Apple CEO Jobs Questioned by Feds Over Role in Stock Option Grants

Authored by Mark Hefflinger on January 23, 2007 - 8:56am.

San Francisco - Apple CEO Steve Jobs was questioned last week by authorities from the U.S. Department of Justice and Securities and Exchange Commission about the company's admitted stock option grants that were "backdated" to make them more valuable for employees, The San Francisco Chronicle reported, citing "people familiar with the case."

Neither Jobs' attorney nor the SEC, which reportedly led the questioning, would comment to The Chronicle on the subject matter of the conversation.

Apple has conceded that it granted Jobs 7.5 million stock options in 2001 that were backdated by two months; Apple said it will take an $84 million charge for backdating a total of more than 6,400 stock options.

However, an internal investigation found no evidence of wrongdoing by Jobs or other current Apple management.

Apple is one of nearly 200 companies that have either launched internal investigations, or are the subject of federal probes into their stock options granting practices.

 

Related Links:
http://tinyurl.com/37r6x5 (S.F. Chronicle)
http://tinyurl.com/2v37ar (Reuters)

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