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Furthermore, Marmaro criticizes the DOJ and the SEC for scapegoating the innocent because of "some perceived need to show quick action in response to the stock option issues being discussed in the media." In the midst of ongoing investigations, Linda Thomsen, chief of enforcement at the SEC, stated at Thursday's conference that it is not a question of whether Reyes profited from backdated options himself. Ryan said at the joint news conference, "It is integral to the public trust in our financial markets that books and records are maintained honestly and that the true financial condition of public companies is disclosed accurately." In wake of this groundbreaking case, lawyers, executives, and accountants are trying to differentiate between criminal conduct and innocent accounting errors.
It is about taking responsibility for concealed information that may have adversely affected stock prices. Larry Ribstein, professor at the University of Illinois College of Law, commented on the government's tightening control on American corporations.
Government investigations revealed that the date on some of Reyes' options is identical to the incorrectly dated options that other executives received.
Law360, New York (June 2, 2008, AM EDT) -- More than two years after reaching an agreement with Analog Devices Inc. Among the first targets of the SEC's investigation into backdated stock option practices, Analog and CEO Jerald Fishman settled the SEC's complaint without admitting or denying the charges.