Backdating scorecard

Options were also backdated for new employees to dates prior to the date employment actually commenced.In addition, hundreds of thousands of backdated options were issued to fictitious employees and parked in a slush fund to be awarded at the CEO’s discretion.Not surprisingly, the defendants themselves earned millions of dollars from backdated options.Another troublesome outcome for a corporation is that the SEC will bring civil fraud charges stemming from options backdating in all cases where criminal charges have been filed.With its attendant investigation, legal actions and executive fallout, the practice of options backdating is expected to have a short shelf life.But while options backdating may have a truncated life expectancy, its current impact is robust.

Although backdating had not yet been recognized as a problem, the provisions of Sarbanes-Oxley requiring that insiders report the acquisition of securities, including options, within two days of receipt greatly hindered the ability of corporations to backdate options.This page allows you to create various tasks to fetch the required data to be loaded to Scorecard History object.In this article, an MDA custom object which contains data loaded from an external source (Past Usage Data ), is used to select the required scorecard fields in setting up the rule.And in addition to officer and director bars imposed by government authorities, internal investigations have led to numerous officer resignations from at least 25 companies including Quest Software, KB Homes, United Health Group, Inc., Mc Afee, Inc., CNET Networks, Inc., and Monster Worldwide.Even Apple Computer CEO Steve Jobs was implicated by an internal investigation into backdating, although he apparently did not receive, or otherwise benefit from, the backdated grants.

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