|
|
24 Jan 2008
Andrew McKelvey, former Monster Worldwide chief executive officer, charged with securities fraud and conspiracy in connection with the backdating of seven years of employee stock option grants, no longer faces prosecution because he is terminally ill.
The backdating, according to the indictment resulted in more than $US300m (₤153.4m) of inflated earnings for the recruitment giant through the understatement of compensation expenses. The government said McKelvey had accepted responsibility for his participation in the scheme, CFO.com reports.
In light of McKelvey’s poor health, the government agreed to defer his prosecution, according to a statement from Michael Garcia, US attorney for the Southern District of New York. Under the deferral agreement, the charges will be dismissed after 12 months if McKelvey abides by the terms of the agreement.
In addition to accepting responsibility of his crime, the former Monster boss agreed to pay $US276,000 to settle civil charges with the Securities and Exchange Commission in connection with the backdating scandal.
Further reading:
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment