Monster settles SEC backdating charges

MONSTER, the outfit which runs the Monster job search Web site, has agreed to pay a monster fee of $2.5 million to settle a case that it secretly backdated options for its executives and employees.

AP points out that Monster neither admitted nor denied the charges although you don't usually write a cheque of $2.5 million if you don't think you have done anything wrong.

Former company executives are the subject of securities fraud charges because of the case.

Andrew McKelvey, the founder of Monster, agreed to pay the company more than $8 million as part of a settlement into backdating claims. McKelvey also paid $276,000 to make SEC and Federal prosecutors go away. µ