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.
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