The Marketplace Reader

Ex-Apple lawyer settles backdating case

Melissa Kaplan Aug 15, 2008

Steve Jobs has taken heat in the past for Apple’s backdating scandal, but now former Apple lawyer Nancy Heinen is sharing that spotlight. Heinen paid on allegations that she concealed backdated stock options. The options allegedly went to Steve Jobs and other top bosses at Apple. The company has said Jobs knew of the backdating, but claims he didn’t benefit financially from it. Heinen agreed to pay $2.2 million to settle the case with the SEC, and she’ll also be barred from becoming an officer or director of a public company for the next five years.

It would seem that this would be punishment enough if Heinen’s only crime was concealing the options. According to the Reuters, backdating isn’t a crime.

As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.

Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.

Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.