Backdating charge grant option stock


01-Mar-2019 23:40

While brokerage commissions will be the same as with an ETF, the management fees will usually be higher with CEFs.

CEFs will often target a more specific type of investment, whereas ETFs are usually more broadly index based.

Asked about the discrepancy by Karatz’s lawyer, Ray explained, “I lied.”During his closing argument, defense attorney Keker told the jury of nine men and three women that the prosecution’s case hinged on Ray’s testimony, which he said lacked credibility because of Ray’s admitted lies. He also argued that Karatz never intended to defraud shareholders and was acting with the knowledge of company accountants and lawyers when he set option grant dates.

He said Ray changed his story to please prosecutors and to get them to give him a plea bargain.“Ray is not worthy of your trust. Dick, the juror, said he hoped that the judge would give Karatz probation and a big fine, but not jail time.

There is no restriction on the holding period of an ETF.

And with and ETF you won’t get hit with capital gains distributions, so, with the exception of dividends, you get to control when you pay capital gains, short term or long term.

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In the past fifteen years, stock options have gone from being the best incentive and compensation tool for aligning the interests of managers and shareholders to being vilified because of a string of scandals in corporate America as well as in France concerning the granting (in terms of size and timing) and the exercise (in terms of timing) of the stock options.

But they found him guilty of lying about the backdating to KB accountants and in a 2006 quarterly report. There was no evidence that he planned it, but he certainly covered it up,” said juror Ron Dick, a 72-year-old retired aerospace worker who lives in Harbor City. During the trial, prosecutors sought to portray Karatz as a greedy, scheming executive who deceived shareholders and federal regulators while inflating the value of his stock options from 1999 to 2005. “This is a victory for the Justice Department, not so much in the backdating issue, in which they weren’t successful, but more in emphasizing the need for corporate truthfulness,” said Peter Henning, who teaches securities law at Wayne State University Law School in Detroit. This case may be more about executive hubris than anything else.”The Karatz trial came only a few months after federal prosecutors suffered a significant setback in the options backdating prosecution of Broadcom Corp. Even without the backdated options, Karatz was one of the nation’s highest paid executives, making more than 0 million in compensation during his last three years at the company.

Karatz, 64, is one of the most prominent corporate executives to be charged criminally in the government’s long-running crackdown on options backdating. The scheme enabled him to make more than million in “secret pay,” Assistant U. Revenue soared under his watch, reaching a record billion in 2006.

Volume has expanded on many of the issues, making them some of the most liquid trading instruments around.

It seems clear that the debate between choosing a traditional mutual fund or an ETF is clearly in the corner of the ETF.

A federal grand jury indicted Karatz on the 20 felony charges in March 2009.



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