BOSTON (CN) – Sycamore Networks and three of its top executives fraudulently backdated stock options grants for years, the SEC claims in a settled complaint in Federal Court. The company and its former bosses will pay $650,000.
The SEC claims former CFO Frances Jewels, and former director of financial operations Cheryl Kalinen personally benefited from the backdating, misled investors and auditors, and fraudulently backdated the options for other employees.
The SEC accuses former human resources director Robin Friedman of helping to mislead auditors.
Sycamore, based in Chelmsford, Mass., specializes in optical networks.