SEC Charges RIM Execs For Stock Option Backdating

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.

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.