Broadcom backdating scandal nr dating


28-Jan-2016 08:48

She personally benefited by receiving and exercising backdated stock options that were in-the-money by more than

She personally benefited by receiving and exercising backdated stock options that were in-the-money by more than $1.2 million, the commission said.The complaint alleged that she communicated false grant dates within the company and provided spreadsheets of stock option allocations for the backdated grants to Broadcom’s finance and shareholder services departments, knowing that they would be used in preparing Broadcom’s books, records, and SEC filings. agreed to pay $12 million to settle a federal civil investigation into the company’s five-year practice of falsifying its books to account for employee stock options, the Securities and Exchange Commission said today.The company did not admit wrongdoing and no executives were named in the complaint, which accused Broadcom of violating antifraud provisions of securities laws, falsifying its books and falsely reporting financial results.Broadcom Corp.’s former vice president of human resources, Nancy M.Tullos, settled Securities and Exchange Commission charges that she participated in a five-year scheme to backdate stock options granted to Broadcom employees and officers. Tullos personally benefited from the stock option backdating scheme that she facilitated in her role as head of Broadcom’s human resources department,” Rosalind R.You see, if you backdate stock options to a date when the price of the stock was lower, then the options are "in-the-money" when granted.

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She personally benefited by receiving and exercising backdated stock options that were in-the-money by more than $1.2 million, the commission said.

The complaint alleged that she communicated false grant dates within the company and provided spreadsheets of stock option allocations for the backdated grants to Broadcom’s finance and shareholder services departments, knowing that they would be used in preparing Broadcom’s books, records, and SEC filings.

agreed to pay $12 million to settle a federal civil investigation into the company’s five-year practice of falsifying its books to account for employee stock options, the Securities and Exchange Commission said today.

The company did not admit wrongdoing and no executives were named in the complaint, which accused Broadcom of violating antifraud provisions of securities laws, falsifying its books and falsely reporting financial results.

.2 million, the commission said.The complaint alleged that she communicated false grant dates within the company and provided spreadsheets of stock option allocations for the backdated grants to Broadcom’s finance and shareholder services departments, knowing that they would be used in preparing Broadcom’s books, records, and SEC filings. agreed to pay million to settle a federal civil investigation into the company’s five-year practice of falsifying its books to account for employee stock options, the Securities and Exchange Commission said today.The company did not admit wrongdoing and no executives were named in the complaint, which accused Broadcom of violating antifraud provisions of securities laws, falsifying its books and falsely reporting financial results.Broadcom Corp.’s former vice president of human resources, Nancy M.Tullos, settled Securities and Exchange Commission charges that she participated in a five-year scheme to backdate stock options granted to Broadcom employees and officers. Tullos personally benefited from the stock option backdating scheme that she facilitated in her role as head of Broadcom’s human resources department,” Rosalind R.You see, if you backdate stock options to a date when the price of the stock was lower, then the options are "in-the-money" when granted.

“The scope and magnitude of the fraud warrants the significant penalty imposed on the company.” Federal criminal and civil investigations continue against top Broadcom executives, including the chairman and chief technical officer, Henry Samueli, and the former chief executive officer, Henry T.Nicholas III, who were not named in the SEC case but were implicated by title.An attorney for Nicholas, who is currently in alcohol rehabilitation at the Betty Ford Center, said his client did nothing wrong."The additional noncash stock-based compensation expense will not affect the company's current cash position or financial condition or previously reported revenues and will be offset by corresponding increases in additional paid-in capital, thus leaving shareholders' equity unaffected," the company said.

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In early trading, Broadcom fell 29 cents, or 1%, to .60.After all, stock option backdating is all the rage these days.