Backdating options sec dating an afghan girl
More to the point, there varying aspects of each of these different sorts of activities that make the activities more or less arguably criminal.The variables that potentially might make options related activities more arguably criminal can be seen best in an extreme example.Sorin himself was alleged to have realized more than million from the sale of stock underlying the exercises of backdated option that were granted during the 1991 to 2001 period.
Their scheme is alleged to have resulted in the restatement of income because of the understatement of Comverse’s compensation expense.
As pointed out when the criminal complaint was first filed against Gregory Reyes (here), the employee related options grant activity of which Reyes is accused seems to be different in kind and character from other alleged options backdating activity, precisely because it lacked the element of self-interest and self-benefit that may be involved in other kinds of options grant activities.
So the differences between the kinds of activity matter.
This view is most persuasively presented on Professor Larry Ribstein’s (most recently, here).
There is absolutely no doubt that what has happened with the options backdating story is what usually happens when there is a contagion event across many companies.
But while not every company executive whose name has been associated with the backdating story is criminally culpable, neither is every one of them completely innocent, as the authors of the op-ed piece seem to come close to suggesting.