2 RIM exec’s and one ex-exec deemed crooks!

RIM is making headlines tonight, and not for the right reasons.  A total of 3 crooks executives have been ordered by the Ontario Securities Commission to pay a collective total of more than C$90 million back to RIM as the punishment for the three being charged with a massive backdating scandal.  This is definitely not the way RIM wanted to kick off the new year…with a hefty backdating scandal tarnishing their two leading men and on ex-leading man.  Jump ahead to read an excerpt of the events as posted originally by Reuters.

*Excerpt from Reuters/Blackberry Cool*

Research In Motion Co-Chief Executive Jim Balsillie will step down from the board and, along with other executives of the company that makes the BlackBerry smartphone, will repay tens of millions of dollars to settle stock-option allegations dating back to 1996.

Under the pact reached with the Ontario Securities Commission and approved on Thursday,Balsillie will pay a penalty of C$5 million ($4.1 million), while Co-Chief ExecutiveMike Lazaridis will pay a C$1.5 million penalty. The two men also must pay investigation costs to the regulator.

The agreement also stipulates that the two co-CEOs and RIM’s former CFO, Dennis Kavelman, will repay C$38.3 million to the company. They must also repay about C$30 million to cover the costs of a voluntary internal probe into the matter undertaken by RIM earlier.

Balsillie and Lazaridis had already paid C$15 million to offset the costs of the Waterloo, Ontario-based company’s internal review. Balsillie may not serve on RIM’s board for at least 12 months as part of the settlement, and Kavelman must pay a C$1.5 million penalty.

The OSC alleged the executives backdated and repriced stock options using dates on which the market price of RIM’s shares was relatively low. Handing out options at the lower prices had the effect of improperly enriching the recipients and, the OSC alleged, could have deprived RIM of about C$66 million.

As you can see, some people got a little greedy and now they are paying big time for it.  Will Balsillie come back to serve after his 12 month vacation?  At this point I think RIM can do just fine without him.  What do you think?  Kick him to the curb or give him another chance?  Shout out below.

Source: Reuters, Blackberry Cool