Canadian Securities Watchdog Wants RIM Co-CEO’s To Pay Hefty Fine…. Oh Noes!

Here’s some big news that seems to be hitting the wires at the moment. Canadian regulators are seeking a record penalty as high as $100 million Canadian from Research In Motion Co-CEO’s Mike Lazaridis and Jim Balsillie for their role in a stock option accounting controversy dating back to 1996. That controversy led to Balsillie stepping down as the chairman of RIM. The Ontario Securities Commission want Balsillie to pay the bulk of any penalty and relinquish his seat on RIM’s board of directors for a period of time. Assuming this happens, the fine would be the biggest on record.

Oddly, RIM stock doesn’t seem to affected all that much by this. It’s down slightly on the NASDAQ as well as the TSX as I write this.

Leave a Reply

%d bloggers like this: