On December 28, 2006, Apple's embroiled in a stock "backdating" scandal -- which even prompted some to suggest Steve Jobs could lose his job. In one of the Steve Jobs obituaries there is this reference to the backdated options scandal at Apple. In 2001 he was granted stock options amounting to 7.5 million Apple shares, allegedly without August 29, 2001: During a meeting, Apple’s board of directors awards Steve Jobs new stock options that will become part of a stock-backdating scandal several years later. When the matter Apple was alleged to have backdated a number of options. (The practice seems to have been particularly popular in the tech sector.) In 2007, New York City's municipal employee pension fund sued Apple Computer Inc. CEO Steve Jobs apologized to shareholders Wednesday after an internal investigation found that he had been aware of the company's practice of backdating employee stock options.
Steve Jobs, who has used his “reality distortion field” to mesmerize Apple shareholders and customers, is now exploiting that talent to make Apple’s options backdating scandal disappear SEC Settles Options Backdating Charges With Former Apple General Counsel For $2.2 Million (SEC v. Nancy R. Heinen, Litigation Release No. 20683 , August 14, 2008) SEC Files Lawsuit against HCC Insurance Holdings, Inc. , Former HCC CEO, and Former HCC General Counsel for Stock Option Backdating Violations (SEC v. In the worst cases of options backdating abuse, the stock exchange on which the offending company's stock trades and/or regulatory bodies such as the Securities and Exchange Commission (SEC) or
23 Aug 2006 How does backdating help A stock option holder has the right to buy shares in Why else would Apple CEO Steve Jobs, Yahoo CEO Terry Semel, and The widening scandal has also forced many companies to delay their 2 Jul 2008 The seemingly interminable stock options scandal may be over as far as the SEC … To recap, the backdating of stock options isn't necessarily illegal, In the ten years since Steve Jobs has been back at Apple, AAPL has 19 Jan 2008 Marc Fagel and other investigators in stock-options backdating have lifted dozens of interviews in a stock-options backdating scandal. Another Apple executive, Chief Financial Officer Fred Anderson, settled with the SEC. 2 Jan 2008 The backdating of stock options has imposed costs on Network, Apple, McAfee Inc., Monster Worldwide, Comverse Technology, and directors and the effect of the options backdating scandal on stock-price performance. 21 Sep 2007 Apple chief to give evidence in SEC share options case examining former general counsel Nancy Heinen's role in the backdating scandal. Apple and the Options Backdating Scandal of the Past Decade. In 2001, Apple’s board of directors and some of its executives backdated options without properly reporting to the SEC. This was one of many options backdating scandals to occur within the last decade.
Just about all Silicon Valley companies were involved in that event. It was not a scandal, it was the IRS getting weird on companies that gave benefits to its employees. What the IRS did was to suddenly decide all by itself, without warning, that
On December 28, 2006, Apple's embroiled in a stock "backdating" scandal -- which even prompted some to suggest Steve Jobs could lose his job. In one of the Steve Jobs obituaries there is this reference to the backdated options scandal at Apple. In 2001 he was granted stock options amounting to 7.5 million Apple shares, allegedly without August 29, 2001: During a meeting, Apple’s board of directors awards Steve Jobs new stock options that will become part of a stock-backdating scandal several years later. When the matter Apple was alleged to have backdated a number of options. (The practice seems to have been particularly popular in the tech sector.) In 2007, New York City's municipal employee pension fund sued Apple Computer Inc. CEO Steve Jobs apologized to shareholders Wednesday after an internal investigation found that he had been aware of the company's practice of backdating employee stock options. SEC Charges Former Apple General Counsel for Illegal Stock Option Backdating 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 Apple Chief Executive Officer Steve Jobs — and altered company