The Daily Caveat is written by Michael Thomas, a recovering corporate investigator in the Washington, DC-area. [More]
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2/28/2007
Former McAfee GC Indicted on Stock Option Backdating Charges
Former McAfee GC Indicted on Stock Option Backdating Charges
Kent Roberts got the boot from computer security software maker, McAfee about nine months ago when it came to light that Roberts had misled both the SEC and McAfee itself regarding his handling of stock options grants. Roberts is now facing seven criminal fraud counts in relation to his actions.
The McAfee case is one of the longer running of the backdating-related cases the SEC is currently pursing. The options grants in question go back to 2000. McAfee has already paid a $50 million fine to the SEC and is ultimately expected to see a financial restatement in the range of $100-150 million. Roberts, if convicted to do up to twenty years and pay up to $5 million in fines.
More on the Kent Roberts indictment via Mercury News.
-- MDT
The McAfee case is one of the longer running of the backdating-related cases the SEC is currently pursing. The options grants in question go back to 2000. McAfee has already paid a $50 million fine to the SEC and is ultimately expected to see a financial restatement in the range of $100-150 million. Roberts, if convicted to do up to twenty years and pay up to $5 million in fines.
More on the Kent Roberts indictment via Mercury News.
-- MDT
Labels: backdating, general counsel, indictment, Kent Robert, McAfee, SEC, stock options
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