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Former Apple Exec Said to Cut Deal with SEC

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Former Apple Exec Said to Cut Deal with SEC

Business

Former Apple Exec Said to Cut Deal with SEC

Former Apple Exec Said to Cut Deal with SEC

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  • <iframe src="https://www.npr.org/player/embed/9794079/9794082" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Fred Anderson, Apple's former CFO, reportedly has agreed to pay about $150,000 in SEC penalties while refunding millions made on a stock sale. Anderson was accused of back-dating stock options to buy Apple shares at a cheaper price. The Wall Street Journal says the settlement with the SEC requires Anderson to pay back $3.5 million in gains on the sale, while admitting no wrongdoing.

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.

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