Posts tagged with "drugs"

Babble 06/16/2008

And Speaking of Drugs

I normally don’t care much about this stuff, but I thought this was particularly funny:

Former Broadcom CEO, CFO Plead Not Guilty

Broadcom co-founder Henry Nicholas III pleaded not guilty Monday to federal drug and securities fraud charges.

Nicholas entered the pleas before a judge in Santa Ana, Calif. Former Broadcom chief financial officer William J. Ruehle also pleaded not guilty to securities fraud.

Last month, securities regulators filed a civil suit alleging that Nicholas, Ruehle, company co-founder Henry Samueli and general counsel David Dull falsified Broadcom’s reported income, leading to what is believed to be the largest-ever accounting restatement related to backdating stock options.

The SEC said Broadcom had to restate its financial results in January 2007 because of the scheme and reported more than $2 billion in compensation expenses it had not accounted for.

Nicholas is also accused of stockpiling cocaine, methamphetamine and ecstasy. He allegedly used ecstasy to spike the drinks of business associates. Prosecutors said the former CEO once smoked so much marijuana on a private plane that the pilot was forced to put on an oxygen mask.

The case is set for trial on July 29.

[ via: NPR ]