Finger pointing at Apple

Posted Apr 24th 2007 3:00PM by Douglas McIntyre
Filed under: Other Issues, Rumors, Management, Apple Inc (AAPL), Scandals

Fred Anderson, Apple's Inc.'s (NASDAQ: AAPL) former CFO has settled charges that he did not properly oversee options grants. He has paid the SEC $3.5 million and did not admit or deny the allegations. The company's former general counsel still faces her day in court.

As a goodbye kiss to Apple, Anderson put out a statement that fundamentally accused Steve Jobs and the board of being the real bad guys.

Among the points he made:

"Fred relied on these statements by Mr. Jobs and from them concluded the grant was being properly handled."
"Mr. Anderson understood that the Board of Directors, which consisted of sophisticated corporate executives of national stature, including the former Chief Financial Officer of IBM, verified the January 17 date by signing in early February 2001 a Unanimous Written Consent."

Apple's stock is up slightly, which means that the market views Anderson's farewell as bitter grapes. But, the show may not be over.

Douglas McIntyre is a partner at 24/7 Wall Street.

Tags: aapl, options, options backdating, OptionsBackdating, pixr, steve jobs, SteveJobs

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Reader Comments (Page 1 of 1)

4-25-2007 @ 11:35PM

Al said...

Geese Mr. McIntyre just when did someone from Apple come by and kick your dog? Or maybe this company did something worse. I don't know but it may require you to do some psychoanalysis and therapy. But if you live long enough you could be right in that someday the sky may fall for Apple. Meanwhile, I'll just keep enjoying my Apple stock gains as well as their fine products from a truly innovative company.