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:
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

Show: Subjects Only | Full Comments
Close Name:Guest
Subject: back dated documents

Back dating documents is a willful felony that once discovered should result not only in a fine , but also
removing the offender now, and for life. To allow her to
return to Apple after 5 years is not sufficient
punishment.

Close Name:Guest
Subject: stealing is stealing

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.

Comment on this Article


You cannot edit your comments.   You cannot delete your comments.

Comments are currently closed. Please email the author instead.


Recent Headlines - Updated November 21st

Fri, 7:07 PM
Games - Soccer Sim Championship Manager 2010 Released for Mac
6:47 PM
Games - EA Publishes Original Monopoly for iPhone
6:15 PM
News - Original Apple I on Ebay for $50K, w/Letter from Steve Jobs
6:11 PM
Games - New iPhone Games: Secret of the Lost Cavern Ep 1, New DJ Nights, More
5:47 PM
Games - Star Trek D-A-C Game Headed to the Mac Next Month
4:57 PM
Product News - TidBITS Releases “Take Control of Syncing Data in Snow Leopard”
4:26 PM
John Martellaro's Blog - Particle Debris (week ending 11/20) Stationery Pads Go Poof
2:59 PM
Free on iTunes - Musée du Louvre, Art Lite, SketchBook Mobile X and More.
1:50 PM
Deal Brothers - Acer P215H bmid 21.5” Widescreen LCD Monitor:  $139.99
11:24 AM
TMO Appearances - Jeff Gamet Shares More Holiday Gift Ideas on MacJury
10:43 AM
Product News - Cocktail 4.5 for Leopard Adds QuickLook Cache Clearing
10:06 AM
News - Hack Enables Mac OS X 10.6.2 on Netbooks

The Mac Observer Reader Specials

  • __________
  • Buy Stuff, Support TMO!
  • Podcast: Mac Geek Gab
  • Podcast: Apple Weekly Report
  • TMO on Twitter!