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Just days after its former Chief Operating Officer was convicted of stock fraud, Monster Worldwide has agreed to pay .5 million to settle charges brought against the company by the Securities and Exchange Commission.
The founder of Monster agreed to the settlement without admitting or denying any wrongdoing.
Charges alleged that from between 1997 and his departure in 2006, Mr.
Mc Kelvey and other company officials backdated stock option grants to coincide with the dates of low closing prices of Monsters common stock.
Chairman and Chief Executive Andrew Mc Kelvey, suffering from a life-threatening medical condition, settled charges Wednesday over his involvement in a multi-year scheme to backdate employee stock options.
Under a settlement with the Securities Exchange Commission, Mr.