Remy welling backdating
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Any remaining pattern is concentrated on the couple of days between the reported grant date and the filing date (when backdating still might work), and for longer periods for the strategy of grants that violate risk two-day reporting requirements.
In a 2004 CNBC interview, Remy Welling said that “this particular — well, it’s called a 30-day look-back plan, is even widespread in Silicon Valley and maybe throughout the country.””“…the Micrel case was being handled on Micrel’s behalf by Jim Casimir — a former IRS national director of Appeals who left the IRS in 2000 to head Pricewaterhouse Coopers’ IRS tax dispute resolution practice in Los Angeles — and that he ‘‘would stop at nothing’’ to seal the ISO deal.”“Last month, on the eve of a scheduled trial, the accounting firm of Deloitte & Touche quietly settled a malpractice suit that accused it of having approved a stock option pricing program that amounted to backdating.
The plaintiff in the case, San Jose semiconductor maker Micrel Inc., disclosed the fact of the settlement — though none of its terms — last week in its 10-K filing with the SEC…hoping it would go to trial, because it would have finally shed some light on how Silicon Valley accountants were analyzing options backdating issues in the late 1990s.
After these stock option terms came to the attention of the IRS in 2002, it worked out a secret deal with Micrel that would allow Micrel to escape $51 million in taxes and required the IRS to keep quiet about the option terms.
Remy Welling, a senior auditor at the IRS, was asked to sign the deal in late 2002.
At the base of Johnston's journalistic indictment are the highly paid lobbyists working Congress, state legislatures, county commissions, city councils and government regulatory agencies. Bush in his roles as professional baseball team owner, Texas governor and U. president, and targets well-known tycoons such as Donald Trump, Warren Buffett and George Steinbrenner as well as lesser-recognized beneficiaries who own golf courses and insurance companies and energy consortiums.
Heroes appear occasionally, such as Remy Welling, an Internal Revenue Service investigator who blew the whistle on improper tax breaks for the wealthy and lost her job.
(Many of the court filings in the case were lodged under seal, and are consequently unavailable.) The case was also intriguing because it was one of only two I know of so far — the other being Microsoft — where a company is believed to have actually secured the blessing of some outside “gatekeeper” ( i.e., an accounting firm or law firm) for a “backdating” scheme.
At the outset of the options backdating scandal, there was much speculation that such gatekeepers had to be at fault, given how widespread backdating was prior to passage of the Sarbanes-Oxley law in 2002, but that theory has not yet borne much fruit.
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