SEC Settles with Anderson, Pursuing Heinen

[HiRez]

The settlement includes a $150,000 fine and repayment of option gains of about $3.5 million. QUOTE]



"Fine" = giving it to the government ($150K).

"Repayment" = giving it back to the company (and therefore the stockholders) ($3.5M).

Yeah, I misread that, he is giving what I guess is the amount "missing" back to Apple, but still, he basically bought off his "innocence". If he really knowingly did it, there needs to be an explicit admission of guilt, you shouldn't be able to erase facts with cash. I know that's how it works, but it's ugly.

 

[jaw04005]

Why on earth can you "settle" with the government?.

Oh, I don't know maybe because it eliminates a lengthy trial that involves countless attorneys, judges, witnesses, staff and jurors. Therefore, saving taxpayers money.

 

[Peace]

There's a common misconception here.
The SEC is doing civil lawsuits against the two involved.The DOJ is still pondering criminal charges.
And

Nancy Heinen ( SP?) has declared her innocence and will say in court that she was directed by the board AND CEO to do the backdating.

The "CEO" part is important because if she can prove in court via the emails she says she has it implicates Steve Jobs.

This may sound like it's over but it's not.

 

[jholzner]

You can settle with the government because if you admit you're guilty and spare them the cost of the judges, court time, laywers, etc, they'll agree to give you a less stiff penalty.

He didn't admit he was guilty. He paid the fine and part of the settlement was that he does not admit to any wrong doing.

 

[MacbookSwitcher]

I'm surprised no one has said this is a Microsoft conspiracy yet.

 

[JJayguy23]

So was she stealing money, like Martha Stewart?

 

[Maestro64]

So was she stealing money, like Martha Stewart?

No, Martha lied to the governement and did not cooperated, thus the reason she was miss homemake at the big house.

This just goes to show, if you cooperate and let the government slap your hand publicly you will not go to jail. But if you are going to play hardball, well you know what happens.

Every person or company who tries to take on the government and say they are bigger then than the government ends up loosing, look at Rockerfella, Standard Oil, AT&T, Miscrosoft, Bill Gates, Martha, Enron and the list goes on...

Yes, Bill Gates, rumors have it that part of the agreement MS stuck with government was that Bill had to step down, now look at MS stock price been stuck at the same place for the last 3 or 4 yrs and Bill got no ricker.

 

[akadmon]

Fred Anderson fingers Steve Jobs

Figuratively speaking

http://home.businesswire.com/portal...d=news_view&newsId=20070424006168&newsLang=en

 

[Rocketman]

News as of this moment:

Despite Job's being let go by SEC, former Apple employee Fred Anderson has "pointed the finger" "squarely at Steve Jobs".

Source: CNBC Closing Bell

Rocketman

 

[Rower_CPU]

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[quantman]

I don't think you have this right!

There's a common misconception here.
The SEC is doing civil lawsuits against the two involved.The DOJ is still pondering criminal charges.
And

Nancy Heinen ( SP?) has declared her innocence and will say in court that she was directed by the board AND CEO to do the backdating.

The "CEO" part is important because if she can prove in court via the emails she says she has it implicates Steve Jobs.

This may sound like it's over but it's not.

Nancy and SEC will soon come to a settlement after the news dies down. SEC did not want to settle with both and announce it was all done.

SEC holding out for more with Nancy than they got with Fred Anderson, i.e. Fred can still serve on corp boards etc and he is pretty much intact. Nancy, I'm sure wants same deal as Fred. SEC does not want to do thay yet, but they will in the next few months. SEC has control of the PR and does not want to send wrong all settled msg just yet.

A look and legal analysis will show that SEC will not be able to prove their case against Nancy and so will settle with her as well. Just not now, it would look bad for the SEC.

I have a feeling you are not experienced with how the SEC does these things.

 

[Maestro64]

To my earlier point this is what the SEC said about apple and you wonder why they are getting off free so to say

The SEC also announced that it would not sanction Apple for its backdated options. In fact, it went out of its way to praise the company for "swift, extensive, and extraordinary cooperation.''

It also looks like Nancy is not going to get a deal, The SEC at the end of today filled formal charges against her. With that said she can not work the same kind of deal, she either has to plead guitly, or no contest or fight now. I doubt the SEC will drop the charges now.

Here is what the SEC had to say about her

Responding to a claim by a lawyer for Nancy Heinan, the other former Apple exec caught in the suit, that "every action that Nancy took was fully understood and authorized by Apple's board of directors," the SEC pointedly rejected her defense.

"The board, as they should, looked to general counsel for legal advice and she led them down this illegal path," said SEC staff attorney Sahil Desai.

In other words, it was Heinan's (and presumably Anderson's) job to make sure the backdating was legally done, not the board's and not the CEO's. Heinan, who is fighting the SEC charges, was unavailable for comment.

The other part of Fred's deal was he will still be allow to be an officer of a public company. Which is a bigger deal then the fine he paid.