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Judge Rejects Plea Deal For Anaheim Ducks Owner

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Sep 8, 2008 10:54 am US/Pacific

Judge Rejects Plea Deal For Anaheim Ducks Owner

SANTA ANA (AP) ― A federal judge has tentatively rejected a plea deal involving Broadcom Corp. co-founder Henry Samueli in connection with a federal probe tied to the largest corporate writedown for stock options backdating.

U.S. District Court Judge Cormac J. Carney in Santa Ana said in an order issued Monday that the deal calling for five years probation, a $12 million payment and a $250,000 fine would erode the public's trust in the judicial system.

The judge issued his tentative decision before a hearing that will lead to a final ruling.

Samueli pleaded guilty under the plea agreement to lying to investigators for the Securities and Exchange Commission.

Broadcom, an Irvine, Calif.-based telecommunications chip maker, agreed to pay $12 million in April to settle charges of illegal backdating with the SEC without admitting or denying the allegations.

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