Give us a backdating allegation, and we’ll give you about a dozen precedents for how it all might play out.
The latest: James Treacy, a former executive at Monster Worldwide, was sentenced to two years in prison following his conviction this year for fraud in a scheme to improperly backdate millions of dollars in stock-option awards at the online job-search company.
Following a restatement which corrected for the compensation expenses related to the backdated options, net income was reduced to about .4 million. Treacy and others made false statements about the grant practices to the outside auditors.
He further solidified the prominence of by acquiring rivals Online Career Center and Flip He also made a payment of approximately 6,000 to the Securities and Exchange Commission, which acknowledged that he had not been a beneficiary of the backdated options.Federal authorities had begun the investigation after an article in The Wall Street Journal raised questions about what the paper called "a series of improbably well-timed stock-option grants to senior executives".As a billionaire philanthropist, Mc Kelvey contributed million to establish the Andrew J.Mc Kelvey Lung Transplant Center at Emory University to support the research of the doctor who had treated him for a lung-scarring ailment.