SEC Sues Top Broadcom Officers

     SANTA ANA, CALIF. (CN) – The SEC accuses four Broadcom executives of concealing from shareholders $2.2 billion of payments to executives by backdating stock options, in Federal Court.

     The four defendants are Broadcom’s “most senior executives,” including its cofounder and former CEO Henry Nicholas II; its cofounder and current chairman and chief technical officer Henry Samueli; its former CFO William Ruehle; and its general counsel David Dull.
     “Nicholas was the final decision-maker and the driving force behind Broadcom’s options backdating, while Ruehle selected most of the grant dates after the fact,” the SEC claims. It demands disgorgements, with interest, penalties, and an order barring the men from serving as officers or directors of a public company.

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