Former Apple Exec Said to Cut Deal with SEC
RENEE MONTAGNE, host:
Our business news starts with possible fines for a former Apple executive.
(Soundbite of music)
MONTAGNE: Fred Anderson reportedly has agreed to pay about $150,000 in penalties to the Securities and Exchange Commission. He is Apple's former chief financial officer, and he's accused of backdating stock options so he could buy Apple shares at a cheaper price.
The Wall Street Journal reports that Anderson's settlement with the SEC also requires him to pay back $3.5 million in gains he made from the stock. But Anderson will not have to admit any wrongdoing.
NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR’s programming is the audio.