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Anderson got nailed because, according to the complaint, he should have noticed what Heinen was doing and either stopped it or reported the expense properly.He also exercised and sold 750,000 back-dated shares.In researching this post, I came across a number of recent reports on Henry Nicholas III, the once high-flying CEO and cofounder of Broadcom. While the story was enthralling, I didn't understand what any of it had to do with a federal investigation into stock option backdating.The allegations of illicit sex, drugs, and rock and roll reminded me of the 60s ... Sure, Broadcom had to take a .2 billion charge to fix the accounting mess left by the company's former executives.If you cover it up and fail to report that expense, the way Apple's folks allegedly did, well, that amounts to accounting fraud.
Heinen allegedly covered up the back-dating, which caused Apple's earnings to be inflated.
Never mind that Anderson, in a press release, claimed to have informed Jobs of the accounting implications of backdating options in 2001.
Or that Jobs gave up his outstanding options, which were "underwater," in exchange for 5 million restricted shares in 2003.
In a settlement announced concurrent with the complaint, Anderson - who neither admitted nor denied the allegations - agreed to pay back .6 million and never to do bad stuff again.
That seemed like a contradiction to me, but whatever.