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:
Former Apple CFO Settles Score with SEC

Former Apple CFO Settles Score with SEC

by , 8:15 AM EDT, April 24th, 2007

Former Apple CFO Fred Anderson has reached a settlement agreement with the Securities and Exchange Commission over his alleged involvement in improperly backdated stock option grants during his time at Cupertino-based company. As part of the deal, Mr. Anderson agreed to pay back US$3.5 million in option grants along with a $150,000 fine, according to the Wall Street Journal.

Mr. Anderson will not be barred from serving as a corporate officer or as a board member on publicly traded companies, and he will not be required to admit that he violated any laws or regulations.

The SEC and U.S. Attorneys Office have been conducting investigations into improperly backdated stock option grants at Apple Inc. following Apple's own internal investigation. Based on the investigation outcome, Mr. Anderson and Apple's former General Counsel Nancy Heinen were likely targets for prosecution.

Charges may still be filed against Ms. Heinen for her involvement, and it appears that she is ready to take her battle to the court room. Cristina Arguedas from Ms. Heinen's legal team commented "Nancy Heinen did not backdate, and she will defend herself based on her actions, emails and integrity."

Apple's internal investigation cleared CEO Steve Jobs of any wrongdoing, and it appears unlikely that any criminal charges will be brought against him.

Recent TMO Headlines - Updated July 11th

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!