RIM reaches settlement with Ontario Securities Commission over backdating shenanigans

Gearing up to close another chapter in its tale of cooked books, RIM announced this week that the company and "certain of its officers and directors" have reached a settlement with the Ontario Securities Commission over backdating stock options. Those certain officers are more than likely co-CEOs Jim Balsillie, who also serves as a director, and Mike Lazaridis. Both men were fingered in a report last month that suggested the commission would seek a record-breaking $100 million fine. The deal is still subject to approval by a panel of OSC officials, who are scheduled to meet on Thursday. No word on what penalties they'll incur, but we'd be surprised if RIM didn't manage to skirt at least some of that record-breaking amercement.

[DanMcQ Posted Feb 4th 2009 12:23PM]

It's about time. I've been losing sleep over this!

[(Unverified) Posted Feb 4th 2009 12:56PM]

Let's hope they did a better job of copying AAPL on stock option backdating, than they did on copying the iPhone with the Sucky Storm ;)

[mcdizzle Posted Feb 4th 2009 1:04PM]

"both men were fingered in a report last month "

Is that why they are smiling like that?

[kobioshi Posted Feb 4th 2009 5:36PM]

um... they were fingered??? Or they are giving us the finger while they walk away millionaires and a slap on the wrist... pathetic, but it is nice to know that the US isn't alone in its grand circling of the moral and economic drain.

[(Unverified) Posted Feb 4th 2009 2:21PM]

Does anybody know where I can get a RIM job?

[(Unverified) Posted Feb 4th 2009 3:40PM]

Waterloo, Ontario ask for Jim

[(Unverified) Posted Feb 4th 2009 5:33PM]

LMAO

[(Unverified) Posted Feb 4th 2009 5:54PM]

There should be a cap on financial scandals a company can do. Obama should make a rule about this.

[(Unverified) Posted Feb 4th 2009 9:55PM]

RIM is based in Canada, baby. This is Harper territory.

[graymccarty Posted Feb 5th 2009 1:35AM]

That RIM job bit is second nature here in Waterloo, especially in the co-op program at Laurier University

[Joe K Posted Feb 18th 2009 4:30PM]

RIM..Fingered.. Skirt... Lots of Freudian fallout in this snub of an article..