Apple CEO Subpoenaed by SEC

Jobs doesn't appear to be target in backdated options case
By Zach Samalin,  Newser Staff
Posted Sep 20, 2007 5:30 PM CDT
Apple CEO Steve Jobs is seen at the Apple store on Regent Street for the announcement of its long-awaited iPhone, London, Sept. 18, 2007. Apple Inc.'s iPhone will go on sale in Britain on Nov. 9 and have...   (Associated Press)
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(Newser) – Apple CEO Steve Jobs has been subpoenaed by the Securities and Exchange Commission in a case involving backdated stock options, the Wall Street Journal reports. Apple's former counsel, Nancy Heinen, is the target and not Jobs. Though Apple already admitted to backdating options, and that Jobs had a hand in picking dates, the company maintains he's done no wrong.

Jobs isn't expected to be deposed before November, and a trial is unlikely to begin before September 2008. Heinen—who was subpoenaed in August along with Jobs and an undisclosed third person—has denied any wrongdoing. Last April, the SEC charged former Apple CFO Fred Anderson with the same offense. Anderson settled out of court, paying back $3.5 million in stock profits.