NHL suspends Ducks owner Samueli indefinitely - http://hockeynewsbrief.blogspot.com

dw - Stock Option backdating and the National Hockey League - who would have guessed?

The NHL indefinitely suspended Anaheim Ducks owner Henry Samueli on
Tuesday following the billionaire philanthropist's guilty plea to a
felony count of lying to the Securities and Exchange Commission.

Commissioner
Gary Bettman said the NHL will review Samueli's status after he is
sentenced on Aug. 18 and determine the length of his suspension.

Samueli,
the co-founder of the chipmaker Broadcom Corp., entered the guilty plea
in U.S. District Court in Santa Ana on Monday after a federal probe
into illegal stock option backdating at Broadcom. Federal prosecutors
have recommended a sentence of five years' probation and a $12.2
million fine.

During his suspension, Samueli can't be involved
in Ducks matters or activities. Chief executive officer Michael
Schulman will be responsible for the club's day-to-day operations.

"I
respect the decision made by Commissioner Bettman and will abide by the
terms of the suspension," Samueli said in a statement released by the
Ducks. "I'm confident the team will be in great hands in my absence."

Samueli's wife, Susan, said she would also relinquish her role as co-owner to "avoid any improper appearance."

"Although
we will not be involved in decision-making, we will be cheering on our
Ducks as loudly as ever," she said in the statement.

Schulman
said the team supported Samueli, 53, and expected to compete for
another Stanley Cup championship this season. The Ducks became the
first California-based club to win the Stanley Cup in 2007 and have
qualified for the playoffs in three consecutive seasons.

Broadcom's
other co-founder, Henry T. Nicholas III, is awaiting trial on multiple
counts of conspiracy, securities fraud and other charges related to the
alleged backdating scheme.

The company agreed in April to pay
$12 million to the Securities and Exchange Commission to settle
allegations of stock option backdating without admitting any wrongdoing.