Former Apple executive settles backdating charges
General counsel and CFO reach settlement with SEC
By Jim Dalrymple, Macworld.com | Published 11:59, 15 August 08
The US Securities and Exchange Commission has reached a settlement with Nancy Heinen, former general counsel of Apple, ending an investigation into Apple's stock options backdating scandal.
As part of the settlement, Heinen will pay a $2.2 million (£1.2 million) fine, but doesn't have to admit or deny guilt in the case. Heinen has been barred from serving as an officer or director of any public company for five years, and she has been suspended from practicing law before the Commission for three years.
The SEC has accused Heinen of helping to backdate stock options given to Apple's top officers, causing the company to under-report its expenses by almost $40 million (£21.5 million).
It filed similar charges against Apple's former chief financial officer, Fred Anderson, but settled that case. Anderson will pay $3.5 million (£1.9 million) in penalties in response to SEC charges that he should have noticed Heinen's actions and corrected the company's financial statements, the SEC said.
Apple and its chief executive Steve Jobs were cleared in the case by the SEC and an independent investigation.
