AccountingScandal
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Broadcom cofounder Henry Samueli reaches plea agreement, admits he lied to SEC
Broadcom's former management team is still in a heap of trouble over falsified financial statements, but it looks like co-founder Henry Samueli has managed to reach a plea deal with the Feds that'll keep him out of jail -- he's admitted that he misstated Broadcom's finances and knowingly backdated stock options issued to executives, and he'll be fined some $12M plus an additional $250K, as well as serve five years' probation. The court hasn't yet approved the deal, but compared to the "warehouse of meth" antics of Henry T. Nicholas III, Broadcom's other co-founder, a little accounting chicanery seems positively straightlaced, you know?
