Broadcom’s Samueli admits lying to SEC
p2pnet news | Crime:- Billionaire Henry Samueli, co-founder of Broadcom Corp, has admitted making a materially false statement to Securities and Exchange Commission investigators.
He was being questioned about his role in stock options back-dating, says the Washington Post.
“Samueli, 53, entered the plea on Monday afternoon in U.S. District Court in Santa Ana, California, hours after the criminal case against him came to light in court filings,” says the story.
He pleaded guilty to lying about his role in an alleged plot to, “secretly reward his Broadcom Corp. employees by manipulating stock options,” says the Los Angeles Times, going on:
“Under a deal with prosecutors, Samueli pleaded guilty in federal court in Santa Ana to making a false statement to the Securities and Exchange Commission. The government is recommending five years’ probation and $12.2 million in fines and penalties at sentencing, scheduled for Aug. 18.”
A sentencing hearing has been set for August 18.
Broadcom Csupplies integrated circuits for broadband communications, says the Wikipedia, adding:
“Founded in 1991 by Henry Samueli (chairman and CTO) and Henry Nicholas, it became a public company in 1998 and now employs over 6,000 people worldwide.
“Broadcom is among the Worldwide Top 20 Semiconductor Sales Leaders.”
He and his wife Susan bought the NHL’s Mighty Ducks of Anaheim, now called the Anaheim Ducks, from the Walt Disney Company for $75 million, says another Wikimedia post.
“Samueli also owns the company that operates the city-owned Honda Center, the home of the Ducks,” now worth a reported value of $197 million, it says.
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Washington Post – Broadcom’s Samueli pleads guilty in backdating case, June 23, 2008
Los Angeles Times – Broadcom co-founder Samueli pleads guilty in stock options fraud case, June 24, 2008
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