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Firm partner’s research shows that general counsel who understood backdating’s accounting implications are getting hit hardest Corporate Counsel January 3, 2008 Why is the government taking action against some general counsel who backdated stock options, while letting others off the hook?
This is the granted option that would be reported to the SEC.
The act of options backdating has become much more difficult as companies are now required to report the granting of options to the SEC within two business days.
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.
Byrd, a former Chief Financial Officer and Chief Operating Officer of Brocade Communications Systems, Inc., alleging that “he disregarded indications that other senior corporate executives were improperly backdating stock option grants at the company.” The Commission alleges Byrd “learned of instances in which Brocade’s then-CEO and others were backdating options for certain individuals, yet failed to ensure that the company properly accounted for the option expenses and disclosed them to investors.” This latest action could indicate a shift in the SEC’s enforcement policy.
The SEC filed fraud charges against the attorney, Lisa C.