Start Option backdating settlement

Option backdating settlement

Those exhibits included a surveillance video that purports to show Nicholas doing drugs and a complaint by contractors that Nicholas failed to pay them for an underground lair at Nicholas’ Nellie Gail home.

The SEC has entered into other settlements stemming from the option backdating practices at Mercury Interactive as discussed here and here.

In contract to most other option backdating cases, the complaint here also alleges financial fraud.

The complaint alleged that these options were a form of secret compensation which was not properly disclosed and for which the proper accounting charges were not taken.

Broadcom restated the company’s financial results by $2.22 billion in January 2007, in the largest case of backdating in U. The SEC complaint against Tullos paints a picture of several Broadcom executives seeking to maximize the value of stock options over several years to help recruit and compensate employees.