If you’re in advertising you either use a Blackberry or an iPhone. That’s it. No exceptions, so it’s disappointing to see that Blackberry has found itself in court with a gang of wayward executives. The SEC charged four top officers of BlackBerry-maker Research in Motion with backdating millions of dollars worth of stock options for themselves and others for 8 years, and concealing it from investors. Charged were co-CEOs James Balsillie and Mike Lazaridis , former CFO Dennis Kavelman and former vice president of finance Angelo Loberto. The SEC charges the four with backdating options, concealment from regulators and their own auditors, and engaging in fraud, as well as false reporting.
All four agreed to settle the complaint, though none of them admitted to wrongdoing. Fines ranged from $150K to $425K. As well, all ill-gotten gains were returned: $132,914.60 for Kavelman, $47,950.56 for Loberto, $334,250 for Balsillie and $328,300 for Mike Lazaridis. On Feb. 5, the Ontario Securities Commission settled a similar complaint exacting $76.85 million from the four.
Is nothing sacred? Well, at least we haven’t seen advertising executives engaging in such bad behavior. Yet.[source] More: Recessionomics: Sell Ad Space to the Bidder with Money