Former Apple exec settles with SEC
By
Shaun Nichols
18 August 2008 03:07PM
Tags:
former | apple | exec | settles | sec
The final case in Apple's back dating scandal has been settled..
Former general counsel Nancy Heinen agreed to pay the US Securities and Exchange Commission US$2.2 million dollars and agree to professional sanctions.
The settlement wraps up the remaining case in Apple's stock options back-dating scandal. The case surrounded a set of options granted to Apple executives, including chief executive Steve Jobs, in 2001 that were later found to be back-dated in order to yield a better price.
The company conducted an internal investigation which indicated that while he was aware of the practice, Jobs did not believe that the back-dating was illegal.
Charges were never brought against Apple Inc. as a company, but the commission filed charges against both Heinen and former chief financial officer Fred Anderson in April of 2007.
By the time the charges were announced, Anderson had settled with the commission, leaving Heinen's as the lone case in the matter.
In addition to the monetary penalties, Heinen will be barred from serving as an officer or director of any public company for the next five years and will be forbidden from appearing before the SEC as an attorney for three years.
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