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Business Crimes Hotline
CALIFORNIA
Two Executives Charged With Securities Fraud for Backdating Stock Options
The former President and CEO of a California information technology company and its former Vice President of Human Resources have been charged with criminal securities fraud related to backdating stock options, according to federal prosecutors. The charges stem from allegations that the two regularly caused the company to grant 'in the money' stock options to its employees but backdated the options to make it appear they were issued before the stock's market price exceed the option price. By concealing the true value of the options at the time they were issued, the company avoided recording the compensation expenses associated with issuing 'in the money' options. Prosecutors and SEC investigators allege that backdating the options misled the investing public. (United States v. Reyes, No. 06-00556, N.D. Ca.)
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The Article 8 Opt In
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