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SEC Steve Jobs Health Investigation Underway, ‘Materiality’ the Root

The Securities and Exchange Commission is officially investigating whether Apple and CEO Steve Jobs misled investors and shareholders by manipulating or withholding “material information” from the public.

jobsAs the Wall Street Journal explains, “This investigation exemplifies how the agency has run amok.” Reeling from low public confidence in the trade commission and SEC in general, especially after the Bernie Madoff scandal, this investigation leans on whether Steve Jobs’ private and confidential health information, should remain private.

Bloomberg initially reported that the SEC was prodding around the issue and was on the verge of launching a full blown investigation. It turns out the information was true as the SEC is now trying to determine whether Apple execs have kept “material” information from shareholders and investors. “…under federal securities laws, it is a serious felony — securities fraud — for corporate officials to disseminate false material information, or to fail to disclose true material information related to the company’s financial prospects,” the WSJ explains.

However, the actual definition of the term “material information” is at play here. Understandably, the term’s core intentions are to bring to light information that shareholders and investors need to know when making financial decisions about a certain company and its stock. Whether Apple CEO Steve Jobs’ personal health information is of “material” value, may remain up to the SEC to decide.

“The SEC’s investigation is the latest in a long history not only of incompetence, but of connivance with Department of Justice prosecutors. The absence of a comprehensive definition of “fraud” has enabled the SEC to harass, and the DOJ to prosecute, businessmen who engage in seemingly normal professional behavior. Such investigations and prosecutions — for “securities fraud” as well as the equally malleable “mail fraud” and “wire fraud” — have become the hallmark of prosecutorial juggernauts since the mid-1980s. The same technique, based upon an absence of clear definitions, is used against a vast array of people in other fields, from accountants to artists,” the Wall Street Journal explains.

As it stands the SEC will continue on with their investigation, and Apple will need to somehow prove that they did not withhold material information from investors and shareholders.

Read More about the latest surrounding Apple and CEO Steve Jobs’ health issues:
READ → – Apple CEO Steve Jobs Takes Leave of Absence Until June (Full Email)
READ → – Apple and CEO Steve Jobs Entangled in Endless Speculation
READ → – Steve Wozniak: Leave Steve Jobs Alone
READ → – Steve Wozniak Sheds Some Light On Steve Jobs’ Health Issues (Video)
READ → – Apple’s Health Disclosures About Steve Jobs Lead to SEC Review
READ → – Another Fake Steve Jobs Heart Attack Rumor Published Online
READ → – A Perfect Example of How Steve Jobs’ Health Issues Are Exploited

Comments [3]

3 Comments to “SEC Steve Jobs Health Investigation Underway, ‘Materiality’ the Root”

somebody who knows the backstory @ February 2nd, 2009 at 1:39 pm
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The only “connivance” as the Wall Street Journal puts it, is on the part of the journalistic community to protect celebrity criminals like Mr. Jobs. The SEC is doing the right thing. Although Steve Jobs is not the model of good health, it is not “health issues” that is causing the “weird behavior” at Cupertino. It is massive securities fraud and racketeering, and it is becoming increasingly harder for Mr. Jobs to conceal, hence the 6 month “health” leave of absence, preceded by the zig-zagging official statements regarding his health. Palm’s entry into Apple’s market space threatens to worsen Mr. Jobs’ “health”, as Apple cannot defend against it without opening Pandora’s Box. But the reverse also holds: Palm cannot do more than rattle its sabre at Apple, because Fred Anderson and Jon Rubenstein are every bit as guilty of securities fraud. When did journalists cease being vehicles for exposing truth, and become cheerleaders for criminals? Huh??? Do you people all own Apple stock, perhaps? The Feds are DEFINITELY the good guys here.

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T B @ February 2nd, 2009 at 5:17 pm
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well it is about time….. and i am sure that if you know the back story you know that mr jobs has nothing to worry about and i agree with you the feds are the good guys in this case

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Aviv @ February 2nd, 2009 at 1:44 pm
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Well, according to what you’re saying, somebody is going to go to jail for a very long time… “It is massive securities fraud and racketeering, and it is becoming increasingly harder for Mr. Jobs to conceal, hence the 6 month “health” leave of absence, preceded by the zig-zagging official statements regarding his health.”

Also, “Do you people all own Apple stock, perhaps?” – disclaimers are always given, when navigating the world of Apple sites, it’s safe to assume most people have at least a moderate stake in the company. Those concerns are most often from a place of genuine care, not a fear or attempt to conceal federal offenses that are “allegedly” being committed by Apple.

However, until Apple divulges some more information, there’s nothing discrediting your argument. Most of it is speculation and at this point, the SEC isn’t the most trusted organization in America.

I just would like to see what they eventually classify as “Material Information.” Perhaps his daily nutrition intake?

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