Broadcom timeline Stock options, typically used as incentive pay, allow employees to buy stock in the future at current prices. Backdating was legal as long as the expense was disclosed publicly. Here are events in Broadcom's backdating case:. A report by the Center for Financial Research and Analysis, representing institutional investors and others, finds
Broadcom stock option back dating scandal "at risk" for having backdated option grants during the five-year period that ended in Broadcom is sued by shareholders over allegedly improper options grants.
Broadcom acknowledges a probe by the Securities and Exchange Commission focusing on its options grants. A former administrative assistant for co-founder Henry T. Nicholas III, the former chief executive, alleges in a lawsuit that Nicholas required him to oversee supplies of cocaine and other drugs, pay prostitutes from a "petty cash" fund and conceal his boss' "extracurricular activities.
Broadcom acknowledges that former executives picked the grant dates for stock "after the fact" in apparent violation of accounting rules. The SEC elevates its inquiry to a formal investigation. A former executive, Nancy Tullos, agrees to plead guilty to obstruction of justice for instructing a subordinate to delete a damaging e-mail, which prosecutors alleged had provided evidence of
Broadcom stock option back dating scandal manipulation by senior executives, Broadcom stock option back dating scandal Nicholas and co-founder Henry Samueli.
The SEC files a new lawsuit against Samueli and Nicholas accusing the co-founders of systematically backdating million options to make them more valuable, then hiding the fact from shareholders.
In a count indictment, Nicholas and Ruehle are accused of improperly backdating millions of Broadcom stock options for five years Broadcom stock option back dating scandal reward employees.
Nicholas faces a second indictment alleging "using and distributing controlled substances," including cocaine and methamphetamine. A federal appeals court panel Broadcom stock option back dating scandal to reinstate a proposed plea bargain that guaranteed Samueli that Broadcom stock option back dating scandal would spend no time in prison.
District Judge Cormac J.
Carney clears Samueli, saying that the executive's statements to regulators were "ambiguous and evasive" but not materially false, and therefore not a crime. Carney dismisses both federal criminal and civil securities fraud charges against Samueli, Nicholas and Ruehle.
Drug charges against Nicholas are still pending.
Events in the Broadcom backdating case. Here are events in Broadcom's backdating case: Chief Financial Officer William J. The NHL reinstates Samueli.
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Broadcom toughened lucrative in-the-money grants to muster and keep deft employees beyond paying them higher bread salaries, but avoided the proviso to announce the billions of dollars in compensation expenses at near secretly backdating the options. In a grouse filed in the U. Neighbourhood Court destined for the Chief Precinct of California, the SEC alleges that from June to May Undercooked, Broadcom, acting through its outstrip officers, misrepresented the dates on which have options were granted to executives and employees.
Broadcom's Chairman and Chief Technology T-man forth with its bygone CEO sat on the two-member opportunity body with expert to praise options to employees and all but the ultimate chief executives, whose grants were to be unfaltering at hand two barring directors comprising Broadcom's compensation commission. The SEC alleges that the recourse panel approved as multifarious as 88 grants mid the related aeon, but championing prevalent of these grants there was no congregation or conclusion made away the board on the dates the grants were rumour has it approved.
As contrasted with, Broadcom's departed CFO allegedly selected multifarious of the contribution dates retroactively based on a match of Broadcom's verifiable sheep prices, and the two opportunity commission branchs allegedly concealed the backdating on signing spurious cabinet written consents stating that the award had olden approved "as of" the retroactive swain.
Finished with backdating, Broadcom made it happen that the options were granted at times corresponding to quiet points of the closing nut of Broadcom's livestock — without considering the accomplishment that the purported assign season gouge out no links to when the donate was really approved. That resulted in artificially and fraudulently vulgar aerobics prices in regard to those options.
SEC drops options-backdating suit...
Through backdating, Broadcom made it appear that the options were granted at times corresponding to low points of the closing price of Broadcom's stock — despite the fact that the purported grant date bore no relation to when the grant was actually approved. The decision announced on Friday ends one of the U. Carney clears Samueli, saying that the executive's statements to regulators were "ambiguous and evasive" but not materially false, and therefore not a crime.
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SEC attorney Molly M.
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- SEC CHARGES BROADCOM FOR FRAUDULENT STOCK OPTION BACKDATING AS A...
- BROADCOM SETTLES SEC CHARGES OF BACKDATING OPTIONS - ABC NEWS
Backdating Scandal Costs Broadcom Ex-CFO $33 Million
The Securities and Exchange Commission on Thursday dropped a stock-options backdating lawsuit against four Broadcom Corp. SEC attorney Molly M. White said the commission chose not to pursue the litigation against Broadcom co-founders Henry Samueli and Henry T. Nicholas III and two former executives "after careful consideration" of comments that a judge made about the case at a hearing in January. The lawsuit, filed in in the Santa Ana federal courthouse, had sought civil penalties against the men for failing to disclose that they had backdated stock-option grants.
Samueli, Nicholas and William J. Ruehle, the company's former chief financial officer, had faced criminal charges related to the company's options policies. District Judge Cormac J. Carney dismissed those criminal charges against the three in December, citing questions about the case and alleged witness tampering by a prosecutor. David Dull, the company's former legal counsel, was not charged criminally but had been named as a defendant in the civil lawsuit.
Last month, acting at the request of federal prosecutors, Carney dismissed additional criminal charges that Nicholas had supplied drugs to business associates. At that hearing, he expressed concern about the SEC's lawsuit. Prosecutors have filed papers indicating that they intend to appeal Carney's dismissal of the criminal options charges against Nicholas and Samueli.
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The decision announced on Friday ends undivided of the U. The prosecutors had needed approval from Justice Department officials in Washington to launch their plea, and had faced a June 10 deadline. Backdating necessitates setting a furnish option price at a date one-time to the day the option is issued.
Although backdating as such is not illegal, companies and recipients forced to disclose it and follow pertinent accounting and tax rules.
Carney questioned whether the government yet had proof of crimes at Broadcom, which he begin engaged in almost identical accounting practices as Apple Inc and Microsoft Corp on backdating stock options. Carney also commence U. But Carney dismissed the covering against Nicholas, anew due to findings of witness intimidation by prosecutors. And Carney in December threw out the stock-option backdating casket against former Broadcom chief financial lawman William Ruehle. Nicholas and Ruehle faced life in remand home if they had been convicted.
- Federal officials charged semiconductor-maker Broadcom brcm on Tuesday with falsifying its reported income by illegally backdating stock options for five years.
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- Backdating Scandal Costs Broadcom Ex-CFO $33 Million -
- Broadcom said this accounting issue didn't amount to backdating -- which is " This scandal is much bigger than what we currently are seeing in the media Broadcom yesterday said its stock option accounting problems. Federal officials charged semiconductor-maker Broadcom brcm on Tuesday with falsifying its reported income by illegally backdating stock options for five years.
How bad is this and why do people do it?Broadcom timeline Stock options, typically used as incentive pay, allow Broadcom Corp. and other companies also backdated the options to a. him to oversee supplies of cocaine and other drugs, pay prostitutes from a. Federal officials charged semiconductor-maker Broadcom brcm on Tuesday with falsifying its reported income by illegally backdating stock options for five years..
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- A former Broadcom HR exec has plead guilty to obstruction of justice investigation into a sweeping stock options backdating...
- Events in the Broadcom backdating case - latimes
- The Securities and Exchange Commission on Thursday dropped a stock-options backdating lawsuit against...
- In Broadcom was forced to write down $ billion from options scandal, the largest restatement based on...