Option Granting Practices and exploits Message Board

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Strategies & Market Trends : Option Granting Practices and exploits

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From: Glenn Petersen	2/28/2007 12:50:05 AM
	of 165

...the latest indication that the government crackdown on corporate America’s widespread stock option abuses is progressing beyond the evidence-gathering stage. McAfee’s Ex-Lawyer Indicted By THE ASSOCIATED PRESS Published: February 28, 2007 SAN FRANCISCO, Feb. 27 (AP) — The former top lawyer of McAfee Inc. was charged on Tuesday with stock options tampering that muddied the finances of the computer security software maker. A federal grand jury indicted the lawyer, Kent Roberts, nine months after McAfee fired him as its general counsel for “improper” handling of stock options issued in 2000. The lawyer for Mr. Roberts, Stephen Neal, was not available for comment. The indictment includes seven criminal counts of fraud, accusing Mr. Roberts of deceiving investors by filing false statements with the Securities and Exchange Commission and falsifying McAfee’s books. Besides shedding more light on the apparent misconduct of Mr. Roberts, the case provides the latest indication that the government crackdown on corporate America’s widespread stock option abuses is progressing beyond the evidence-gathering stage. Mr. Roberts became the third former executive in the last two weeks to be accused of illegally rigging stock options, joining the former chief executive of the video game maker Take-Two Interactive Software Inc. and a former senior vice president for the company that owns the online job search site Monster.com. The government’s investigation, spanning more than 100 companies nationwide, is primarily focused on the practice of backdating stock options. Backdating is not necessarily illegal, as long as it is properly disclosed and recorded on the books. nytimes.com

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