Sarbanes oxley backdating options


28-Feb-2020 13:20

These rules, in combination with the prescient provisions of Sarbanes-Oxley requiring timely reporting of stock option grants, will go a very long way toward preventing the kinds of problems we are seeing today from occurring to the same degree in the future.

Second, in September the Office of the Chief Accountant issued guidance for companies trying to cope with the financial reporting ramifications of their various historical options practices from a reporting perspective.

Taking a very different tack, Comverse's former CFO, David Kreinberg, last week became the first top level executive to settle actions brought by the SEC and the US Attorneys' Office since options backdating came into the media spotlight last Spring.

In settling with the SEC, the former Comverse CFO consented to, among other sanctions, a permanent injunction against violation of the securities laws, a permanent bar against serving as a corporate officer or director, and payment of .4 million in disgorgement and pre-judgment interest.

My views are my own and do not necessarily reflect the views of the Commission or any other member of the staff. In addition to our investigations, there is substantial criminal interest in options matters from United States Attorneys' Offices nationwide.

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Despite all the recent media attention, Brocade and Comverse are not the SEC's first stock options cases.At the money options and other forms of performance-based compensation became even more attractive when the

Despite all the recent media attention, Brocade and Comverse are not the SEC's first stock options cases.

At the money options and other forms of performance-based compensation became even more attractive when the $1 million salary deductibility cap was enacted.

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Despite all the recent media attention, Brocade and Comverse are not the SEC's first stock options cases.At the money options and other forms of performance-based compensation became even more attractive when the $1 million salary deductibility cap was enacted.

million salary deductibility cap was enacted.



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