SEC sends out Steve Jobs subpoena

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
SEC sends out Steve Jobs subpoena

New York (NY) – The Securities and Exchange Commission has issued a subpoena to Steve Jobs to further investigate his involvement in a stock options backdating case regarding Apple.

Last year, Apple admitted to backdating stock options without making the appropriate accounting statements.  In April, Apple chief financial officer Fred Anderson and general counsel Nancy Heinen were charged with securities fraud.

An outside investigation found that Jobs was aware of the accounting malpractice but that he did not understand its significance.

Word of his subpoena comes from Bloomberg, which cited two unnamed sources familiar with the case.  He will be legally required to appear at a deposition concerning the case.  Depositions are expected to begin in November.

The SEC accused Anderson of failing to report the prudent accounting information and said Heinen falsified the company’s board meeting records.