Mcafee backdating trial

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By Julia Cheever, Bay City News Service SAN FRANCISCO (BCN) - The former general counsel of Mc Afee Inc. Magistrate Joseph Spero allowed Kent Roberts, 50, of Dallas, to remain free on a

Law360 provides the intelligence you need to remain an expert and beat the competition. By Julia Cheever, Bay City News Service SAN FRANCISCO (BCN) - The former general counsel of Mc Afee Inc. Magistrate Joseph Spero allowed Kent Roberts, 50, of Dallas, to remain free on a $1 million unsecured bond based on property Roberts owns in Texas. He is accused in an indictment issued Tuesday of changing dates for a stock option grant for himself in 2000 and for the company's chief executive officer in 2002.The indictment charged that beginning in 2000, Roberts fraudulently granted himself extra compensation by causing the grant date for his stock option grant to be changed in Network Associates books and records so that the exercise price of the grant would be lower and so that it would appear that the grant was made on the new fabricated date.

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Law360 provides the intelligence you need to remain an expert and beat the competition.

By Julia Cheever, Bay City News Service SAN FRANCISCO (BCN) - The former general counsel of Mc Afee Inc. Magistrate Joseph Spero allowed Kent Roberts, 50, of Dallas, to remain free on a $1 million unsecured bond based on property Roberts owns in Texas. He is accused in an indictment issued Tuesday of changing dates for a stock option grant for himself in 2000 and for the company's chief executive officer in 2002.

million unsecured bond based on property Roberts owns in Texas. He is accused in an indictment issued Tuesday of changing dates for a stock option grant for himself in 2000 and for the company's chief executive officer in 2002.

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Kent Roberts, 50, of Dallas, Texas, was charged in a seven count indictment with devising a scheme to defraud by granting himself and others valuable in-the-money stock options while hiding the true nature and value of the stock option grants from Network Associates, its Board, its shareholders, its auditors, the public, and the SEC.

These charges are the result of an investigation by the FBI and the U. Attorneys Office for the Northern District of California.

Outside of court today, Neal said Roberts never exercised the stock option that was backdated in 2000.

Neal said, "The story is much more complicated than the indictment would suggest." The case is part of a nationwide U. Justice Department probe of possible backdating by corporate executives. The civil suit alleges that the backdating increased the potential value of the stock options for Roberts by nearly 0,000 and for former chief executive George Semanuk by more than 0,000. -- Republication, Rebroadcast or any other Reuse without the express written consent of Bay City News, Inc.

The list was admitted into evidence in Roberts’ backdating trial in San Francisco federal court.

Prosecutors contend he caused the date to be changed on his stock options after he realized that a drop in the price of Mc Afee stock made them worthless.

The Court declared a mistrial on the remaining count as to which the jury was hung. Roberts was the first general counsel in the country to be criminally tried for alleged stock option backdating violations. Roberts had long sought his day in court to prove his innocence," said lead trial counsel and Cooley Godward Kronish Chairman Steve Neal.

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