Mcafee backdating trial
Jurors declined to discuss their verdict before leaving the courthouse and did not disclose their vote on the deadlocked count of falsifying records.
Kent Roberts, former General Counsel with software company Mc Afee was found not guilty today on two of three felony counts he faced in federal court in San Francisco following a two-week criminal trial.
pleaded not guilty in federal court in San Francisco today to seven criminal charges related to the backdating of stock options for the Santa Clara-based computer security company. At the time he worked for Network Associates, which later merged with Mc Afee.
District Judge Marilyn Patel, the judge who will preside over his trial, for the setting of future court dates.
Backdating an option to buy company stock is not illegal in itself, but it is illegal to make false statements in government and company records about the practice.
Mc Afee ousted two top executives later in 2006 and lowered its earnings statement by 7 million for the previous decade because of stock-options backdating. Jurors deliberated 2 1/2 days after a two-week trial. Attorney Joseph Russoniello had no comment, said spokesman Joshua Eaton.
The Court declared a mistrial on the remaining count as to which the jury was hung. Roberts was the first general counsel in the country to be criminally tried for alleged stock option backdating violations. Roberts had long sought his day in court to prove his innocence," said lead trial counsel and Cooley Godward Kronish Chairman Steve Neal.
"On his behalf, we are very pleased with the jurys decision and thank them for their service," Mr. Back on February 27, 2007, a federal grand jury indicted Kent Roberts in connection with the fraudulent dating of stock option grants in 20.
Dutkowsky recalled that Roberts told him he had mentioned his worthless stock options to company controller Terry Davis, and Davis told Roberts he would take care of it. In fact, he was never going to exercise [the options].
Roberts “said he felt bad that it happened,” Dutkowsky testified, according to the Daily Journal account.