WASHINGTON - Blackberry maker Research in Motion's
RIM Co-CEOs James Balsillie and Mike Lazaridis did not admit to or deny the SEC's allegations. Balsillie agreed to pay $350,000 and Lazaridis agreed to pay $150,000 to settle the federal charges.
Former RIM Chief Financial Officer Dennis Kavelman and former Vice President of Finance Angelo Loberto also settled SEC stock option backdating charges without admitting to or denying the allegations.
Kavelman will pay a $500,000 penalty and Loberto will pay $425,000.
According to the complaint, the SEC said the executives made false and misleading disclosures about how the Canadian-based company priced and accounted for options. The SEC also alleges that Kavelman and Loberto took steps to hide the backdating from regulators, RIM's independent auditor and outside lawyer.
(Reporting by Rachelle Younglai; editing by Richard Chang)