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Apple ex-CFO settles with SEC: report
2007-04-23
Computer maker Apple Inc.'s (Nasdaq:AAPL) ex-chief financial officer Fred Anderson has settled with the U.S. Securities and Exchange Commission on his alleged participation in the backdating of stock options, the Wall Street Journal reported on its Web site on Monday. Anderson agreed to a fine of about $150,000 and to repay option gains of about $3.5 million under the settlement but won't admit to any wrongdoing, the Journal reported, citing unnamed sources. The SEC is expected to pursue a civil lawsuit against Apple's former general counsel Nancy Heinen, the Journal said. Heinen, who will be accused of manipulating one of her own option awards as well as a grant to Steve Jobs, Apple's chief executive, plans to contest the charges, the Journal reported. The SEC in San Francisco declined to comment. The company and Anderson's attorney could not be reached for comment. Apple, the maker of the popular iPod digital music players and Macintosh computers, is among dozens of companies under scrutiny for their accounting of stock options granted to executives. The main issue for many companies is whether they changed the date of stock options grants to take advantage of a temporary decline in the underlying share price. Apple said in December it would take an $84 million charge for misdating more than 6,400 stock options. The company previously said an internal review found two questionable options awarded to its Chief Executive Steve Jobs, but found no wrongdoing by him or other current management. (Additional reporting by Ritsuko Ando)
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