RIM co-CEOs charged with Options Backdating
The Securities and Exchange Commission says it has filed civil charges against the top two executives of BlackBerry maker Research in Motion for allegedly tampering with stock options to enrich themselves and other workers.
By Agencies |
The Securities and Exchange Commission says it has filed civil charges against the top two executives of BlackBerry maker Research in Motion for allegedly tampering with stock options to enrich themselves and other workers.
Two former finance executives were also charged.
Together, the executives have agreed to pay more than $1.4 million in fines and give back more than $800,000 in profits to settle the case.
Named in the charges were: current co-chief executive officers Jim Balsillie and Mike Lazaridis, and former Chief Financial Officer Dennis Kavelman and former Vice President of Finance Angelo Loberto.
Their "backdating" of options allegedly took place from 1998 to 2006.
RIM's sharestumbled over 7 percent in afternoon trading.
Two former finance executives were also charged.
Together, the executives have agreed to pay more than $1.4 million in fines and give back more than $800,000 in profits to settle the case.
Named in the charges were: current co-chief executive officers Jim Balsillie and Mike Lazaridis, and former Chief Financial Officer Dennis Kavelman and former Vice President of Finance Angelo Loberto.
Their "backdating" of options allegedly took place from 1998 to 2006.
RIM's sharestumbled over 7 percent in afternoon trading.
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