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Canadian regulators to fine RIM co-CEOs

by on23 January 2009

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Blackberry juice


The dark
satanic rumour mill has manufactured a yarn that two RIM co-CEO's might be fined up to $80 million by Canadian regulators for their role in a stock option-granting controversy.

The Ontario Securities Commission is locked in discussions with lawyers representing RIM's co-executives officers, Jim Balsillie and Mike Lazaridis over the fine.

In March 2007 Balsillie surrendered the chairman's post as the Blackberry maker announced it needed to cut roughly US$250 million from past earnings reports due to improper accounting for backdated stock options.

Balsillie and Lazaridis have each paid RIM up to $6 million to pay for costs from the options investigation and restatements.
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