The Mac Observer

Skip navigational links

You're viewing an article in TMO's historic archive vault. Here, we've preserved the comments and how the site looked along with the article. Use this link to view the article on our current site:
Former Apple CFO Settles Score with SEC

Former Apple CFO Settles Score with SEC

by , 8:15 AM EDT, April 24th, 2007

Former Apple CFO Fred Anderson has reached a settlement agreement with the Securities and Exchange Commission over his alleged involvement in improperly backdated stock option grants during his time at Cupertino-based company. As part of the deal, Mr. Anderson agreed to pay back US$3.5 million in option grants along with a $150,000 fine, according to the Wall Street Journal.

Mr. Anderson will not be barred from serving as a corporate officer or as a board member on publicly traded companies, and he will not be required to admit that he violated any laws or regulations.

The SEC and U.S. Attorneys Office have been conducting investigations into improperly backdated stock option grants at Apple Inc. following Apple's own internal investigation. Based on the investigation outcome, Mr. Anderson and Apple's former General Counsel Nancy Heinen were likely targets for prosecution.

Charges may still be filed against Ms. Heinen for her involvement, and it appears that she is ready to take her battle to the court room. Cristina Arguedas from Ms. Heinen's legal team commented "Nancy Heinen did not backdate, and she will defend herself based on her actions, emails and integrity."

Apple's internal investigation cleared CEO Steve Jobs of any wrongdoing, and it appears unlikely that any criminal charges will be brought against him.

Recent Headlines - Updated April 28th

Mon,8:17 PM
Apple Plans to be Part of Coming Big Media Changes
7:15 PM
Tim Cook on Poor iPad Sales: ‘It is what it is’
6:26 PM
After Hours Market Likes Apple’s Record Q2 Earnings
6:10 PM
MCX Member Best Buy To Accept Apple Pay
5:55 PM
SKEYE Nano Drone Fits in Your Hand: $34.99
5:33 PM
Tim Cook: Apple Watch Coming to Other Countries in Late June
5:15 PM
Apple Bumps Dividend 11 Percent, Expands Shareholder Returns to $200 Billion
5:01 PM
Apple Reports Record 2nd Quarter with 61.1 Million iPhones Sold
2:04 PM
TMO Daily Observations 2015-04-27: Apple Watch Heart Rate Tracking and Band Limitations
11:31 AM
Here’s the Airlines Supporting Apple Watch
10:29 AM
Discover Coming to Apple Pay this Fall
9:28 AM
Apple’s iTunes Store gets Red Cross Donation Page for Nepal Earthquake Support
  • __________
  • Buy Stuff, Support TMO!
  • Podcast: Mac Geek Gab
  • Podcast: Apple Weekly Report
  • TMO on Twitter!