The Securities and Exchange Commission has charged the former chairman and CEO of Brooks Automation, Robert J. Therrien, with allegedly receiving over $10.4 million in undisclosed compensation by fraudulently backdating stock options.
According to the SEC, the backdating caused the Chelmsford, Massachusetts-based chip-manufacturing automation company to overstate its income and understate its employee compensation expenses by at least $54 million between 1999 and 2005. The United States Attorney's Office for the District of Massachusetts has also charged Therrien with tax evasion for his conduct in a November 1999 option transaction in which he allegedly backdated options to purchase 225,000 shares of Brooks stock.
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