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Ex-Executive Of Jobs Site Is IndictedA former chief operating officer at Monster Worldwide, the job recruitment Web site, was indicted Wednesday on charges of securities fraud and conspiracy in connection with what prosecutors said was a scheme to backdate millions of dollars in employee stock option grants. The executive, James J. Treacy, is accused of conspiring with other former top executives at Monster to systematically backdate option grants to company employees from 1997 to 2003, falsely inflating the company’s earnings, according to an indictment filed in Federal District Court in Manhattan. He and Monster’s former controller, Anthony Bonica, also face civil charges filed by the Securities and Exchange Commission. Mr. Bonica was not named as a defendant in the criminal case, which was brought by the United States attorney’s office. The charges are the latest to emerge from an investigation into Monster for options backdating, a practice in which the grant dates of options are changed retroactively to allow recipients to reap greater profit. The practice is not illegal as long as it is properly disclosed and accounted for in financial statements. Mr. Treacy, 50, pleaded not guilty at his arraignment, where he was released on a $2 million bond. “Mr. Treacy is completely innocent of these charges and looks forward to being vindicated at trial,” said his lawyer, Evan T. Barr, a partner at Steptoe & Johnson. Monster’s former general counsel, Myron F. Olesnyckyj, pleaded guilty in March 2007 to criminal charges related to backdating. Its former chief executive, Andrew J. McKelvey, was also charged with backdating violations, but the government agreed to defer prosecuting him because of his poor health. Federal prosecutors, who investigated the case with the New York division of the United States Postal Inspection Service, said the backdating had led to the fraudulent understatement of the company’s compensation expenses by more than $300 million. Tag CloudExternal InformationAdditional InformationThe Face of a Prophet...Vice-chairman admits mixed messages over Fed policy... Mr and Mrs Average are crossing their fingers and hoping for a little bit of mag... Ukraine’s $5bn Interpipe float... Where Am I?News Main Page - Business - Ex-Executive Of Jobs Site Is Indicted |
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