Securities Law
Former general counsel will pay $850K to settle SEC civil backdating case
A former general counsel of Mercury Interactive Corp. who was accused of helping backdate stock options has agreed to pay $850,000 to settle the civil case filed by the Securities and Exchange Commission.
Susan Skaer did not admit or deny the allegations in the SEC complaint, report the Recorder and an SEC press release. Skaer will pay $628,037 in disgorgement and prejudgment interest, representing Skaer’s alleged “in-the-money” benefit from her exercise of backdated option grants, and a $225,000 civil penalty, according to the press release.
Skaer is now a real estate agent in Palo Alto, Calif., who now goes by the last name of Tanner, the Recorder says.
Prior coverage:
ABAJournal.com: “Ex-GC Accused of Backdating”
