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:
Heinen, Anderson Likely Targets for SEC Charges

Heinen, Anderson Likely Targets for SEC Charges

by , 11:45 AM EDT, April 23rd, 2007

Apple's former General Counsel Nancy Heinen and former CFO Fred Anderson are the most likely targets for criminal charges in the SEC backdating probe into the Mac and iPod maker's stock option grants. Criminal charges could be filed against the former Apple executives as early as this week, according to the San Jose Mercury News.

Ms. Heinen was investigated for her alleged role in orchestrating stock option grants that were backdated to favorable dates for the recipients, and for approving falsified documents related to option grants . She may also have benefited from backdated grants herself.

Miles Ehrlich, Ms.Heinen's lawyer, said that she is being used as a scapegoat because Apple is a high profile company. "It's simply unfair to single out Nancy Heinen for enforcement action from among the thousands of executives in hundreds of companies all over this country who've been swept up in these stock options cases," he said.

Unnamed sources close to the investigation also claimed that former CFO Fred Anderson may be targeted with criminal charges. His legal team was not available for comment, and the SEC has not confirmed or denied the claim.

Apple launched its own independent investigation into possible backdated option grant irregularities last year. In June 2006, the company announced that it had found evidence of improperly backdated grants, and then turned the information over to the SEC. The investigation raised concerns about the involvement of former Apple executives, presumably Ms. Heinen and Mr. Anderson, but cleared CEO Steve Jobs.

The SEC conducted its own investigation, and later the U.S Attorney's office launched a criminal investigation as well. That investigation seemed to be focused on former Apple attorney Wendy Howell and her involvement in an option grant awarded to Mr. Jobs. Ms. Howell claimed that she was working under instructions from Ms. Heinen.

Should Ms. Heinen's legal team state that they will fight any charges brought against her. Mr. Ehrlich commented "Nancy didn't backdate stock options, and she didn't deceive anyone."

Recent TMO Headlines - Updated July 13th

Fri, 7:16 PM
The Real Story Behind Apple TV+ 'Greyhound'
Fri, 2:37 PM
Apple AR Lens Development Reaches Key Stage
Fri, 2:18 PM
Ming-Chi Kuo Predicts First Apple Silicon Macs
Fri, 1:58 PM
Security Friday, App Store Turns Twelve – TMO Daily Observations 2020-07-10
Fri, 1:32 PM
Setapp (the Netflix of Mac Apps) Just Keeps Getting Better
Fri, 1:30 PM
Kinkoo Mini Portable Air Conditioner: $59.99
Fri, 1:24 PM
Happy 12th Birthday iOS App Store
Fri, 11:14 AM
Apple EU Tax Case Appeal Ruling Due Next Week
Fri, 10:39 AM
'Little Voice' on Apple TV+ Aims to Improve Autism Representation
Fri, 8:47 AM
Spotify, Waze, And Other Popular Apps Crashing in iOS 13 Possibly Thanks to Facebook SDK
Fri, 8:16 AM
Apple Registers UK Turnover of £1.37 Billion, £6.2 Million Tax Payment
Thu, 5:08 PM
Public Beta of iOS 14 and iPadOS 14 Now Available
  • __________
  • Buy Stuff, Support TMO!
  • Podcast: Mac Geek Gab
  • Podcast: Daily Observations
  • TMO on Twitter!