SEC Drops Backdating Suit Against Former McAfee GC
The Securities and Exchange Commission has dropped its lawsuit against former McAfee general counsel Kent Roberts, acquitted in a criminal case based on parallel allegations.
Roberts “has beaten the rap once and for all,” the Recorder writes. His lawyer, William Freeman, called the SEC decision “a complete vindication.” The Associated Press also had the story.
Roberts had been accused of making false submissions to the Securities and Exchange Commission to conceal a backdating scheme to enrich himself. Roberts never excercised the stock options, worth about $200,000 more because of the changed date. He was fired after an internal investigation by the Howrey law firm.
Freeman told the Recorder that the positive result in both cases “shows that everything reported to the government by internal investigators doesn’t always turn out to be true–they highlighted facts that put Kent in a bad light and didn’t highlight facts that explained what he did.”
Roberts released a statement praising Freeman and his law firm.
“This has been a very trying time for me and my family. I trusted in God that the truth would come out,” Roberts said. “I want to thank my wife Susan, our families and our friends for their unwavering support. Of course, I have nothing but praise and respect for Cooley Godward Kronish and the work they did in achieving justice for me.”
