by , 8:15 AM EDT, April 24th, 2007

Former Apple CFO Fred Anderson has reached a settlement agreement with the Securities and Exchange Commission over his alleged involvement in improperly backdated stock option grants during his time at Cupertino-based company. As part of the deal, Mr. Anderson agreed to pay back US$3.5 million in option grants along with a $150,000 fine, according to the Wall Street Journal.

Mr. Anderson will not be barred from serving as a corporate officer or as a board member on publicly traded companies, and he will not be required to admit that he violated any laws or regulations.

The SEC and U.S. Attorneys Office have been conducting investigations into improperly backdated stock option grants at Apple Inc. following Apple's own internal investigation. Based on the investigation outcome, Mr. Anderson and Apple's former General Counsel Nancy Heinen were likely targets for prosecution.

Charges may still be filed against Ms. Heinen for her involvement, and it appears that she is ready to take her battle to the court room. Cristina Arguedas from Ms. Heinen's legal team commented "Nancy Heinen did not backdate, and she will defend herself based on her actions, emails and integrity."

Apple's internal investigation cleared CEO Steve Jobs of any wrongdoing, and it appears unlikely that any criminal charges will be brought against him.