Feeds

Report: Steve Jobs gets SEC subpoena

Apple boss to testify in backdating suit

Beginner's guide to SSL certificates

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. ®

Choosing a cloud hosting partner with confidence

More from The Register

next story
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.