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    Ex-Apple general counsel settles backdating case

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    Join date : 2008-08-14

    Ex-Apple general counsel settles backdating case

    Post by macbook on Thu Aug 14, 2008 9:48 pm

    WASHINGTON (Reuters) - Former Apple Inc (NasdaqGS:AAPL - News) general counsel Nancy Heinen has agreed to pay $2.2 million to settle options backdating charges, the U.S. Securities and Exchange Commission said on Thursday.

    Heinen also agreed to be barred from serving as an officer or director of a public company for five years. She settled the case without admitting or denying the charges, the SEC said.

    The charges relate to two large options grants to senior executives of Apple, including a grant to Chief Executive Steve Jobs of 7.5 million options in December 2001.

    Apple, the fast-growing consumer electronics company, was also investigated for irregularities over its accounting for stock options awarded to employees.

    The SEC later cleared the company after it cooperated with the investigation, but sued former Apple Chief Financial Officer Fred Anderson and Heinen.


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