Securities Law
Ex-CEO of Monster Avoids Prison
The former CEO of Monster Worldwide Inc. has escaped prison under a deferred prosecution agreement for backdating stock options.
Prosecutors said they agreed to leniency because the former CEO, 73-year-old Andrew McKelvey, suffers from terminal pancreatic cancer, the Wall Street Journal reports (sub. req.). He is the 18th executive to face criminal charges in connection with backdating.
McKelvey admitted he routinely backdated employee stock options, but the securities fraud and conspiracy charges against him will be dropped if he stays out of trouble for a year. He also agreed to pay $276,000 to settle a case brought by the Securities and Exchange Commission.
