Ex-Embarcadero Exec To Pay In $14M Backdating Suit

Law360, New York (February 24, 2011, 1:42 PM EST) -- A magistrate judge Wednesday ordered Embarcadero Technologies Inc.’s former controller to pay more than $124,000 in disgorgement and civil penalties for helping conceal some $14 million in backdated stock options.

Magistrate Judge Edward Chen of the U.S. District Court for the Northern District of California ruled that Michael Pattison would shell out $74,446 in ill-gotten gains from the backdating scheme, on top of a $50,000 fine, bringing to a close the U.S. Securities and Exchange Commission’s civil suit against the defendant.

Pattison, whom a jury found...
To view the full article, register now.