The Securities & Exchange Commission (SEC) issued charges against two Apple executives for illegally backdating options. Former chief financial officer Fred Anderson and former general counsel Nancy Heinen, were both implicated in the backdating scandal. Anderson settled, but did not admit or deny guilt, while agreeing to penalties of $3.65 million. Heinen was determined to have played a role in the backdating. The SEC charged that Heinen falsified documents to mask options grants, a clear violation ofstatutes. Heinen has decided to fight the case.

Anderson issued a statement implicating Steve Jobs in the illegal activities. Anderson claims that he outlined the ramifications of backdating to Jobs.

Steve Jobs is expecting to walk away unscathed, as the SEC indicated that it would not initiate a broader investigation against Apple, and Jobs himself was not mentioned. Regardless, the situation remains fluid, and Heinen could easily drag Steve Jobs into her upcoming legal defense.