SEC Settles with Former Apple Lawyer: 2.2M & 5 Year Ban
It was announced today that the SEC settled with former Apple Inc. General Counsel Nancy Heinen in a case where she was accused of helping backdate stock options for Apple CEO Steve Jobs and other execs. While she doesn’t admit any wrongdoing, she agreed to a five year ban from serving as an officer or director of a public company, a three year ban from practicing law before the SEC for three years, and pay a $2.2M fine. The monetary penalty will consist of returning the $1.6m received from the exercise of those options, $400k in interest and a $200k fine.
The charges stemmed from a February 2001 granting of 4.8 million options to six Apple execs which included Jobs and Heinen, with an additional 7.5mil in options to CEO Jobs in December of that year.
This is just the beginning of these cases.
Ex-Apple Lawyer Heinen Settles SEC Backdating Case [Bloomberg]