Backdating fraud

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Such relation back or forward contravenes no principle of law and is determined by the intent of the parties as deduced from the instrument itself.” As a practical matter, the proper date to put on an agreement is something that corporate counsel is likely to have to make a judgment call on quite often.

This is because documents take time to draft, negotiate and execute.

Sometimes certain claims (such as insurance claims) can be backdated if the could not be completed at an earlier date, although there must be good reason for neglecting to claim in advance.

If your backdated claim is approved, you will be able to receive benefits from a certain date in the past.

At least that seems to be the conclusion reached by the Department of Justice and the Securities and Exchange Commission regarding their first case against executives charged with fraud related to backdating.The cascading litany of alleged charges is not likely to stop with the Brocade case.Indeed, with more than 80 companies being reviewed by the SEC for potential illegal backdating practices, and one academic study claiming that more than 2,000 companies have engaged in the practice, civil and criminal charges will probably mushroom in the next few months. The purpose of backdating is straightforward: it gives options holders an immediate paper gain, and a real gain once the option is exercised.Funding to maintain the pay progression system was removed in the 2015-17 budget.Governor Walker proposed reinstating the funding for the upcoming 2017-19 biennial budget and members of the Joint Finance Committee (JFC) agreed to add the additional funding.

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