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Former Monster exec gets probation

March 03, 2010

Former Monster Worldwide Inc. (NYSE: MWW) senior VP and General Counsel Myron Olesnyckyj on Tuesday was sentenced to one year probation for his role in a stock option backdating case, Reuters reported.

Olesnyckyj pleaded guilty to securities fraud in February 2007. And the U.S. Securities and Exchange Commission had reported that Monster overstated its results from 1997 to 2005 because of backdating.

Former Monster Chairman and CEO Andrew McKelvey earlier reached a deal to have charges against him dismissed. McKelvey later died in November 2008.

James Treacy, former Monster chief operating officer, was found guilty of securities fraud by a jury. In September he was sentenced to two years in prison, Reuters reported.