The Securities and Exchange Commission charged network security company Blue Coat Systems and its former CFO, Robert P. Verheecke, with allegedly backdating stock option grants and reporting false financial information, and he has settled the charges for $185,000.

The SEC complaint alleges that from approximately 2000 through 2005, the Sunnyvale, Calif.-based company concealed nearly $50 million in compensation expenses associated with "in-the-money" options by backdating paperwork to make it appear as if the options had been granted on earlier dates.

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