In the mids, an investigation via the Securities and Exchange Commission resulted in the resignations of more than 50 senior executives and CEO s at compresseds across the spectrum from restaurant chains and recruiters to residency builders and health care. What was it all about? Deliver assign to on to find out how the scandal emerged, what brought it to and end and what you can learn from it now.
Backdating Scandal Returns to the Forefront. The roots of the scandal date finance to , when an accounting rule was put in position permitting companies to avoid recording executive compensation as an expense on their income statements so long as the income was in the form of handle options that were granted at a rate equal to the market price on the broad daylight of the grant, often referred to as an at-the-money assign.
This enabled companies to question major enormous compensation packages to superior executives without notifying shareholders. Although this practice gave the older executives significant stock holdings, since the grant was issued at-the-money, the share price had to appreciate before the executives would actually earn a profit.
When those firms have no ethical boundaries, their wares become suspect. The Bottom Line Betting on stock prices when you already know the answer is dishonest. Claims that Jobs was unaware of the accounting implications of backdating are hardly believable, but there was no evidence to the contrary.
That seemed like a contradiction to me, but whatever. Anderson, who should have realized the implications of Heinen's actions, failed to disclose key information to Apple's auditors and neglected to ensure that the company's financial statements were accurate. Anderson had already retired in so, except for giving up some money and his board seat, he got off relatively easy, compared to Heinen. This enabled companies to issue enormous compensation packages to senior executives without notifying shareholders.
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- USA "Bronx" Earlier this year, the Justice Department concluded that its investigation into Heinen, Apple and other executives would not result in criminal charges, according to people familiar with the case who spoke on condition of anonymity. However, because Jobs continued to argue over the point at which they would vest, Apple missed the deadlines it needed to file the right information with the Securities and Exchange Commssion and its auditors.
Heinen is also alleged to have directed her staff to prepare documents falsely indicating that Apple's Board had approved the Executive Team grant on January With over 4 hours of video content and interactive exercises, you'll learn the fundamentals of options trading and how to employ effective strategies within the options market. His scores make his case. Thus, backdating can be misleading to shareholders in the sense that it results in option grants that are more favorable than the shareholders approved in adopting the stock option plan.
- USA "Bronx" Former Apple exec settles to end stock-option probe. Another public perception is that options backdating stems from executive corruption. Be respectful, keep it civil and stay on topic. Many companies' stock option plans provide that stock options must be granted at an exercise price no lower than fair market value on the date of the option grant. Said another way, do the feds really need to dig that deep to find enough rope to hang executives with?
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- IN HE WAS GRANTED STOCK OPTIONS AMOUNTING TO MILLION APPLE SHARES, ALLEGEDLY WITHOUT THE REQUIRED AUTHORISATION FROM THE COMPANY'S. ON...
- APPLE INVESTIGATION FINDS JOBS KNEW ABOUT BACKDATED STOCK OPTIONS | THE SEATTLE TIMES
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The investigation into stock-option irregularities at Apple swept up former and current executives, including Chief Executive Steve Jobs. He apologized on behalf of the company and was deposed in the case.