According to the Wall Street Journal, James J. Treacy, a former Monster Worldwide Inc. executive, was convicted of conspiracy and securities fraud Tuesday in a scheme to improperly backdate millions of dollars in stock-options awards.
A jury of seven women and five men convicted James J. Treacy, Monster’s former president and chief operating officer, of two criminal counts in less than a day of deliberations.
Treacy, 50, of Glen Rock, NJ, was arrested in April 2008 and charged with conspiracy to commit securities fraud, filing false reports with the SEC, making false statements to auditors, and falsifying books and records. He is the third former executive charged with criminal backdating-related violations at Monster.
Monster said in a statement, “This verdict brings us closer to the end of an unfortunate chapter in the company’s history and putting the issue firmly behind us.”
Treacy resigned from Monster in 2002.
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May 15th, 2009 at 12:57 pm
It’s about time more came from this. I worked at Monster for many years and they were so tight about giving top performing employees much in the way of stock options it helped make my decision easy when I left. Jim, Andy and other senior management were carrying a huge amount of “Goodwill” on the books and were all about making the rich richer and having those who were doing so much of the heavy lifting stay chained to their desks in the clock tower with little upside potential. More arrests may come for some other more well known SVP’s and VP’s in Maynard. Stay tuned.