Former Apple General Counsel Nancy Heinen is done with her end of Apple’s backdating scandal, but at a cost.
Heinen, who was charged last year at the federal level by the Securities and Exchange Commission, has agreed to pay $2 million, in addition to not being able to serve as an official of any public company for the next five years and suspension from practicing as an attorney before the Commission for the next three.
The scandal began in February 2001, at which time Heinen was accused of backdating stock options to January ‘01, a time when share prices were lower. This caused Apple to underreport expenses by as much as $40 million.
Heinen agreed to pay the fines and sanctions without admitting or denying involvement, much like Fred Anderson, another Apple ex-official, who shifted blame back to Steve Jobs.
Former Apple General Counsel Nancy Heinen is done with her end of Apple’s backdating scandal, but at a cost.
Heinen, who was charged last year at the federal level by the Securities and Exchange Commission, has agreed to pay $2 million, in addition to not being able to serve as an official of any public company for the next five years and suspension from practicing as an attorney before the Commission for the next three.
The scandal began in February 2001, at which time Heinen was accused of backdating stock options to January ‘01, a time when share prices were lower. This caused Apple to underreport expenses by as much as $40 million.
Heinen agreed to pay the fines and sanctions without admitting or denying involvement, much like Fred Anderson, another Apple ex-official, who shifted blame back to Steve Jobs.
Via [AppleInsider]
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