SAN FRANCISCO (Thomson Financial) - Broadcom Corp. co-founder Henry Samueli
is expected to plead guilty to making a false statement to the Securities and
Exchange Commission in connection with its investigation of alleged
stock-options backdating at the company, according to a media report Monday.
Federal prosecutors are recommending that Samueli, the company's former
chairman, serve five years of probation and pay more than $12 million in
penalties, the Wall Street Journal reported, citing a plea agreement.
During a deposition taken by the SEC in May of 2007, Samueli falsely stated
that he wasn't involved in the granting of options in 2002 for the company's
top executives, the plea agreement said, according to the report.
Earlier this year, the SEC filed civil charges related to backdating against
Samueli and three other current or former executives at Broadcom.
Shares of Irvine, Calif.-based Broadcom rose 29 cents to $27.13.
Gabriel Madway
gm
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