Monster options backdating
Before joining ERE Media in 2006, John was a senior consultant and analyst with Advanced Interactive Media and previously was Vice President of Digital Media for the Los Angeles Newspaper Group.Besides writing for ERE, John consults with staffing firms and employment agencies, providing content and managing their social media programs.Charges alleged that from between 1997 and his departure in 2006, Mr.Mc Kelvey and other company officials backdated stock option grants to coincide with the dates of low closing prices of Monsters common stock.In Manhattan federal court, a jury of seven women and five men convicted Treacy, Monster’s former president and chief operating officer, of two criminal counts on Tuesday. In January 2008, Mc Kelvey entered into a deferred prosecution agreement with federal prosecutors in which he admitted, along with others, to routinely selecting “prices for stock-options grants based on historical dates when Monster’s stock price had closed at, or near, a low point, resulting in grants of in-the-money stock options” between 1997 through 2003.Mc Kelvey died in late November of pancreatic cancer. Olesnyckyj, Monster’s former general counsel, pleaded guilty in 2007 to criminal charges in connection with the alleged backdating and agreed to cooperate with prosecutors.Mc Kelvey, 73, will pay about 6,000 in penalties and be barred from serving as an officer or director of a public company, the SEC said.The founder of Monster agreed to the settlement without admitting or denying any wrongdoing.
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The SEC accused the company this morning of filing false statements about the granting of millions of stock options and failing to properly account for their issuance.
In the complaint filed in the District Court for Southern District of New York, the SEC alleges “Monster filed false and materially misleading statements concerning the true grant date and exercise price of stock options in its annual, quarterly and current reports, proxy statements and registration statements.” The complaint was accompanied by a notice of the proposed settlement, which, in addition to the penalty, says Monster must also “consent to the entry of an order permanently enjoining it from violating the antifraud, reporting, recordkeeping and internal controls provisions of the federal securities laws.” The SEC and the U. Attorney’s Office have been investigating Monster and its backdating of stock options granted to senior executives and others in order to make them more valuable.
He also works with organizations and businesses to assist with audience development and marketing.
In his spare time he can be found hiking in the California mountains or competing in canine agility and obedience competitions.