Monday, December 3, 2007

Stock Option Backdating

November 30 2007: 6:59 PM EST

SANTA ANA, Calif. (AP) -- A former executive at chip-maker Broadcom will plead guilty to obstruction of justice and cooperate in a federal probe of company stock option grants, the U.S. attorney's office said Friday.

Former Vice President of Human Resources Nancy Tullos, 56, was charged with instructing a subordinate to delete an e-mail that contained evidence of stock-option backdating by Broadcom senior executives and board members.

The plea agreement and details about the charge were filed Friday in U.S. District Court.

Tullos was scheduled for arraignment on Monday, but her sentencing is not expected soon. She could receive a maximum sentence of 10 years in federal prison.

10 years! I wonder how long Nick will go to jail if found guilty.

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