Apple's Former General Counsel Settles SEC Charges
Apple's Former General Counsel Settles SEC Charges
by , 1:50 PM EDT, August 14th, 2008
Apple's former General Counsel, Nancy Heinen, has settled the case brought by the Securities and Exchange Commission against her for fraudulently backdating Apple stock. She agreed to pay the SEC US$2.2M in restitution and penalties.
Ms. Heinen, without admitting guilt, also agreed to not serve as the officer or director of a public company for five years.
The charges stemmed from large option grants to senior executives of Apple, including Steve Jobs, in December of 2001. The SEC said the Ms. Heinen had altered documents to conceal the backdating and that Apple underreported its expenses by almost US$40M as a result.
"I cherish the great people I worked with at Apple, and I am proud of my contributions to its historic turnaround and current success," Ms. Heinen said in a statement. "With this lawsuit behind me, I look forward to addressing the greater challenges of social justice and economic disparity."
Observer Comments
it's a shame that if you steal a CD from walmart you get a felony or misdemeanor... but if you steal 40 million for your bosses from the shareholders... you can pay a fraction of it and get away. She may not have made 40 million from it... but there is no way she didn't get compensated for her evil. A company makes a decision to go public... there are benefits and drawbacks to it. Why can't people be happy with the millions they make from that... and just be honest.
Comments are currently closed. Please email the author instead.
Recent Headlines - Updated July 5th
- Fri, 10:29 AM
- News - Apple Warns of Learning Interchange Security Breach
- 7:30 AM
- News - Happy Fourth of July!
- Thu, 6:07 PM
- TMO Scoop - Psystar Moves to Drop Bankruptcy Ahead of Apple Legal Battle
- 5:37 PM
- News - Uncomfirmed Reports Say Apple & Nvidia On The Outs
- 4:57 PM
- News - Microsoft Sick Over Barf Ad
- 4:09 PM
- Product News - KRK Ships R6 Passive Studio Monitor for Recording
- 3:45 PM
- John Martellaro's Blog - Particle Debris (week ending 7/2) Juiced, Joost and Goosed
- 3:12 PM
- Product News - ExactScan 2 Pro Released
- 1:56 PM
- Deal Brothers - Apple TV with 160GB Hard Drive: $324.00 Delivered
- 12:46 PM
- TMO Appearances - TMO Appearances Jeff Gamet Shares iPhone Apps on MacJury
- 10:41 AM
- Product News - Art Text 2.2 Adds New Templates, Layer Options [Updated]
- 10:04 AM
- Hot Forum Topic - Deciphering Mac Sales
The Mac Observer Reader Specials
- Download Typestyler, still the Ultimate Styling Tool for Internet, Print and Video Graphics. Works great in Classic with a Native OS X Version on the way. Free Tryout: www.typestyler.com
Other World Computing: Big Deals on Big LCDs: 23" 'TrueHD' up to 2048x1152 + USB2 Hub & WebCam $279.99. Specials on 20" to 30" from $167.99. Freight from only $3.95! 
If you're using a Mac, then you've gotta check out Full Tilt Poker for Mac. This Full Tilt Poker bonus code does the unthinkable, it actually rewards!
RamJet Memory: MacBook and MacBook Pro 4GB kits for $57.99! Mac Pro 4GB Kits $99.99! iMac and Mac mini 4GB Kits for $57.99! 1TB SATA Hard Drives for $109.99! Click hereFor the latest Apple products use Ciao, a price comparison website, to find laptops like MacBook Air. Then find the best prices on MP3 players and use our comparison tool to evaluate mobile phones like the Apple iPhone.
Laptop Hardware Provided by TechRestore - Overnight Mac & iPod Repairs.
