Broadcom Co-Founder Admits Lying To SEC

Law360, New York (June 24, 2008, 12:00 AM EDT) -- Broadcom Corp. founder Henry Samueli may avoid jail after pleading guilty to a charge of lying to regulators during last year's probe of the massive stock options backdating scheme at the company, an admission that follows the recent sensational indictment of co-founder Henry T. Nicholas.

Federal prosecutors have recommended Samueli serve five years' probation and pay a $12 million penalty as part of a plea agreement. The maximum penalty is five years in prison.

Samueli, former chief technical officer at the Irvine, Calif.-based semiconductor maker, agreed...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.