Broadcom backdating options plea
On June 23, 2008, Samueli pleaded guilty for lying to SEC for .2 billion of backdating.Under the plea bargain, Samueli agreed to a sentence of five years probation, a 0,000 criminal fine, and a million payment to the US Treasury.“On May 14, 2008, the Securities and Exchange Commission filed a civil action in the United States District Court for the Central District of California alleging that William J.Ruehle and current or former officers of Irvine, Calif.-based Broadcom Corporation, engaged in a scheme to backdate stock options at the company from 1998 to 2003.D (1980), all in the field of electrical engineering. In 2006, Samueli announced he was changing the team's name to the Anaheim Ducks and the arena's name to the Honda Center.
Prosecutors focused on the fact that Samueli denied under oath any role in making options grants to high-ranking executives.
Law360, New York (September 1, 2009, PM EDT) -- Broadcom Corp. District Court for the Central District of California — would resolve the consolidated federal derivative suit for almost all of the individual defendants while preserving Broadcom's claims against three former executives facing criminal charges.
is set to recover 8 million from a slew of insurers as part of a proposed partial settlement of a derivative suit over the semiconductor maker's alleged .2 billion stock options backdating scheme.
The Commission’s action was stayed at the request of the United States Attorney’s Office pending the criminal trial….
On December 15, 2009, after the close of the evidence in Ruehle’s criminal trial, the Court entered a judgment of acquittal in Ruehle’s favor and dismissed with prejudice the stock option backdating indictment…and discouraged the Commission from proceeding further with its action.” — U. Securities and Exchange Commission litigation release, Feb. By 2006, America had digested Enron and the dot-com bust, and was getting back to business.