The Securities and Exchange Commission has charged the former CEO and CFO of Broadcom with stock options backdating, along with the chip maker’s chairman and general counsel.
The SEC said they were involved in a scheme between 1998 and 2003 to fraudulently backdate stock option grants, failing to record billions of dollars in compensation expenses, and falsifying documents. Broadcom restated its financial results in January 2007, reporting more than $2 billion in additional compensation expenses.
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