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Monster backdating

The complaint, like others involving the company, alleged that Mr.

As a result, Monster’s filings with the SEC understated compensation expenses and inflate earnings between 19.The government said Mc Kelvey had accepted responsibility for his participation in the scheme. Under the deferral agreement, the charges will be dismissed after 12 months if Mc Kelvey abides by the terms of the agreement.In light of Mc Kelvey’s terminal illness, the government agreed to defer his prosecution, according to a statement from Michael Garcia, U. In addition, the former head of the employment recruitment giant agreed to pay 6,000 to settle civil charges with the Securities and Exchange Commission in connection to the backdating scandal. The SEC withdrew its request for disgorgement and a penalty in view of the sentence imposed in a related criminal case, discussed here. Treacy also consented to the entry of an officer and director bar. Myron Olesnychyj, the former general counsel of the company previously settled option backdating charges with the SEC. This resulted in the public filings of the company with the SEC being false. Bonica’s fraudulent conduct caused Monster’s periodic filings and proxy statements to falsely portray the options of the company as having been issued at fair market value. As part of the scheme, papers were prepared which made it appear that the options had been granted earlier, when in fact they were not. 15 -- A former senior vice president of the company that runs the Monster job-search Web site admitted in court Thursday that he illegally backdated millions of dollars in employee stock option grants.Myron Olesnyckyj, 45, faces up to 25 years in prison and fines of more than .2 million after pleading guilty to securities fraud and conspiracy to commit securities fraud.The indictment also alleged that Mc Kelvey and others made false and misleading statements about their options grant practices to Monster’s outside auditors.Mc Kelvey was charged with one count of conspiracy to commit securities fraud, to make false statements in SEC filings, to make false statements to auditors, and to falsify corporate books and records, along with one substantive count of securities fraud.

523 comments

  1. The SEC’s complaint, filed in the District Court for Southern District of New York, alleges that Monster’s former president and chief operating officer James J.

  2. Just days after its former Chief Operating Officer was convicted of stock fraud, Monster Worldwide has agreed to pay $2.5 million to settle charges brought against.

  3. Monster Worldwide's founder, Andrew McKelvey, and federal prosecutors have reached a "deferred prosecution" agreement, settling a long investigation into.

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