Henry Samueli’s indefinite suspension by the NHL could last a bit longer than he originally hoped. But that’s the least of his worries.
LOS ANGELES, Oct 14 (Reuters) – Broadcom Corp co-founder Henry Samueli agreed on Tuesday to remain in a plea deal in a stock options backdating case without an agreed-upon sentence, and now faces up to five years in prison at his sentencing next year, U.S. Attorney’s Office spokesman Thom Mrozek said.
Samueli pleaded guilty in June to a charge of making a materially false statement to U.S. Securities and Exchange Commission investigators following the company’s restatement of $2 billion in compensation expenses last year.
He could have withdrawn the plea last month after U.S. District Judge Cormac Carney rejected the agreed-upon sentence of five years probation and fines and forfeitures of $12.25 million as too lenient.
At a hearing on Tuesday in federal court in Santa Ana, California, Samueli, 54, agreed to stick with the plea agreement without an agreed-upon sentence.
Carney set a sentencing hearing for Aug. 30, 2009, following the criminal trial of Broadcom co-founder Henry Nicholas III and ex-Chief Financial Officer William Ruehle, who also are charged with backdating-related crimes. Their trial is set for April 7.
Last month, the judge said he preferred to sentence Samueli after hearing more evidence about Nicholas’ and Ruehle’s roles in the backdating to insure that Samueli does not receive a disproportionately light sentence.
Nicholas, who also was indicted on federal drugs charges, and Ruehle have pleaded not guilty to the charges.
Prosecutors said on Tuesday they would abide by the original plea agreement and would recommend probation for Samueli, Mrozek said.