Backdating Charges Imminent, SEC Says

Law360, New York (July 17, 2006, 12:00 AM EDT) -- U.S. Securities and Exchange Commission Chairman Christopher Cox announced Monday that the first civil charges would be filed “very soon” in the options backdating scandal that has ballooned to involve dozens and perhaps hundreds of companies.

“For some time now it’s been abundantly clear that these were not episodic instances,” Cox told reporters on Monday. “But rather there were widespread problems, certainly during the 1990s.”

“Each day, of course, we learn more,” he added.

Cox also said that forging documents and lying to shareholders could yield...
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