BlackBerry bosses fined $77 mn for option backdating
BlackBerry co-CEOs and top executives were collectively fined $77 million on Thursday for their role in a stock option backdating controversy at the wireless communication giant.
The provincial Ontario Securities Commission, which has been investigating the two co-CEOs – Jim Balsillie and Michael Lazaridis – and other executives for their role in the controversy dating from 1996 to 2006, handed down the biggest fine in its history for financial irregularities.
It said the top bosses at BlackBerry maker Research In Motion (RIM) were not involved in the fraud but negligent in letting option backdating take place.
Under the deal with the market watchdog, the two co-CEOs and a former chief financial officer will pay the bulk of $77 million in fines and legal costs for settlement of the controversy.