Former Apple Exec Said to Cut Deal with SEC

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.

Copyright © 2007 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.


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.

Copyright © 2007 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

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.



Please keep your community civil. All comments must follow the Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.