Ex-McAfee lawyer indicted in backdating probe
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Faces fraud charges related to alleged backdating of stock options at the security specialist while it was known as Network Associates.
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The U.S. Securities and Exchange Commission said on Tuesday it charged the former chief financial officer and former controller of Engineered Support Systems Inc. with stock options backdating fraud.
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Former pizzeria manager Michael Devlin has been indicted in federal court on child pornography charges related to the kidnapping of a Missouri boy, a federal prosecutor said Thursday.
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The former chairman of US software firm Computer Associates is charged with securities fraud in connection with a $2.2bn accounting scandal.
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Former Brocade Communications Systems CEO Gregory Reyes has been sentenced to 21 months in prison and a $15 million fine for fraud related to backdating of the storage networking company&#39;s stock options.Reyes was convicted last August&#160;in the most prominent of many criminal and civil cases in the past two years related to backdating by high-tech companies. Apple, McAfee, Rambus, and scores of other vendors have faced either internal or external probes. Reyes&#39; conviction was the first by the U.S. Department of Justice in a backdating case. Reyes was found guilty on 10 charges including securities fraud, conspiracy and falsifying financial records. He could have faced as much as 20 years in prison.The sentencing order on Wednesday from Judge Charles Breyer of the U.S. District Court for the Northern District of California has been stayed pending an expected appeal, which has not yet been filed, according to the court.Backdating, which involves changing the date that stock options grants were made to certain employees so they can later get a bigger profit, is not illegal but has to be accounted for properly. Many high-tech companies used the practice during the Internet boom early in this decade to attract prized employees.In the wake of Brocade&#39;s backdating problems, the company restated its results from 1999 to 2004. The scandal also led to charges against Stephanie Jensen, former vice president of human resources, and Michael Byrd, the company&#39;s former CFO and COO.
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Former Computer Associates International Inc. on chief executive Sanjay Kumar was charged on Wednesday with securities fraud and obstruction of justice stemming from a
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Kent Roberts, the former top lawyer at US computer security firm McAfee, was charged Wednesday with securities fraud by government regulators, who alleged Kent had manipulated stock option grants.
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U.S. prosecutors charged a former Pakistani banker with securities fraud on Tuesday, saying he made nearly $8 million in illegal profits after getting insider information on pending merger deals from a former Credit Suisse investment banker.
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SEPTEMBER 27, 2004  - Last week&#39;s federal grand jury indictment of former Computer Associates International Inc.
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A former Boeing worker accused of leaking material to the media is charged with 16 counts of computer trespass.
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To settle a lawsuit over backdating, McAfee has restated its finances reports for 10 years and taken a $137.4 million charge.
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Months of legal woes and executive shuffling came to a resolution of sorts last week for Computer Associates. Federal prosecutors indicted former CEO Sanjay Kumar for back-dating contracts
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The former chief executive of Brocade Communications Systems Inc. was ordered on Wednesday to pay a $15 million fine for orchestrating an illegal stock options tampering scheme.
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Federal prosecutors charged former Computer Associates chairman and chief executive Sanjay Kumar and a former sales executive with 10 counts each of securities fraud and obstruction of justice, as the company reached a multimillion-dollar agreement on
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The former head of Wood River Capital Management has been indicted on charges that he engaged in securities fraud that cost investors $88 million.
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(InfoWorld) - The former legal counsel for McAfee is facing federal charges of improperly backdating stock options at the security software company. Kent Roberts, 50, of Dallas, was indicted Tuesday by a federal grand jury on seven counts of fraud for improperly backdating options between 2000 and 2002, according to a statement from the U.S. Attorney's Office for the Northern District of California in San Francisco. Roberts is charged with "devising a scheme to defraud by granting himself and others valuable in-the-money stock options while hiding the true nature and value of the stock option grants," the statement says. Roberts hid the fraud from the company, then known as Network Associates, its board, shareholders, auditors, and the U.S. Securities and Exchange Commission (SEC). Roberts joins a small butÂ growing list of executivesÂ or former executives of companies charged in the U.S with improperly backdating stock options grants to make them more profitable for the recipients, but at the expense of shareholders. More than 100 U.S. companies are under investigation by the SEC, federal prosecutors, or through internal audits. According to the indictment, the Network Associates board granted Roberts the option to buy 20,000 shares of Network Associates' stock at the strike price of $29.62, which was the price at which the stock closed on Feb. 14, 2000. In late 2000, Roberts became concerned that his options were "underwater," that is, the $29.62 exercise price of the grant was more than the market price for stock. Roberts allegedly caused Network Associates' then-controller to change the grant date and exercise price in the computer system that recorded stock option grants. The grant date was changed to April 14, 2000, with a new exercise price of $19.75. Furthermore, Roberts implicated the then-controller in the improper backdating of other stock options for consultants to the company. Roberts initiated an investigation in 2002 and recommended that the controller be removed from his position. Roberts also participated in a conference call with the SEC at the time, in which he implicated the controller. All the while, the indictment says, Roberts never mentioned that the controller backdated his options, too. The government also says that Roberts altered board meeting minutes to change the date on which options were granted to the company's then-CEO and chairman. He allegedly changed the options date from Jan. 15, 2002, when the stock closed at $27.19, to Jan. 16, when it closed at only $25.43. The greater the difference between the lower options price and the higher market price when the executive exercises the option, the greater the profit. Roberts is scheduled to be arraigned Thursday before Federal Magistrate Judge Joseph C. Spero in San Francisco. Roberts' attorney Neal Stephens could not be reached for comment.
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UPDATE: Dunn's lawyer responds to felony charges against his client; former HP senior lawyer, a security contractor, and two others also charged.