Tencor scandal options backdating
Schroeder’s attorney Weiss countered that the SEC “misunderstood or distorted the e-mail exchange” with Nichols, saying Schroeder’s “immediately involved and sought advice” from the chief financial officer, who also received the memo. Schroeder was led to believe that the general counsel’s concerns had been addressed,” Weiss said in an e-mail.“Our investigation is ongoing,” said the SEC’s Fogel, who said he would not rule out charges against other former executives.For the time being, at least, the heat in the KLA-Tencor case is focused squarely on Schroeder, 61, who ascended to CEO and director during a 22-year career with the company. Schroeder as the man who “engineered a scheme” to backdate options routinely, the Securities and Exchange Commission on Wednesday filed civil fraud charges accusing him of rigging options for himself and other employees during the tech boom.
As proof, the SEC cited a March 2001 e-mail in which Schroeder apparently berated the company’s top attorney for writing a memo that stated that granting discounted stock options would expose the company to accounting charges.
At both companies, Berry allegedly routinely backdated stock options for employees between 19.
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