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Regulators could possibly fine RIM co-CEOs up to $100 million CDN for role in decade old stock controversy

January 22nd, 2009 at 4:14 PM

Um, wow. Just wow. Remember how Mike Lazaridis and Jim Balsillie, the co-CEOs of RIM, got in trouble all the way back in 2006 after being busted for stock options backdating? They had apparently been doing it since 1996 and it eventually led to Balsille steping down as Chairman. The Ontario Securities Commission apparently remembers the incident well, and boy does it ever seem like it’s out for blood now. A report today from Canada’s The Globe and Mail said that the OSC is seeking up to a $100 million CDN ($79.48 million USD) fine for the co-CEOs. Apparently Balsillie is the one that should be the most worried as he’s facing the bulk of the fine, but the OSC is also alleged to be pushing for him to step down from his role on the board of directors for an unspecified period of time. Lazaridis, who is of course the big brains behind the famous BlackBerry devices the company makes, would likely only have to pay a small portion of the fine. During the investigation into the matter, both Balsillie and Lazardis paid approximately $7.5 million CDN for legal costs so that RIM itself would not be financially burdened for their wrongdoings. By now you’re probably wondering, “Wow! How much did they make through backdating options?” About $2 million CDN each. [Insert crime doesn’t pay remark here]

Thanks, Dani!

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