U.S. may charge ex-execs at Broadcom, Apple: WSJ
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Federal prosecutors are strongly considering criminal charges against former executives of Broadcom Corp., Apple Inc., and KLA-Tencor Corp., related to the backdating of stock options, the Wall Street Journal reported on Friday, citing people familiar with the situation.
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A federal appeals court ruled Tuesday that Broadcom could press forward with an antitrust case against rival chip maker Qualcomm, but on only two of the eight original charges, the companies said.
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WASHINGTON (Dow Jones/AP) - Financial services giant Citigroup says the Securities and Exchange Commission is considering recommending charges against two of its former employees and a current worker.
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Last week, as we reported, Qualcomm's request for a stay of injunction against the sale of certain of its chips in the US was denied, and that denial was upheld by the International Trade Commission. This after the company was found to have infringed upon three Broadcom patents. At that time, Broadcom said it was open to seeking a negotiated settlement with Broadcom.
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A three-month investigation by Apple Computer's board of directors found that the company backdated option grants made on 15 dates between 1997 and 2002 and CEO Steve Jobs knew of the practice.
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A former Qwest Communications executive is negotiating a possible settlement of SEC charges against him. The Securities and Exchange Commission has accused Michael Felicissimo of fraud that led to overstated wireless revenues at Qwest.
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A federal jury told wireless chip supplier Qualcomm Inc.  to pay smaller rival Broadcom Corp.  $19.6 million in damages for infringing three of its patents, the companies said on Tuesday.
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(InfoWorld) - Brocade Communications Systems has agreed to pay a $7 million penalty to settle charges of stock-option backdating fraud. The payment will settle a civil action brought by the U.S. Securities and Exchange Commission and comes with a permanent injunction against the storage networking company not to break various accounting laws. The SEC's action, announced Thursday, signals that the agency will take strong action against companies accused of backdating fraud. Scores of high-tech companies have either come under federal investigation or started their own probes related to the practice. Former Brocade executives granted tens of millions of stock options to employees and falsified the dates of those grants so that they could hide the cost of the options from shareholders, the SEC charged. Brocade did not admit to or deny the charges. The settlement concludes the SEC action, and Brocade said it does not expect the Department of Justice to take any action against it. "Falsifying compensation expenses is no less misleading to investors than falsifying revenue," said Linda Chatman Thomsen, director of the SEC's enforcement division, in a statement. Brocade's former chairman, president and CEO, Gregory Reyes, as well as former human resources chief Stephanie Jensen and former Chief Financial Officer Antonio Canova, were charged last July with fraud and other securities law violations. "The SEC will use all the weapons in our arsenal, including significant corporate penalties, to protect investors and combat fraudulent stock option backdating," SEC chairman Christopher Cox said in a statement. Backdating is legal and was a common practice in the fevered high-tech job market of the late 1990s as vendors competed for talent with attractive financial packages. But some of the biggest names in IT, including Apple, Broadcom, and McAfee, have been hit by concerns over how they carried it out.ADVERTISEMENTIBM Information On Demand 2006Industrial Industry Leaders, please join us at IBM's premier information management global event, IBM Information On Demand 2006, October 15-20, Anaheim, CA. More IBM business and technical solutions content in one place than ever before! Select from  over 800 sessions. Register today!
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In a report to the US Securities and Exchange Commission regarding allegations that the company may have failed to report certain backdated options, Apple today said its CEO, Steve Jobs, knew something about his company's options backdating practices, but never benefited from backdating personally.
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The case against Intel's right to pay its channel clients for exclusivity has been a matter for a civil court. But if the New York Attorney General finds what he's looking for, the company could find the case against it both upgraded and multithreaded.
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WASHINGTON -- The Securities and Exchange Commission is considering recommending charges against two former Citigroup Inc. employees and a current employee, the financial-services giant said Friday.
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A civil lawsuit accusing Henry Nicholas III, the former president and CEO of Broadcom Corp., of mistreating employees, using illegal drugs and paying for prostitutes, has reportedly caught the attention of U.S. law enforcement officials investigating stock options backdating at the company.
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Apple Inc  Chief Executive Steve Jobs was asked by U.S. securities regulators to give a deposition in a lawsuit against the company's former general counsel involving stock options backdating, Bloomberg reported, citing two people familiar with the matter.
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U.S. regulators are looking into  whether Wall Street firms are providing insider information on  upcoming offerings, either on purpose or inadvertently, the  Wall Street Journal reported on Thursday.
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Former Qwest Communications chief executive Joseph Nacchio reportedly may soon face civil charges related to improper accounting at the telecommunications company.
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It could be deja vu all over again for Apple Computer Inc. .
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By The Orange County Register, Calif.  Dec. 19--Chipmaker Broadcom Corp. said it canceled more than $37 million  in stock options for three former employees after finding that they adjusted  the dates of the options to maximize their value.