Rim backdating options

11-Mar-2018 07:40 by 3 Comments

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and four employees, outlining new allegations about how the company backdated stock options and how two executives hid the scheme from its auditors and outside lawyers. Securities and Exchange Commission unveiled a settlement yesterday with Research In Motion Ltd.

S.) and be barred from acting as a director or officer for five years. Loberto, now RIM's vice-president of corporate operations, will pay 5,000 and also be barred from acting as a director or officer for five years. Balsillie will pay 0,000 toward the SEC penalty, and Mr. The company itself was not required to make any payments.Stock options give company employees the right to buy shares at a set price on a particular date, typically the price at the end of the trading session on the date a grant is given.Backdating refers to improperly setting the grant date to coincide with a stock's lowest price, creating an instant paper gain.On the penalty side, the OSC will collect just over million from the respondents.Balsillie will also pay a penalty of million and 0,000 in investigation costs to the OSC.The stock option “backdating” scandal has implicated several (mostly technology) companies over the past few months.

The SEC and other federal authorities are currently investigating more than 50 companies suspected of illegal, undisclosed options backdating practices, and the first criminal charges relating to these practices are expected shortly.Lazaridis will pay

The SEC and other federal authorities are currently investigating more than 50 companies suspected of illegal, undisclosed options backdating practices, and the first criminal charges relating to these practices are expected shortly.

Lazaridis will pay $1.5 million in penalties and $150,000 in costs. Also under the terms of the deal revealed yesterday:- Kavelman, now the chief operating officer, will pay penalties of $1.5 million and another $150,000 in investigation costs;- Angelo Loberto, RIM's vice-president of corporate operations will pay $50,000 in investigation costs;- directors Kendall Cork, Douglas Wright, and James Estill were reprimanded;- Douglas Fregin, also a co-founder of RIM and former director, must complete a course on the duties of directors and officers.

About 1,400 of 3,200 options granted during this time were made using incorrect dating practices, the commission said in its statement of allegations.

The OSC alleged that the benefit to all employees was $66 million in improper stock market gains from 1996 to 2006 when RIM options were improperly dated.

Half of those profits were paid back following an internal investigation by the company's board.

Balsillie, Lazaridis and Kavelman have been ordered to pay 38.3 million to RIM to account for improper profits from stock option backdating.

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The SEC and other federal authorities are currently investigating more than 50 companies suspected of illegal, undisclosed options backdating practices, and the first criminal charges relating to these practices are expected shortly.Lazaridis will pay $1.5 million in penalties and $150,000 in costs. Also under the terms of the deal revealed yesterday:- Kavelman, now the chief operating officer, will pay penalties of $1.5 million and another $150,000 in investigation costs;- Angelo Loberto, RIM's vice-president of corporate operations will pay $50,000 in investigation costs;- directors Kendall Cork, Douglas Wright, and James Estill were reprimanded;- Douglas Fregin, also a co-founder of RIM and former director, must complete a course on the duties of directors and officers.About 1,400 of 3,200 options granted during this time were made using incorrect dating practices, the commission said in its statement of allegations.The OSC alleged that the benefit to all employees was $66 million in improper stock market gains from 1996 to 2006 when RIM options were improperly dated.Half of those profits were paid back following an internal investigation by the company's board.Balsillie, Lazaridis and Kavelman have been ordered to pay 38.3 million to RIM to account for improper profits from stock option backdating.

.5 million in penalties and 0,000 in costs. Also under the terms of the deal revealed yesterday:- Kavelman, now the chief operating officer, will pay penalties of

The SEC and other federal authorities are currently investigating more than 50 companies suspected of illegal, undisclosed options backdating practices, and the first criminal charges relating to these practices are expected shortly.

Lazaridis will pay $1.5 million in penalties and $150,000 in costs. Also under the terms of the deal revealed yesterday:- Kavelman, now the chief operating officer, will pay penalties of $1.5 million and another $150,000 in investigation costs;- Angelo Loberto, RIM's vice-president of corporate operations will pay $50,000 in investigation costs;- directors Kendall Cork, Douglas Wright, and James Estill were reprimanded;- Douglas Fregin, also a co-founder of RIM and former director, must complete a course on the duties of directors and officers.

About 1,400 of 3,200 options granted during this time were made using incorrect dating practices, the commission said in its statement of allegations.

The OSC alleged that the benefit to all employees was $66 million in improper stock market gains from 1996 to 2006 when RIM options were improperly dated.

Half of those profits were paid back following an internal investigation by the company's board.

Balsillie, Lazaridis and Kavelman have been ordered to pay 38.3 million to RIM to account for improper profits from stock option backdating.

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The SEC and other federal authorities are currently investigating more than 50 companies suspected of illegal, undisclosed options backdating practices, and the first criminal charges relating to these practices are expected shortly.Lazaridis will pay $1.5 million in penalties and $150,000 in costs. Also under the terms of the deal revealed yesterday:- Kavelman, now the chief operating officer, will pay penalties of $1.5 million and another $150,000 in investigation costs;- Angelo Loberto, RIM's vice-president of corporate operations will pay $50,000 in investigation costs;- directors Kendall Cork, Douglas Wright, and James Estill were reprimanded;- Douglas Fregin, also a co-founder of RIM and former director, must complete a course on the duties of directors and officers.About 1,400 of 3,200 options granted during this time were made using incorrect dating practices, the commission said in its statement of allegations.The OSC alleged that the benefit to all employees was $66 million in improper stock market gains from 1996 to 2006 when RIM options were improperly dated.Half of those profits were paid back following an internal investigation by the company's board.Balsillie, Lazaridis and Kavelman have been ordered to pay 38.3 million to RIM to account for improper profits from stock option backdating.

.5 million and another 0,000 in investigation costs;- Angelo Loberto, RIM's vice-president of corporate operations will pay ,000 in investigation costs;- directors Kendall Cork, Douglas Wright, and James Estill were reprimanded;- Douglas Fregin, also a co-founder of RIM and former director, must complete a course on the duties of directors and officers.About 1,400 of 3,200 options granted during this time were made using incorrect dating practices, the commission said in its statement of allegations.The OSC alleged that the benefit to all employees was million in improper stock market gains from 1996 to 2006 when RIM options were improperly dated.Half of those profits were paid back following an internal investigation by the company's board.Balsillie, Lazaridis and Kavelman have been ordered to pay 38.3 million to RIM to account for improper profits from stock option backdating.

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