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She settled the case without admitting or denying the charges, the SEC said.The charges relate to two large options grants to senior executives of Apple, including a grant to Chief Executive Steve Jobs of 7.5 million options in December 2001.But how does that relate to hiring prostitutes and drugging customers without their knowledge?Said another way, do the feds really need to dig that deep to find enough rope to hang executives with?This apparently violates a whole bunch of SEC rules.Heinen also exercised and sold 400,000 back-dated shares.Or that an investigation by Disney into options backdating at Pixar also cleared Jobs of any wrongdoing, even though he helped negotiate the deal in which Pixar's star film director, John Lasseter, received backdated options.
Heinen also agreed to be barred from serving as an officer or director of a public company for five years.
I count no fewer than 38 top executives at 19 high-tech companies that have bit the dust over this stuff.
We're talking top executives at big-name companies like Apple, Altera, Broadcom, Brocade, Cirrus Logic, Comverse, KLA-Tencor, Maxim, Mc Afee, Rambus, Sanmina-SCI, Take Two, Trident, Verisign, and Vitesse. That's serious fallout considering that options backdating is legit as long as the company reports it and accounts for it accurately.
In a settlement announced concurrent with the complaint, Anderson - who neither admitted nor denied the allegations - agreed to pay back .6 million and never to do bad stuff again.
That seemed like a contradiction to me, but whatever.