for the government to actually do anything about it.
post #17 of 17
I think US-wide they should abolish the death-penalty, and re-introduce good ol' public floggings the British[?] introduced to the colonies...
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