Monster options backdating

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15 -- A former senior vice president of the company that runs the Monster job-search Web site admitted in court Thursday that he illegally backdated millions of dollars in employee stock option grants.

A lawyer for Mc Kelvey wrote in a letter that the former executive refused to meet because he did not have sufficient time to review the facts of what had happened over the course of several years.

Attorney Steven Reich also clarified answers Mc Kelvey gave in a July meeting, arguing that Mc Kelvey did not know backdating was illegal.

He agreed to forfeit 1,000, which he said was the amount he gained from the scheme.NEW YORK -- The scandal over stock options backdating spread to yet another executive as the former chief executive of Monster Worldwide Inc., Andrew J.Mc Kelvey, quit his board seat and refused to sit for questions from fellow board members. Mc Guire quit as chairman earlier this month and will resign as CEO by Dec. So far, federal authorities have filed charges against former officials of two technology companies.Mr Treacy received in excess of 450,000 options across six separate occasions between 19, and earned more than m.In 2001, Monster reported a profit after tax of m, but in fact, after accounting for options expenses, it was .4m.

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