Steve jobs apple backdating lanarkshiredating com
In October 2003, as the computer world buzzed about what cool new gadget he would introduce next, Apple CEO Steve Jobs—then presiding over the most dramatic corporate turnaround in the history of Silicon Valley—found himself confronting a life-and-death decision.
The SEC statement does not preclude additional action against individuals, said Marc Fagel, associate regional SEC director in San Francisco.
"Heinen caused Apple to award Jobs 7.5 million in-the-money options, while avoiding reporting approximately .3 million in pre-tax compensation expense," the filing said.
The SEC said it would not pursue charges against Anderson after he agreed, without admitting or denying the allegations, to pay about .5 million in fines and disgorgement of profit. Jobs Anderson's lawyer, Jerome Roth, said his client had warned Jobs about an executive stock option grant in January 2001, saying the grant would have to be priced based on the date of the actual Apple board agreement. Jobs that the Board had given its prior approval and the board would verify it," Roth said in a statement. Jobs and from them concluded the grant was being properly handled." Apple's share price briefly dropped nearly 4% on the SEC news before recovering to end down 0.3% at .24.
The company said in October that it had found “no misconduct by any member of Apple’s current management team,” but that its investigation “raised serious concerns regarding the actions of two former officers.” At the same time, it also announced the resignation from its board of Fred Andersen, a former chief financial officer. Andersen had not been a director at the time of the 2001 options grant.
Apple's former finance chief said on Tuesday he relied on Chief Executive Steve Jobs in the handling of backdated stock options, putting the spotlight on the company's co-founder inthe scandal. It said they schemed to backdate more than million worth of stock options awarded to Jobs, themselves and other executives. District Court for Northern California said Heinen caused the backdating of stock options and Anderson should have noticed it.