Ex-Broadcom VP Settles With SEC

The Securities and Exchange Commission reported Tuesday afternoon that the former vice president of human resources at Broadcom Corporation, Nancy M. Tullos, has agreed to pay more than $1.3M plus a civil penalty of $100,000 for her involvement in the stock options backdating at Broadcom. According to the SEC, the payment will be offset by the value of her exerciseable stock options that Broadcom cancelled. Tullos had been charged by the SEC for participating in a scheme to backdate stock option grants to coincide with dates of low closing prices from 1998 to 2003. The stock options backdating investigation resulted in a restatement by Broadcom in January of 2007 of compensation expenses of $2.2 billion. The SEC said that Tullos agreed to the settlement without admitting or denying the allegations in the complaint.