Legal News

No plea reinstatement for Samueli

By Richard Binder

A panel of the U.S. Court of Appeals for the 9th Circuit has refused to reinstate a plea deal between Henry Samueli, the co-founder of Broadcom Corp., and federal prosecutors who are pursuing criminal charges related to stock options backdating. The court says it lacked jurisdiction to rule on Samueli's interlocutory appeal, which he filed after U.S. District Judge Cormac Carney of the Central District of California rejected his plea deal last year on the ground that it would "erode the public's trust in the fundamental fairness of our justice system" and give the impression that "justice is for sale."

Under the plea deal, Samueli would have served five years on probation and paid a $250,000 fine plus $12 million to the U.S. Treasury after pleading guilty to one count of making a false statement to the U.S. Securities and Exchange Commission.

The 9th Circuit said that it could hear arguments again once Samueli is sentenced under his guilty plea.

Full story at NLJ.com.

Full post as published by Legal Pad | LA on September 28, 2009 (boomark / email).