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SEC Charges Broadcom Execs In Backdating Scheme

Law360 (May 15, 2008, 12:00 AM EDT) -- Two former and two current Broadcom Corp. executives have been charged in connection with an alleged backdating scandal that last year forced the California chip maker to amend its financial statements by more than $2 billion.

The U.S. Securities and Exchange Commission filed suit Wednesday accusing the company's top executives of fraudulently backdating stock option grants for virtually all Broadcom officers and employees and failing to record billions of dollars in compensation expenses.

The complaint names former CEO Henry T. Nicholas and former Chief Financial Officer...
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