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Posted by / 03-Apr-2017 20:12

Jobs backdating

In total, Heinen and former Apple chief financial officer Fred Anderson have been accused by the SEC of backdating more than million in stock options in 2001 for Jobs, themselves and other executives.According to a document filed in a California court last month, Heinen's lawyers are seeking to depose 45 people, including the recipients of the grants. Anderson, who like Heinen resigned from his post at Apple ahead of the formal SEC crackdown, settled with the Commission in April.

No one's pay was "inflated" by backdating, unless you assume that the alternative would have been awarding executives exactly the same number of options at less-advantageous prices.

Following that release, it was believed that the SEC's only remaining beef was with Heinen.

It was the pseudo-scandal launched by the Wall Street Journal's investigative unit, after its reporters began following up on an academic report that demonstrated many executive stock options awards were too well-timed to be plausible.

He claimed that Jobs came to him in late January of 2001 and informed him that he had received the Board's approval for the massive grant, when in fact no approval had been granted.

Nevertheless, Jobs appears to have been cleared of any wrongdoing by the SEC.

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At issue for authorities at the time were over 6,400 additional company stock option grants which were similarly misdated between the years of 19.