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How Jobs dodged the stock option backdating bullet


Apple options backdating scandal tips for dating a trap By Lisa Smith Updated Jan 8, 2018 In the apple options backdating scandal, an investigation by the Securities and Exchange Commission resulted in the resignations of more than 50 senior executives and CEO s scwndal firms across the spectrum from restaurant chains and recruiters to home builders and health care. What was it all about? Options backdating.

sec investigation of apple backdating its stock options

Anderson, of Atherton, Calif. Linda Chatman Thomsen, Director of the SEC's Division of Enforcement, stated, "The Apple case demonstrates the Commission's ongoing commitment to take action against stock options backdating and other executive compensation abuses. When corporate officers enrich themselves at the expense of a company's shareholders, the Commission will hold the responsible individuals accountable, particularly where, as here, the responsible individuals are among those obligated to ensure that the company complies with all applicable securities laws and that its financial statements are accurate.

22 Amazing Steve Jobs Facts: Things You Must Know about Apple Founder

This was one of many options backdating scandals to occur within the last decade. To prevent similar fraudulent activity in the future, Apple should take measures to increase consequences for bad behavior or incentivize whistle-blowers. Options backdating consists of granting an option that is dated prior to the date the option is actually granted. It allows the grantee to receive options that are already in the money, which allows him or her to glean a much higher profit. Apple admitted to granting backdated options on 15 dates between 1997 and 2002 2.

why is backdating stock options wrong

Big Hairy Problems: Backdating and Reclass

What is backdating?

Opinions expressed by Forbes Contributors are their own. Share to facebook Share to twitter Share to linkedin In one of the Steve Jobs obituaries there is this reference to the backdated options scandal at Apple.