Sec settles mercury backdating brocade professors dating undergrads


29-Apr-2017 13:28

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Mercury had already agreed to pay another million to settle civil fraud charges related to the backdating that were filed by the Securities and Exchange Commission, the Wall Street Journal reports (sub. The agency has also filed civil charges against four former Mercury executives, including former general counsel Susan Skaer. Filed under: corporate tax | Tagged: Backdating, Business ethics, Corporate compliance, Corporate counsel, Corporate governance, Criminal Investigations, Ethics, Executive Compensation, Regulatory Compliance, Securities Fraud, White Collar Crime | Leave a comment » By Steven Yahn When it comes to the complex and, at times, sensitive matter of stock-option grants for top executives, HR can ill afford to trust that everything will be just fine if they let others worry about the details.

With the mushrooming of federal probes into questionable options grants — as well as a few high-profile allegations of direct HR involvement in fraudulent cases of options-grants backdating — it’s time to jump in with both feet. Filed under: Uncategorized | Tagged: Backdating, Business ethics, Corporate compliance, Corporate governance, Ethics, Executive Compensation, Regulatory Compliance, Sarbanes-Oxley, Securities Fraud | Leave a comment » In a new twist to the SEC’s options backdating enforcement policy, the Securities and Exchange Commission filed fraud charges against Michael J.

The SEC’s Mercury Interactive litigation release and complaint can be found here and here The SEC’s Brocade Communications litigation release can be found here.

One aspect of the Mercury Interactive civil enforcement action that is particularly noteworthy is the sheer accumulation of numeric detail.

The complaint alleges that of the company’s stock option grants made to executives and employees during the period 1997 to April 2002 were backdated, some by as much as four months, causing “Mercury to fail to record over 8 million in compensation.” This apparently comprehensive program of options backdating stands in odd contrast to the option plan arrangement that Mercury’s shareholders approved.

According to the complaint, not only did the shareholder approved plan specifically require all options grants to be priced at 100% of fair market value at the date of the grant, but the shareholders had earlier an option grant plan that would have permitted the stock options to be granted at less than fair market value.

Here is a copy of the Complaint filed against Michael J. Filed under: Uncategorized | Tagged: Backdating, Business ethics, Corporate compliance, Corporate governance, Ethics, Executive Compensation, Regulatory Compliance, Sarbanes-Oxley, Securities Fraud, White Collar Crime | Leave a comment » The SEC filed its latest stock option backdating enforcement action, this time against a former general counsel of two public companies.

The SEC filed fraud charges against the attorney, Lisa C.

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According to a study by Erik Lie, a finance professor at the University of Iowa, more than 2,000 companies used options backdating in some form to reward their senior executives between 19.The SEC’s settlements of options backdating civil enforcement actions against Brocade Communications and Mercury Interactive received extensive coverage in the financial press last week (refer here and here).



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