JURIST Supported by the University of Pittsburgh
PAPER CHASE NEWSBURSTDigest RSS feedFull RSS feed
Serious law. Primary sources. Global perspective.


Wednesday, February 28, 2007

DOJ indicts former McAfee general counsel for stock options backdating scheme
Joshua Pantesco at 12:11 PM ET

[JURIST] The former general counsel for computer security company McAfee [corporate website] was indicted Tuesday by the Department of Justice for concealing an illegal stock option backdating scheme. The DOJ charged [PDF indictment] Kent Roberts with six counts of mail fraud, wire fraud, and filing false SEC documents. The indictment alleged that as part of the scheme to defraud McAfee (formerly known as Network Associates), its investors, the SEC, and the public, Roberts:

fraudulently granted himself extra compensation by causing the grant date for his stock options grant to be changed in Network Associate's books and records so that the exercise price of the grant would be lower and so that it appeared that the grant was made on the new fabricated grant date.
The DOJ further accused Roberts of back-dating stock options for ex-McAfee CEO George Samenuk. McAfee fired Roberts [press release] in May 2006 for an "improper" event involving stock option grants discovered by an internal McAfee investigation. The Recorder has more.

In January, the San Francisco US Attorney's office launched an investigation [JURIST report] into a stock option package given by Apple, Inc. [corporate website] to CEO Steve Jobs [professional profile]. Apple gave Jobs 7.5 million Apple shares in October 2001, but did not finalize the options package until December 2001; the package appreciated $20 million between those dates.





Link |  | print | subscribe | RSS feeds | latest newscast | Facebook page

For more legal news check the Paper Chase Archive...


LATEST LEGAL NEWS

 UK judge upholds request to withhold evidence in Russian spy death investigation
5:26 PM ET, May 19

 Afghanistan parliament blocks women's rights legislation
4:06 PM ET, May 19

 Cameroon authorities urged to drop charges against transgender youths
11:45 AM ET, May 19

 click for more...

Get JURIST legal news delivered daily to your e-mail!

LATEST FORUM

In Alabama, "Back Door" Restrictions on Abortion and Roe
DOMESTIC
LaJuana Davis
Cumberland School of Law

ABOUT

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible, ad-free format.

CONTACT

Paper Chase welcomes comments, tips and URLs from readers. E-mail us at JURIST@jurist.org