Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Tuesday, September 16, 2008

Former Apple GC Suspended from SEC Practice under Rule 102(e)

The SEC issued an Order Instituting Administrative Proceedings Pursuant to Rule 102(e) of the Commission's Rules of Practice, Making Findings and Imposing Remedial Sanctions (Order) against former Apple GC Nancy R. Heinen. Previously the SEC filed a lawsuit against Heinen in connection with the backdating of Apple stock, which resulted in a court order permanently enjoining Heinen, by consent, from future securities law violations. In addition, the court order required Heinen to pay disgorgement of $1,575,000 (representing the in-the-money portion of the proceeds she received from exercising backdated options) plus $400,219.78 in interest, and a $200,000 civil penalty.

Based on the above, the Order suspends Heinen, effective immediately, from appearing or practicing before the Commission as an attorney for three (3) years. Heinen consented to the issuance of the Order without admitting or denying any of the findings in the Order.

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