Apple stock option backdating scandal
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According to the SEC interview, Jobs claimed he doesn't know much about accounting or backdating shenanigans and didn't know the practice was illegal.
Jobs' options were also subsequently canceled when the fraud was brought to light and resulted in no financial gain to the oh-so-neglected CEO.
He was also feeling pretty stung that Apple's board never approached him with a stock option reward without his prompting.
The SEC claimed Heinen fraudulently cooked up options grants by misrepresenting the true dates the grants were awarded to times when the price was at a historic low.
It was the pseudo-scandal launched by the Wall Street Journal's investigative unit, after its reporters began following up on an academic report that demonstrated many executive stock options awards were too well-timed to be plausible.
Backdating itself isn't illegal, but not telling the SEC or stockholders about it is considered securities fraud.
There were also several derivative lawsuits filed by shareholders which Apple settled out of court for m.In the deposition, Jobs told SEC lawyers during a March 2008 interview that he initially approached Apple's board of directors in 2001 about a stock option grant out of perceived lack of respect.Jobs has always maintained he was unaware of the accounting fraud involved with improper backdating of his options, and no government legal action was taken against the CEO and Apple.But the resulting investigation saw Apple's former financial chief Fred Anderson and ex-general counsel Nancy Heinen forced to settle with the SEC for a few million dollars apiece without admitting wrongdoing."It wasn't so much about the money," reports Jobs told the SEC. I felt that the board was really doing the same with me." Apple's chief-of-chiefs has only been paid a token per year salary since his return to the company.