Top > Business > 2007 > January > 2007-01-08

The Financial Times: Apple Forged Documents

The computer and iPod manufacturing giant gave its CEO Steve Jobs $7.5 million in options, in 2001, without the approval of the company`s board of directors. In addition, the documents documenting an entire board meeting in which Job`s stock option bonus was approved was forged later, the Financial Times reported Thursday. The paper says that the United States Securities and Exchange Commission (SEC) is investigating the matter, and will soon press charges against the company or private individuals related to the company.

Apple stocks lost 6% in the New York Stock Exchange (NYSE), after reports that the Recorder publicized that Federal prosecutors are looking in to documents related to the alleged counterfeiting of documents by the company. Later analyst stated that the legal concerns were exaggerated, and will not effect the company`s financial situation, and the stock subsequently gained 33 cents and closed at $81.84 dollars a share.

The Financial Times reported that, irregularities will be exposed in the financial report Apple will hand in to the United States Securities and Exchange Commission towards the end of the week. The paper says that Jobs hasn`t utilized the said stock options, and later received a limited stock grant. Apple announced earlier this month that it will amend its financial reports for several quarters, after it recognized several irregularities in stock option grants the company gave. Apple declined to comment saying it is cooperating with government authorities and not with the public.