A former CEO and a former General Counsel at Plano-based Microtune Inc. won a major legal victory Wednesday that is likely to end the SEC’s five-year-long effort to prosecute them for allegedly being involved in a $22.5 million options backdating scheme. The federal appeals court ruled that the SEC waited too long to bring charges against Douglas Bartek and Nancy Richardson.
The three-judge panel also rejected the SEC’s efforts to have the executives banned from serving as an officer or board member of a publicly traded corporation because such efforts are punishment, not merely an equitable remedy.