Apple Computer has concluded an internal investigation into backdated stock options and found that while CEO Steve Jobs was aware of the practice, he did not personally benefit from it. Over the summer, we learned that Apple had engaged in backdating and springloading stock options in an attempt to increase the value of stock option grants. Such practices are frowned upon by the Securities and Exchange Commission.

Apple's practice of backdating stock options began in 1997 and continued into January 2002. The company says that 15 stock option grants during that time period appear to have been backdated, but that no members of Apple's "current management team" engaged in any misconduct around the options. However, Apple says there are "serious concerns" surrounding actions taken by two former officers in connection to the problems. One of those two may be former CFO Fred Anderson, who served from 1996 to 2004, and whose resignation from Apple's Board of Directors was announced today.

Jobs issued an apology to Apple shareholders and employees, saying that the problems "which happend on my watch" are "completely out of character for Apple." He added that the company "will now work to resolve the remaining issues as quickly as possible and to put the proper remedial measures in place to ensure that this never happens again."

Apple is not the only company to be busted for backdating stock options. Both Dell and Novell have also recently received delisting notices from NASDAQ after failing to file quarterly 10-Q reports with the SEC. Those filings, like Apple's, were delayed by investigations into backdating. All three companies will be forced to restate earnings for the periods in question, which can be a laborious and time-consuming process.

It is possible that Apple could face more than a slap on the hand from the SEC, as in some instances, backdating and springloading options can result in criminal charges of fraud. Apple has turned over its findings to the SEC, including those covering the the two unnamed former officers whose actions "raised serious concerns." There is also a chance that the stock options problem could result in Jobs' exit from the company, but many observers believe that is unlikely, as it would not be in the best interest of either Apple or its shareholders.

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