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Former Apple brief pays SEC to go away

by on18 August 2008

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Dodgy shares done dirt cheap


A former
top attorney at the fruit-themed sultans of smug, Apple has agreed to pay $2.2 million to conceal backdating of stock options for senior executives. including the Cupertino messiah, Steve Jobs.

Former Apple general counsel Nancy Heinen, whose civil trial in the case had been scheduled for next year, neither admitted nor denied wrongdoing in settling the SEC's lawsuit. She also agreed to a five-year ban against serving as an officer or director of any public company, and to refrain from future violations of the securities laws. Heinen will not be able to practice as an attorney for a public company.

Heinen said she cherished the great people she worked with at Apple and was proud of her contributions to its historic turnaround and current success. Jobs was to be called to testify in Heinen's SEC trial. He claimed although he knew about the backdating he didn’t understand the accounting implications.

More here.
Last modified on 19 August 2008
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