"On his behalf, we are very pleased with the jurys decision and thank them for their service," Mr. Back on February 27, 2007, a federal grand jury indicted Kent Roberts in connection with the fraudulent dating of stock option grants in 20.Kent Roberts, 50, of Dallas, Texas, was charged in a seven count indictment with devising a scheme to defraud by granting himself and others valuable in-the-money stock options while hiding the true nature and value of the stock option grants from Network Associates, its Board, its shareholders, its auditors, the public, and the SEC.After a five-week trial and three days of deliberations, a jury in the U. District Court for the Northern District of California on Thursday found that Prabhat Goyal had committed securities fraud, filed false reports with the U. Securities and Exchange Commission and made false statements to...Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.Kent Roberts, indicted in February 2007, was found not guilty on two of three felony counts of fraud in San Francisco federal court.The jury, following a two-week trial, was hung on a third count of falsifying accounting records. corporation to be criminally tried for alleged stock options backdating violations, his lawyer's office said. Roberts had long sought his day in court to prove his innocence," Steve Neal, lead trial counsel and chairman of the law firm of Cooley Godward Kronish, said in a statement.Jordan Mintz, some lawyers say, did what he should have done when filing the 2000 proxy statement for the now-defunct Enron Corp. Securities and Exchange Commission, Mintz’s actions weren’t enough. The SEC complaint charges the two men with violating anti-fraud laws, and with aiding and abetting Enron’s violations of anti-fraud and periodic reporting provisions. But some lawyers say most of the defendants relied on information given by executives who may not have been completely forthcoming about their actions or their money.As general counsel for Enron’s finance group, Mintz asked in-house securities lawyers, as well as four outside law firms, how he should report the repurchase of a troubled Brazilian power plant from a partnership controlled by Enron’s chief financial officer. The SEC sued him in March 2007, alleging that he knew, or should have known, that the buyback was a sham transaction, designed to inflate company revenue reports shortly before Enron’s 2001 collapse. And, they say, the SEC’s actions are exactly what attorneys feared after the Sarbanes-Oxley Act became law.
Allegations of improper stock accounting practices have led to investigations at numerous companies, including CNET Networks, publisher of
(though I couldn’t find it online without wanting to drive a nail through my head out of frustration with poor navigation, page-covering pop-up ads, and a screen asking me to register for the 14,728th time)(and double-shame for the paper’s AP account that neglected to mention the subject lives in Dallas), Kent Roberts is in trouble.
The former general counsel of Mc Afee is accused of, among other things, backdating some stock options.
The former chief executive and another former executive at Brocade Communications have been convicted on backdating-related charges, and executives at Broadcom, Comverse, Monster, and Take-Two Interactive, have pleaded guilty.
Law360, New York (May 11, 2007, AM EDT) -- In the latest development in the fallout from a massive accounting scandal at security software maker Mc Afee Inc., formerly known as Network Associates Inc., the company’s former chief financial officer has been convicted of 15 counts of securities fraud.