Former Apple Exec Said to Cut Deal with SEC
RENEE MONTAGNE, host:
Our business news starts with possible fines for a former Apple executive.
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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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