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Feds Launch Criminal Probe Into Apple Stocks

Feds Launch Criminal Probe Into Apple Stocks

by , 7:55 AM EST, January 15th, 2007

The U.S. Attorney's Office in San Francisco has launched its own investigation into Apple Inc.'s improperly backdated stock option grants. MarketWatch reports that right now the probe is focusing on on former Apple attorney Wendy Howell and a 7.5 million options grant to Steve Jobs in October 2001.

According to Apple's own independent investigation, the meeting that authorized Mr. Jobs' stock options grant never took place, but that the Apple CEO was unaware of the falsified incident. The company later cancelled the grant without any financial benefit to Mr. Jobs.

Ms. Howell claims that she was ordered to make changes to grant documents by Apple's general counsel, Nancy Heinen. She was fired in December for her involvement in the stock options issue, and Ms. Heinen left the company in May 2006 for unrelated reasons.

In addition to the criminal probe, the Securities and Exchange Commission is conducting its own investigation to verify the Mac and iPod maker's independent investigation. Apple's probe cleared Steve Jobs and the rest of the current management team from any wrong doing.

Apple stock is currently trading after hours at US$94.65, up 0.03 (0.03%).

If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.


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