Ex-Apple CFO Blames Backdating on Jobs

Apple CEO Steve Jobs told former Chief Financial Officer Fred Anderson to backdate stock options, according to a statement issued Tuesday by Anderson's attorney. The U.S. Securities and Exchange Commission reached a settlement with Anderson in the stock-options case and also charged former Apple general counsel Nancy Heinen with fraudulently backdating options. An internal Apple audit found that Jobs was aware of the backdating, but that he did not financially gain from it and did nothing wrong.

According to Anderson, he was told by Jobs in late January 2001 that Jobs had an agreement with the board of directors to grant stock options on January 2. Anderson "cautioned" Jobs that the grant for executives would have to be priced based on the date of the board agreement "or there could be an accounting charge," and also told Jobs the board would have to confirm it had given prior approval for the grant dates "in a legally satisfactory method." Jobs assured him that the board had given approval and Anderson "relied on these statements by Mr. Jobs and from them concluded the grant was being properly handled." According to the SEC case filed today in U.S. District Court for the Northern District of California, both Heinen and Anderson personally received millions of dollars in unreported compensation through the backdating.

Link: Forum Discussion (Thanks Eros)
News source: PC World

Report a problem with article
Previous Story

Chinese court rules Yahoo violated music copyrights

Next Story

Project aims to bring DX10 gaming to XP, Linux, OS X

24 Comments

Commenting is disabled on this article.

No, because this isn't a Windows only site, this is a technology site, by your logic we shouldn't post anything about intel, amd, ati, nvidia, ps3, xbox, ect.

Get a life especially MountainSnake, probably because windows users think they are always right and their OS is the best thing since sliced bread and no other OS could possibly be better than the all mighty Vista, and so on, and so on....

It's not so much Mac or Jobs hating as it is arrogance and hypocricy hating. The comments on Neowin used to make very interesting discussion... but too many discussions degenerate into the tiresome Mac vs. Microsoft battle. It's one thing to discuss actual events and corporate behaviour and another for the fanboys and girls to flame each other.

Anyway, in this case, Steve just can't get his story straight. When this first popped up he said he didn't know anything about it and was sorry it happened "on his watch". But an Apple investigation turns up that Steve actually knew all along. This is what's known as "lying" and yet another reason why Apple's business practices are shamefully unprofessional.

theyarecomingforyou said,
I don't really care whether Jobs is guilty or not - he is irritating and that, by my logic, is enough reason to send him to jail.

I dislike Jobs myself, but being irritating is definitely no reason to go to jail. If Jobs did no wrongdoing, he should not be punished.

theyarecomingforyou said,
I don't really care whether Jobs is guilty or not - he is irritating and that, by my logic, is enough reason to send him to jail.

your comment is irritating so by your logic, you should go to jail...

NateB1 said,
but being irritating is definitely no reason to go to jail.

I dunno... it seems as good a reason as any. I also think they should lock up fat people and then only feed them a regular diet until they lose weight - that way prison could become like a glorified health farm. Yup. Unfortunately I'm not in charge of the prison service / police.

The Apple board members said that Jobs had nothing to do with the back-dating.
So if the CFO is right then all board members have lied so they go to jail not stevie.

I know this logic is full of holes. But I am no lawyer.

I think he'd survive in jail as long as he had unlimited supply of black turtlenecks and an iPod! :)

But seriously - if this is really true - it is a shame, and he deserves to go to jail.

That would just crack me up to see Jobs in jail. He's screwed so many for so many years, it would be funny to
see him getting screwed. He is just the same as Bill G, but at least he is giving some of his money away.

Big surprise, if it was Job's fault they would have found it in the endless investigations they did and over the past months. I think hes just ticked off he has to pay 3.5 mil. But who wouldn't.

Exactly what I was thinking. This would have been discovered long ago, and not straight from the accused's mouth, but rather from the investigators. I won't believe this until there is an official word corroborating it.

Xero said,
Big surprise, if it was Job's fault they would have found it in the endless investigations they did and over the past months. I think hes just ticked off he has to pay 3.5 mil. But who wouldn't.

3.5m is nothing compared to his total worth.