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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.
Ontario Securities Commission seeks $100 million fine against RIM's co-CEOs
Uh oh. Remember that RIM backdating controversy from 2007? The Ontario Securities Commission sure does, and according to ReportonBusiness, it's seeking a record $100 million Canadian (that's about $79 million US) fine against co-CEOs Jim Balsillie and Mike Lazaridis. If approved, that'll be the largest penalty ever to be paid by individuals to the OSC, with Balsillie expected to pay the bulk of the penalty. As usual, none of the parties involved are commenting on the case, but we reckon this won't be the last we hear about it.[Via Mobile Syrup]
