Their alleged actions caused Monster to misrepresent itself in SEC filings and overstate its aggregate pretax operating income by approximately 9.5 million for fiscal years 1997 to 2005.Mc Kelvey resigned as chairman and CEO of Monster in October 2006.
The turnover rates are similar for CEOs and CFOs, indicating they are held equally accountable.
In other words, there seem to be an awful lot of people around Steve Jobs who have allegedly had problems linked to the backdating of stock options. Jobs is the prodigal son credited with saving Apple, which he co-founded in 1976 with Steve Wozniak, by turning a then-struggling Silicon Valley icon into a consumer-electronics powerhouse after his triumphant return in 1996.
The turnaround was masterful; in fact, it's now the subject of business-school case studies.
But as yet another executive who was once close to Jobs comes under the backdating cloud, one has to wonder: Is Jobs as innocent as Apple Inc. Or is the government afraid to go after one of the most respected leaders of American business? You can put him up there with Bill Gates and Warren Buffett," said Peter Henning, a professor who studies white-collar crime at Wayne State University in Detroit and one of the few legal scholars still paying attention to stock-options backdating.
"If you are going to put a case against him, you had better be sure it's a strong case." To be sure, regulators have in the past gone after celebrity business leaders.