RIM co-CEOs to pay $77 million CDN fine for stock backdating

Remember when we told you that the Ontario Securities Commission (OSC) was looking to fine RIM co-CEOs Mike Lazaridis and Jim Balsillie up to $100 million CDN ($81.1 million USD) for their role in stock option backdating that went on from 1996 to 2006? Well, the gauntlet of justice has just smacked the co-CEOs in the head to tune of $77 million CDN ($62.5 million USD). 88% of the $77 million is to be paid back to RIM itself and the rest of the money to be handed over to the OSC itself. What’s more is that Balsillie will step down from the Board of Directors for one year but will be permitted to stay on as co-CEO. It’s rather strange that the OSC would ask Balsillie to step down from the Board but permit him to stay on as co-CEO – we suppose it goes to show that the OSC understands how integral Balsillie is to the health of the company. Apparently he also managed to convince the OSC that he learned his lesson and won’t be committing any more white collar shenanigans. So what does Balsillie have to say about this whole matter? “We’re very pleased to put this behind us.” No doubt.

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