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Broadcom backdating options plea

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was the first, and most high-profile, of the criminal cases.Reyes’ defense was that, although he had signed off on backdated options, he had relied on Brocade’s finance department to properly account for the backdated options in the corporate books and was not responsible for false records.

Samueli pleaded guilty Monday in federal court in Santa Ana to a single count of making a false statement to the Securities and Exchange Commission. District Judge Cormac Carney doesn’t agree to impose that sentence, Samueli can withdraw his guilty plea. Nicholas and Ruehle were indicted earlier this month for their alleged role in the backdating at Broadcom.Broadcom Corporation co-founder Henry Samueli has pleaded guilty to lying to the Securities and Exchange Commission as it probed stock option backdating at the chip maker.Samueli, a billionaire philanthropist and owner of the National Hockey League's Anaheim Ducks, told US District Court Judge Cormac J.It is legal when properly accounted for, but if companies fail to properly disclose the move, profits can be overstated and taxes underpaid.The probe into Broadcom's options backdating led the Irvine, California-based telecommunications chipmaker to write down .2 billion last year, the largest restatement of its kind.Samueli, who served as Broadcom's chairman and chief technical officer, admitted to falsely telling U. Securities and Exchange Commission investigators in May 2007 he was not involved with options granting practices at the Irvine, California-based chipmaker, court documents showed. Samueli is leaving his guilty plea in place as he pursues the appeal, his attorney, Gordon Greenberg, said Tuesday during a hearing in U. Nicholas also faces drug-related charges, including accusations that he slipped ecstasy into the drinks of business associates.