The Securities and Exchange Commission came down hard on Marvell Technology Group on Thursday for stock option backdating and for being unusually slow to cooperate and reluctant to clean up the problem.
Marvell agreed to pay a $10 million fine to settle charges that the company regularly backdated options from 2001 to 2004. Weili Dai, co-founder and chief operating officer, agreed to pay $500,000 to settle charges that she picked the dates in hindsight and signed faked meeting minutes to cover her tracks. Dai also will be barred from serving as a director or an officer for five years.
