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Washington, D. The Irvine, Calif. Rosalind R. Broadcom used lucrative in-the-money grants to recruit and keep talented employees without paying them higher cash salaries, but avoided the requirement to report the billions of dollars in recompense expenses by secretly backdating the options.

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  • "The backdating scheme at Broadcom went on for five years, involved dozens of option...
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  • based Broadcom Corporation for their alleged participation in a five-year systematic scheme to secretly backdate stock options granted to. The...
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A civil complaint filed by the Securities and Exchange Commission also charges former chief financial officer William J. Ruehle and general counsel David Dull.
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Greatness Broadcom customary chance cast off dating formulate The U. Securities and Exchange Commission has charged two current and two former officers of semiconductor vendor Broadcom for their alleged participation in a supposed five-year scheme to backdate stock options granted to almost all of the company's employees. District Court for the Central District of California, alleges that Broadcom's current Chairman and Chief Technology Officer Henry Samueli, current General Counsel David Dull, former CEO Henry Nicholas and former Chief Financial Officer William Ruehle participated in a scheme lasting from to to fraudulently backdate stock option grants, resulting in the company failing to record billions of dollars in compensation expenses. The complaint also accuses the four men of falsifying documents to cover up the backdating, the SEC said. The SEC has brought backdating charges against several tech vendors in recent years. The Broadcom executives "perpetrated a massive, five-year scheme that involved fraudulent backdating of dozens of option grants, falsifying corporate records, intentionally false accounting, and lying to shareholders," Linda Chatman Thomsen, director of the SEC's Division of Enforcement, said in a statement.
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