Monster backdating

The government is seeking to temporarily block lawyers in the civil suit from deposing not only Olesnyckyj, but also: Erin Barriere, the former manager of human resources; Margaretta Noonan, former director of human resources; Andrew Burchill, the company's former assistant general counsel; Michael Piotrowski, Monster's former stock options administrator; and Steve Pogorzelski, formerly president of Monster, North America and a group president.

The court filing gives as one example, Monster's annual 10-K filing for 2001, which reported the company's "net income was ,020,000, but this was, in fact, an overstatement of more than 1,900 percent..." "In all, the backdating scheme resulted in an understatement of compensation expense in the amount of approximately 9 million, pretax, during the period 1997 through 2005," said the memorandum, which was filed late on Tuesday.

Monster agreed to pay the penalty without admitting or denying the charges.

Established in 1967, Monster Worldwide employs around 4,600 people and has job search sites in 30 different countries.

According to the SEC, Mc Kelvey himself did not receive backdated options.On Wednesday, the company filed amended reports for 2005 and the first quarter of 2006 and finally filed its second quarter report.(AP) -- Monster Worldwide Inc., which runs the Monster job search Web site, has agreed to pay .5 million to settle federal civil charges that it secretly backdated options for its executives and employees.The government said Mc Kelvey had accepted responsibility for his participation in the scheme. Under the deferral agreement, the charges will be dismissed after 12 months if Mc Kelvey abides by the terms of the agreement.In light of Mc Kelvey’s terminal illness, the government agreed to defer his prosecution, according to a statement from Michael Garcia, U. In addition, the former head of the employment recruitment giant agreed to pay 6,000 to settle civil charges with the Securities and Exchange Commission in connection to the backdating scandal.

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