Nancy Heinen to take the fall in Apple options scandal (Updated)

Summary:If you watched last night's episode of 24, you know that when it comes to any scandal, someone's got to take the fall.At Apple, CEO Steve Jobs has managed to clear himself in the options backdating debacle, but former general counsel Nancy Heinen does not appear to be so lucky.

Nancy Heinen
If you watched last night's episode of 24, you know that when it comes to any scandal, someone's got to take the fall.

At Apple, CEO Steve Jobs has managed to clear himself in the options backdating debacle, but former general counsel Nancy Heinen does not appear to be so lucky. The San Jose Mercury News and Associated Press are reporting that Heinen will be the company's sacrificial lamb in the lingering fiasco.

According to the reports the Securities and Exchange Commission (SEC) is expected to bring its first legal action in the stock options backdating scandal at Apple, Inc. this week by way of civil fraud charges against former general counsel Nancy Heinen.

The SEC has also reportedly settled with former Chief Financial Officer Fred Anderson.
The Wall Street Journal (subscription req'd) reports that Anderson will not admit any wrongdoing in the case.

Under Mr. Anderson's settlement with the SEC, he is agreeing to pay a fine of about $150,000 and repay option gains of about $3.5 million, these people said. He won't admit to any wrongdoing and will not be barred from serving as a corporate officer or board member of public companies.

It just goes to show you how powerful Mr. Jobs is. It looks like he asked Anderson and Heinen to step down and take the fall for him, at least if you watch 24 that is.

Update: WSJ reports that fired Apple attorney Wendy Howell (who was involved in processing stock options at the company) "has told investigators that Ms. Heinen instructed her to create the false records."

Topics: Apple

About

Jason D. O'Grady developed an affinity for Apple computers after using the original Lisa, and this affinity turned into a bona-fide obsession when he got the original 128 KB Macintosh in 1984. He started writing one of the first Web sites about Apple (O'Grady's PowerPage) in 1995 and is considered to be one of the fathers of blogging.... Full Bio

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