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Broadcom’s current chief executive officer, Scott Mc Gregor, has not been implicated in the scandal.He was appointed CEO in January 2005, almost two years after the company reformed its policies for issuing employee stock options.Nicholas and two others today for conspiring to backdate employee stock options in violation of federal corporate accounting rules.Broadcom’s chief counsel, David Dull, also took a leave of absence to defend himself in the SEC suit.In 2007, Broadcom restated its finances by .2 billion to reflect the cost of the employee stock options from 1998 to 2003, the largest restatement of any backdating case.Options are the right to purchase a stock in the future at a fixed price.

“The executives at Broadcom perpetrated a massive, five-year scheme that involved fraudulent backdating of dozens of option grants, falsifying corporate records, intentionally false accounting, and lying to shareholders,” said Linda Chatman Thomsen, director of the SEC’s Division of Enforcement.The company’s statement said Samueli and Dull will continue to serve as “non-officer employees,” whose expertise will be at the company’s disposal.However, they will not have a role in corporate governance, financial disclosures or other contract work.Ruehle’s attorney, Richard Marmaro, issued a statement saying his client did nothing wrong.“When the full truth comes out, we are confident that he will be fully vindicated,” Marmaro said of his client, who resigned from Broadcom in September 2006 amid the company’s investigation into the backdating accounting.

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