Apple's former general counsel, Nancy Heinen, agreed to pay $2.2 million to settle stock options backdating charges with the Securities and Exchange Commission.
The settlement stems from a complaint filed by the SEC in April 2007 accusing Heinen of fraudulently backdating two large option grants to senior Apple executives, including a February 2001 grant of 4.8 million options to the executive team and a December 2001 grant of 7.5 million options to Apple CEO Steve Jobs. The complaint said she directed her staff to prepare documents falsely indicating that Apple's board had approved the executive team grant. The complaint alleges that Apple underreported its expenses by nearly $40 million as a result of the backdating.
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