RENEE MONTAGNE, host: Our business news starts with possible fines for a former Apple executive.</s>RENEE MONTAGNE, host: Fred Anderson reportedly has agreed to pay about $150,000 in penalties to the Securities and Exchange Commission. He is Apple's former chief financial officer, and he's accused of backdating stock options so he could buy Apple shares at a cheaper price.</s>RENEE MONTAGNE, host: The Wall Street Journal reports that Anderson's settlement with the SEC also requires him to pay back $3.5 million in gains he made from the stock. But Anderson will not have to admit any wrongdoing.
Fred Anderson, Apple's former CFO, reportedly has agreed to pay about $150,000 in SEC penalties while refunding millions made on a stock sale. Anderson was accused of back-dating stock options to buy Apple shares at a cheaper price. The Wall Street Journal says the settlement with the SEC requires Anderson to pay back $3.5 million in gains on the sale, while admitting no wrongdoing.