Duck Owner
Samueli faces SEC complaint, denies allegations
HOCKEYTALK NEWS
May 14, 2008 -- Anaheim Ducks owner
Henry Samueli and three other Broadcom executives face a civil complaint
filed by the Securities and Exchange Commission Wednesday, citing Broadcom
with backdating stock options. Samueli denies any wrongdoing.
Samueli's attorney, Gordon Greenburg, issued a
statement denying the SEC's allegations against his client. The statement
noted that a 2006 Broadcom investigation had cleared Samueli.
Greenberg asserted that the SEC "failed to
acknowledge that Dr. Samueli has no accounting training and was never
responsible for the processing or accounting of stock options."
Anaheim Ducks Chief Executive Officer Michael
Schulman issued a statement in response, explaining that Samueli's role with
the Ducks and Honda Center will not change.
“Henry Samueli will remain active and focused on his
interests with the Anaheim Ducks Hockey Club and Anaheim Arena Management as
well as his family’s philanthropic activities. There will be no changes in
the management or operation of the club or Honda Center. Henry will also
continue to serve on the NHL Board of Governors as the Ducks’
representative.”
The SEC's complaint reads, in part, as follows:
The Securities and Exchange Commission today charged
two current and two former top officers of Irvine, Calif.-based Broadcom
Corporation for their alleged participation in a five-year systematic scheme
to secretly backdate stock options granted to virtually all Broadcom
officers and employees.
The SEC's complaint, filed in federal district court
for the Central District of California, alleges that Broadcom's former chief
executive officer Henry T. Nicholas, chairman and chief technology officer
Henry Samueli, former chief financial officer William J. Ruehle, and general
counsel David Dull perpetrated a scheme from 1998 to 2003 to fraudulently
backdate stock option grants, failing to record billions of dollars of
compensation expenses and falsifying documents to further the fraud. As a
result of the scheme, Broadcom restated its financial results in January
2007 and reported more than $2 billion in additional compensation expenses.
A press release regarding the SEC charge is
available at the
SEC's site, as is an online version of the
complaint.
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