TheSecurities and Exchange Commission yesterday filed civil charges against MaximIntegrated Products and the company’s former CEO and CFO, alleging theyreported false financial information to investors by improperly backdatingstock option grants to Maxim employees and directors.
JohnGifford, the company’s former president, CEO, and chairman, agreed to pay morethan $800,000 in disgorgement, interest, and penalties to settle chargesrelating to his role in the options backdating, the SEC said. He resigned fromthe company last year, citing health reasons.
Maximalso consented to a permanent injunction against violations of the antifraudand other provisions of the federal securities laws, the agency said.
The SECalso alleged that Carl Jasper, former Maxim financial chief, “helped thecompany fraudulently conceal tens of millions of dollars in compensationexpenses through the use of backdated, in-the-money option grants.”