More stock option backdating charges for RIM execs: The Secuties and Exchange Commission charged BlackBerry maker Research In Motion (RIMM) and four execs today.
But the major damage is already history. RIM execs already paid about $75 million to settle with Canadian regulators earlier this month, and co-CEO Jim Balsillie had to step down from the company’s board for at least a year.
SEC: The individual defendants will pay penalties in the following amounts: $500,000 for Kavelman; $425,000 for Loberto; $350,000 for Balsillie; and $150,000 for Lazaridis. The individual defendants also agreed to disgorge the in-the-money value of backdated options they had exercised ($132,914.60 for Kavelman, $47,950.56 for Loberto, $334,250 for Balsillie and $328,300 for Lazaridis) plus interest. Their disgorgement will be deemed satisfied by their previous payment of these amounts to RIM.
Beyond the distraction, no big deal for RIM — this is a civil action and no one’s going to jail.