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Interactive backdating

Anderson got nailed because, according to the complaint, he should have noticed what Heinen was doing and either stopped it or reported the expense properly.

He also exercised and sold 750,000 back-dated shares.

And, he did not directly benefit from the backdated options because they were canceled and exchanged for restricted shares.

Worst case, it happened on Jobs' watch, but he was far enough removed from the action to claim plausible deniability. Broadcom and others fingered the CEO, but that just shows how subjective this issue is.

For that, the feds seek disgorgement of the ill-gotten gains (about $1.6 million), plus an order barring her from serving as an officer or director of a public company.

That's a big hit for Heinen who, at 50, presumably had lots of mileage left in her career.

It would put the insurer in a very precarious place.

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Saying that the auto insurance policy was in force before the actual date of purchase has potentially large liability consequences; it would leave auto insurers open to claims and other issues dating back before the time they agreed to accept you and your vehicle for coverage If backdating were acceptable, then what would stop drivers from purchasing car insurance only after it was needed due to an accident?No matter how long you shop around for a backdated auto insurance policy, no reputable and honest auto insurance company will offer it to you.Why is backdating in the auto insurance industry a big no-no?I count no fewer than 38 top executives at 19 high-tech companies that have bit the dust over this stuff.We're talking top executives at big-name companies like Apple, Altera, Broadcom, Brocade, Cirrus Logic, Comverse, KLA-Tencor, Maxim, Mc Afee, Rambus, Sanmina-SCI, Take Two, Trident, Verisign, and Vitesse. That's serious fallout considering that options backdating is legit as long as the company reports it and accounts for it accurately.Of course, they may have actually been pushed on their swords by their boards, but let? In the case of Apple, not only did the board send two sacrificial lambs to slaughter, but the feds hung some pretty hefty charges on their necks to boot. VP, General Counsel, and Secretary Nancy Heinen, and former CFO and director Fred D. The SEC's complaintfocuses on the backdating of two large option grants, one of 4.8 million shares for Apple's executive team and the other of 7.5 million shares for Steve Jobs.Heinen allegedly covered up the back-dating, which caused Apple's earnings to be inflated.In a settlement announced concurrent with the complaint, Anderson - who neither admitted nor denied the allegations - agreed to pay back .6 million and never to do bad stuff again.That seemed like a contradiction to me, but whatever.Backdating of other types of insurance, such as life, is generally acceptable because the risk the insurer is taking on hasn't normally changed from what it would have been a month or two ago-- unless you are trying to take out coverage on your father who just died, in which case that would be insurance fraud as well.While you can't get a backdated car insurance policy, you may be able to paper over a lapse in coverage by getting your old policy reinstated.

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