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A close review of the events that led to the controversial grant reveals that the backdating emerged from a good-faith, although clumsy, attempt by Apple’s board of directors to reward its star chief executive for resurrecting a moribund company.
A decision not to indict Jobs would carry enormous significance for Apple and its shareholders, who have fretted the scandal might lead to the CEO’s ouster. Jobs is not only Apple’s chief spokesman and evangelist, he is Apple, playing a key role in decisions big and small.
An SEC spokesperson told The SEC charged Heinen with fraud in connection with the options backdating scandal at Apple that broke last fall.
Heinen, who has denied any wrongdoing through her attorney, was charged with violating more than 15 separate provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.
In researching this post, I came across a number of recent reports on Henry Nicholas III, the once high-flying CEO and cofounder of Broadcom. While the story was enthralling, I didn't understand what any of it had to do with a federal investigation into stock option backdating.
The allegations of illicit sex, drugs, and rock and roll reminded me of the 60s ... Sure, Broadcom had to take a .2 billion charge to fix the accounting mess left by the company's former executives.
Despite Apple’s disclosure that Jobs approved widespread backdating at Apple, there is no evidence he directed the backdating of his own grant or covered it up afterward, based on a review of regulatory filings and interviews with lawyers intimately familiar with the grant who asked not to be identified.
If Jobs avoids criminal charges for the 2001 grant – easily the most explosive revelation in Apple’s backdating report – he may avoid criminal charges entirely.
But how does that relate to hiring prostitutes and drugging customers without their knowledge?