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Stock option backdating 2016

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In this article I explore the impact of the introduction of the Sarbanes–Oxley Act (SOX) in 2002 and the Securities and Exchange Commission's implementation of the Act in 2006 on the options granting process.

The next year, he reached a .6 million civil settlement with the U. Alexander’s expected plea was reported earlier by CNBC.

On February 4, 2014, the CBC reported that Ensign Energy Services has been accused of option backdating.

The defendant had been arrested in Namibia in September 2006 after a global manhunt. Department of Justice did not immediately respond to a request for comment.

He had long been fighting extradition to the United States, where he was indicted on 35 charges that included securities fraud, money laundering and obstruction. In connection with a 2009 settlement of a lawsuit by Comverse investors, Alexander agreed to pay million to the software developer and waive more than million of claims against it. Comverse was bought out in 2013 by a former unit, Verint Systems (vrnt).

The lawsuit was filed by Siskinds LLP on behalf of an Ensign shareholder.

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Yes, it is possible to randomly hit such a pattern, but backdating is about companies repeatedly having such good luck with their option awards.

That’s because of the stock option backdating scandals and based on rules and standards that consider backdated documents less reliable supporting evidence for financial statement numbers or evidence for an audit.

External auditors have been sanctioned and barred from the profession for backdating audit workpapers to deceive regulators into believing audit work was performed before the client’s annual report was published.

The purpose may be tax avoidance or the cash and assets may be the result of illegal activities such as payoffs to government officials, illegal drug sales and arms trafficking.

Backdating can involve assigning an event “to a date prior to that of actual occurrence” or dating a document “to reflect an event that occurred prior to execution.” The propriety of backdating, says law professor Jeffrey L.


  1. Are New Independent Directors Penalized for Past Malfeasance? Evidence from Stock. Option Backdating. Quinn D. Curtis*. University of Virginia School of Law. Justin J. Hopkins**. The Darden Graduate Business School at the University of Virginia. December 2016. Key words corporate governance, board of directors.

  2. August 22, 2016. The former Comverse Technology chief executive officer who authorities say fled to Africa a decade ago to avoid prosecution in a stock options scandal will return to the. Jacob “Kobi” Alexander, 64, will plead guilty to one count of backdating stock options, the lawyer, Benjamin Brafman, said in an email.

  3. Apr 24, 2007. Washington, D. C. April 24, 2007 - The Securities and Exchange Commission today filed charges against two former senior executives of Apple, Inc. in a matter involving improper stock option backdating. The Commission accused former General Counsel Nancy R. Heinen of participating in the fraudulent.

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