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This may sound odd, but another company, Cablevision involved in backdating their SOPs, reportedly gave options retrospectively to an executive after his death.
These options were not counted as a cost when calculating profits, as they should have been – hence the fraud allegations.[FN 59] [FN 59: The Economist, 7th October 2006, p.
Thomas Lee Strickland (born May 16, 1952) is an American lawyer who was formerly chief of staff to Interior Secretary Ken Salazar and Assistant Secretary for Fish and Wildlife and Parks in the Interior Department. He joined Wilmer Hale as a partner in September, 2011.
Strickland served as United States Attorney for Colorado and was the Democratic nominee for U. From 1982 to 1984 Strickland served as director of policy for Colorado Governor Richard Lamm, advising the governor on all policy and intergovernmental issues.
He went on to serve and chair the Colorado Transportation Commission from 1985 to 1989.
Mr Alexander and his former colleagues are accused of backdating share options to value them at low points in Comverse´s share-price.
The backdating scheme involved moving an effective date for the exercise of stock options from when the options were 'out of the money' to a date that made the options 'in the money' in order to allow certain executives to exercise their options profitably.
Companies such as Comverse, Verisign, F5 Networks, Intuit and Mc Afee - as well as Home Depot, Michael's Stores and United Health Group, to name a few - all engaged in this fraudulent activity to varying degrees and were forced to pay fines and penalties and conduct time-consuming and expensive restatements of their books.
The company's two investigations largely exonerated him from the backdating scandal. In late 2011, Hemsley's most recent annual compensation was estimated by Forbes at .8 million. Thomas, Minnesota, and as a trustee of Minnesota Public Radio.
Additionally, he is a member of the National Executive Board of the Boy Scouts of America, the organization's governing body.