Jobs, other Apple execs accused of fraud
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Jobs, other Apple execs accused of fraud

In [url=http://dockets.justia.com/docket/court-candce/case_no-5:2008cv03123/case_id-204664/]the lawsuit[/url], which was filed on June 27, these folks have been accused of fraud in a class action, which is "more fallout from the company's stock options backdating scandal," notes [url=http://www.macworld.co.uk/business/news/index.cfm?RSS&NewsID=21875]Macworld UK[/url].

Plaintiffs Martin Vogel and Kenneth Mahoney say the accused participated in a plot to file false financial statements, concealing millions of dollars in executive compensation when they did so.

As noted by Macworld UK, in June 2006, Apple acknowledged that an internal investigation had revealed irregularities in its stock option grants between 1997 and 2001. It also said that one of the grants in question was to Jobs but that "it was subsequently canceled and resulted in no financial gain to the CEO." In April 2007, federal securities regulators said Tuesday that they would bring no civil charges against Apple over the backdating of executive stock options.

The new lawsuit claims Jobs and others knew what was going on: "The defendants knew that options were not granted on the dates that were disclosed to shareholders and falsified the company's records to create the appearance of illegality, and thus bear direct responsibility for their actions," it says.

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