Biotech Values

[DewDiligence]

Skip Cummins better hire a good lawyer.
Never mind the SEC—Grassley et al are
now talking about criminal charges.

http://online.wsj.com/article/SB115022849102179235.html

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“I've asked the Justice Department to let me know whether the tax laws on the books are adequate to rein in and prosecute stock-option backdating,” said Sen. Chuck Grassley, the Iowa Republican who is chairman of the Senate Finance Committee. "If the tax laws are inadequate, I want to beef them up."

Mr. Grassley also said he was glad Justice Department officials made it clear "that executives can face possible prison time for backdating stock options."

Eileen O'Connor, assistant attorney general in the tax division of the Justice Department, said at the hearing that the government is investigating "very serious" issues and "such conduct would be a fraud on the market," and could potentially result in securities, mail-fraud, wire-fraud and tax charges against individuals and corporations.
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