Ex-Apple GC Settles SEC Case for $2.2M, Wants to Seek Social Justice
Former Apple general counsel Nancy Heinen has agreed to pay $2.2 million in a civil settlement with the Securities and Exchange Commission to resolve allegations of stock options backdating.
The amount includes disgorgement of gains from the sale of backdated stock options, interest on the gains, and a $200,000 fine, the Daily Journal reports (sub. req.).
The SEC complaint had accused Heinen of participating in backdating a stock options grant to chief executive Steve Jobs and a grant to a group of managers that included herself, the Daily Journal story says. She was also accused of altering minutes to hide the backdating. Jobs was never charged in the backdating probe. The company’s former chief financial officer, Fred Anderson, has agreed to pay a $3.5 million settlement without admitting wrongdoing, the Wall Street Journal reports (sub. req.).
Heinen emerges from the settlement in good financial shape since she has cashed in at least $50 million in Apple stock, the Recorder reports. Heinen’s lawyer, Miles Ehrlich, said in a statement that the settlement isn’t an admission of wrongdoing.
“It’s a recognition that life is short. And rather than spend her energy fighting a lawsuit without end,” Ehrlich said, “she decided she’d rather devote her talents and time to making positive change in our society.”
The Recorder quotes from a statement issued by Heinen that reads: “With this lawsuit behind me, I look forward to addressing the greater challenges of social justice and economic disparity.”
