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The act of options backdating has become much more difficult as companies are now required to report the granting of options to the SEC within two business days.This adjustment to the filing window came in with the Sarbanes-Oxley legislation.
The false date was a day when the stock price was lower than on the date of the actual option grant.
This practice, known as backdating, enriches managers at the expense of other shareholders.
More stock option backdating charges for RIM execs: The Secuties and Exchange Commission charged Black Berry maker Research In Motion (RIMM) and four execs today. RIM execs already paid about $75 million to settle with Canadian regulators earlier this month, and co-CEO Jim Balsillie had to step down from the company's board for at least a year.
SEC: The individual defendants will pay penalties in the following amounts: $500,000 for Kavelman; $425,000 for Loberto; $350,000 for Balsillie; and $150,000 for Lazaridis.
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