Feeds

Report: Steve Jobs gets SEC subpoena

Apple boss to testify in backdating suit

High performance access to file storage

Steve Jobs has been served with a subpoena by the Securities Exchange Commission (SEC) to testify in a backdating lawsuit against Apple's former top lawyer Nancy Heinen, according to a report.

Bloomberg reports "people familiar with the matter" saying the subpoena is not part of an investigation, rather a demand for Jobs' deposition in the existing Heinen prosecution.

The case against Heinen was opened on 24 April. She denies illegally tampering with Apple's accounts to conceal backdating fraud in two option grants in 2001 - one to the Apple executive team, and one to Jobs himself. Last December an internal Apple investigation led by non-executive director Al Gore said Jobs had not been aware of the accounting ramifications of backdating.

Apple is one of dozens of US IT firms implicated in the backdating scandal. The SEC confirmed the company itself would not face charges when it announced Heinen's prosecution.

Bloomberg has yet to confirm the two anonymous sources that it cites with Apple, its lawyers, or the SEC. We've put a call in to Apple, which says it'll get back to us later today, when we'll update this story.

Options backdating was a favoured way for tech firms to attract and award talent, particularly in the frothier days of the dotcom boom. It has since been outlawed, but referred to the setting of option prices not at the price the day they were granted but at another earlier date when the price was lower. This gave the option more room to increase in value by the time the execs cashed them in. ®

3 Big data security analytics techniques

More from The Register

next story
Putin tells Snowden: Russia conducts no US-style mass surveillance
Gov't is too broke for that, Russian prez says
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
One year on: diplomatic fail as Chinese APT gangs get back to work
Mandiant says past 12 months shows Beijing won't call off its hackers
Whoever you vote for, Google gets in
Report uncovers giant octopus squid of lobbying influence
Lavabit loses contempt of court appeal over protecting Snowden, customers
Judges rule complaints about government power are too little, too late
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Don't let no-hire pact suit witnesses call Steve Jobs a bullyboy, plead Apple and Google
'Irrelevant' character evidence should be excluded – lawyers
EFF: Feds plan to put 52 MILLION FACES into recognition database
System would identify faces as part of biometrics collection
Ex-Tony Blair adviser is new top boss at UK spy-hive GCHQ
Robert Hannigan to replace Sir Iain Lobban in the autumn
Banks slap Olympus with £160 MEEELLION lawsuit
Scandal hit camera maker just can't shake off its past
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.