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Former Monster COO Charged With Securities Fraud

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Apr 30, 2008 8:41 am US/Pacific

Former Monster COO Charged With Securities Fraud

NEW YORK (AP) ― Federal prosecutors in Manhattan have charged the former chief operating officer of Monster Worldwide with backdating stock option grants to employees between 1997 and 2003.

James Treacy is charged with securities fraud and conspiracy. The indictment accuses him of conspiring with others to backdate millions of dollars' worth of employee stock option grants.

The 50-year-old Glen Rock, N.J., resident is expected to appear in court later Wednesday.

Prosecutors say the backdated option grants caused the understatement of $339 million in expenses between 1997 and 2005.

The indictment says Monster provided a broad range of online recruitment services to businesses, government agencies, educational institutions and consumers. The Web site Monster.com connects companies with job-seekers.

If convicted, Treacy could face 25 years in prison.

It was not immediately clear who will represent Treacy in court.

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